A new era of stylish furniture is dawning in India and the country is expected to overtake the US as the world’s second largest furniture market by 2020.
The trend is being driven by an increased demand for cheap and comfortable furniture, and a growing appetite for quality.
According to the latest official data from the National Sample Survey Office (NSSO), India’s average price for new furniture in 2016 was Rs 3.72 lakh per sqft (roughly Rs. 4.7 million in US dollars), up from Rs 2.9 lakh per square metre (roughLY $5.4 million) in 2015.
The increase in prices is also partly due to a decline in the prices of modern furniture, especially in the luxury segment.
The average price of a standard four-handed or one-handed sofa is now Rs 2,300 per sq ft (roughfully $3,000), compared with Rs 2 the same year, according to the NSSO.
The latest NSSI data also showed that Indian consumers spent an average of $7,000 on new furniture last year, up from $3.6 million in 2015, as they look for a cheaper option.
But it’s not just about the prices.
The demand for modern furniture is also driven by the increasing number of people in the country, who are also moving towards more urban lifestyles.
This is also reflected in the rising number of new households.
The NSSE data showed that the number of Indian households living in urban areas is increasing from 21.4 lakh in 2015 to 24.2 lakh in 2020, the fastest growth in the world.
According to data from CBRE, India’s urban population grew by about 1.5 million between 2015 and 2020, from 1.1 million to 1.2 million.
And as per the NSE’s figures, India has the fastest urban population growth of any country.
According the NITI Aayog, India is expected in 2020 to have more than 8,000 million people, which is more than five times the population of Germany.
The rise in urbanisation is also seen in the availability of new amenities.
According the NISMO, the number one reason for new construction in the past two decades has been the increase in population density, with more than 20 percent of all new homes built in India in the last 10 years.
The availability of amenities, including air conditioning, solar power and water heaters, is also also increasing, according the NIE.
In fact, more than half of the houses in India’s cities are now equipped with smart technology, including smart lights, smart air conditioners, solar-powered heaters and water desalination systems.
According BHU professor of urban development, Ashish Pandey, the growing availability of modern conveniences has made it easy for young people to travel, and they are also choosing to live in cities.
“People are looking for more modern conveniencies and they want a house where they can come and spend time, and have a place to do it,” he told India Today.
The popularity of this trend is also supported by a rising demand for urban apartments and homes.
According a survey conducted by KPMG, there are now almost 4,000 new urban housing units in India, and nearly two-thirds of them are in urban centres.
This comes after the construction of nearly 4,600 new apartments in 2016, a record number for India.