By C&W Report
With cumulative requirement of about 3.34 lakh
housing units until 2018, Chennai is the third-highest demand generator amongst
the top eight cities of India. Chennai’s traditional importance as a port city
and educational centre of the south remains unchanged.
In addition, the increase in IT - ITeS
activities and establishment of large manufacturing set-ups is driving
residential housing demand across various locations. Of the total cumulative
demand, about 43 % is likely to arise in the Lower Income Group (LIG) and an
additional 38 % in the Middle Income Group (MIG).
As per the estimates, about 87 % of planned
supply is likely to cater to the MIG only, creating a large demand-supply gap
in the LIG & High Income Group (HIG).
Overall, with a gap of about 2.33 lakh units,
Chennai ranks amongst the top cities having a housing shortfall during the next
5 years (until 2018).
High gap is primarily due to a significantly
low supply (about 1.02 lakh units) in the next 5 years, primarily due to
stretched timelines because of delays in securing necessary approvals for new
projects.
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