Housing
Demand Exceed Supply by 45 % across 8
Cities in the next 5 years.
According to Cushman
& Wakefield survey, Tamilnadu capital city Chennai's residential housing
demand is expected to be nearly 3,14,000 units in the midrange and high-end
categories in the next five years (2013-17).
Chennai's traditional
importance as an economic hub and educational centre of South India remains
unchanged. This,along with the increase in industrial activities is driving
demand for housing in the city.
Highlights
of Cushman & Wakefield Survey..
a A report by Cushman
& Wakefield estimates that the total new housing demand will be about 1.20
crore (12 million) units in the next five years (2013 -17 ).This is based on
the estimated growth of population across India and in major cities.
a Of
the Pan India additional demand, the top eight (8) cities such as NCR (including Delhi,Gurgaon
& Noida), Mumbai, Pune, Ahmedabad, Bengaluru, Chennai, Hyderabad and
Kolkata will constitute about 23%.
a Of
the total demand in the top 8 cities, Middle Income Group (MIG) and Higher
Income Group (HIG) categories constitute a majority of the demand at 25 lakh
units.
a Demand
for Lower Income Group (LIG) will be relegated to a mere 3 lakh units in these
8 cities, due to increase in housing and
income standards that are expected to be witnessed in these key economic
centres of India.
a Of
the total demand in both segments in Chennai, about 90% of the additional
demand in the next 5 years is expected
to be in the MIG category. Currently, there is limited project pipeline visible
as developers / promoters are cautious in making new project announcements.
Since most residential projects have a construction timeline of about 36 months
to 45 months, it is expected that more projects may be launched in due course
that can help reduce the gap.
a The
report indicates that housing demand will actually exceed supply by 45% across
8 major cities in the next five years.
a Construction
costs will also continue to increase and affect pricing. NCR will see the
highest demand in the country in the mid- and high-end segments during
2013-2017.
a In
the NCR, the gap is expected to be about 22% or 1,70,000 units over this
period. The MIG segment comprises units of 600 to 1,400 square feet priced in
the Rs. 15 lakh to Rs. 80 lakh range. In Mumbai and NCR the upper limit could
go up to Rs 1 crore.
The HIG segment
refers to houses of more than 1,400 sq. ft priced over Rs 80 lakh or Rs 1 crore
depending on the city.
Chennai Housing :
2013 - 17 Supply and Demand Gap
|
City
|
Demand
|
Supply
|
Supply –
Demand
Gap (%)
|
|
Chennai
|
3,14,442
|
59,920
|
81 %
|
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