Why Now Is the Right Time to Own a Home: The Future Will Be Costlier

Owning a home is more than just a milestone—it's a strategic investment in your future. With India's housing demand projected to reach 93 million units by 2036, driven by population growth and urbanization, the cost of homes is expected to rise significantly. Bihar, experiencing rapid urban expansion, is at the forefront of this surge. The Growing Demand for Housing According to a report by the Confederation of Real Estate Developers’ Associations of India (CREDAI) and Liases Foras, India's housing demand is set to more than triple from 30 million units in 2021 to 93 million units by 2036. This surge is fueled by robust demand in tier-II and III cities, including those in Bihar, as well as improved purchasing power and a growing inclination towards homeownership. Bihar's Urban Expansion Bihar's urban areas are expanding rapidly, leading to increased demand for housing. While specific statistics on housing shortages in Bihar are limited, the state's growing population and urbanization trends indicate a pressing need for residential development. Investing in property now can provide a hedge against future scarcity and rising costs. Why Invest Now? Rising Property Prices: As demand outpaces supply, property prices are expected to climb. Land Scarcity: Urban expansion leads to reduced availability of land, making existing plots more valuable. Government Initiatives: Programs like the Pradhan Mantri Awas Yojana (PMAY) aim to provide affordable housing, but demand still exceeds supply, especially in rapidly growing states like Bihar. Conclusion The current landscape presents a unique opportunity for prospective homeowners in Bihar. With demand increasing and land becoming scarcer, investing in a home now can secure your future and provide long-term value. Don't wait for prices to rise—take the step towards homeownership today. Sources: Housing demand in India projected to reach 93 million by 2036: CREDAI – Liases Foras Report Housing demand set to touch 93 million by 2036 Housing demand to touch 93 mn by 2036: Credai-Liases Foras Report