As per a United Nations study, the global urban population is growing at two persons per second. Almost 95% of the population growth is happening in urban centres and India has 12 such cities, including Chennai, that are bursting at the seams. Another 80 tier two and tier three cities in the country are heading towards the same mark, says Confederation of Real Estate Developers’ Association of India (CREDAI) president Lalit Kumar Jain. But there is no corresponding increase in the housing stock. India’s housing shortfall is estimated to be around 27 million and Chennai city alone faces a deficit of 60,000 housing units. About 6,000 of them are in the high income group segment, 12,000 in the middle income group and 18,000 in the low income group. The economically weaker sections in Chennai need 24,000 housing units. “To meet this growing demand, satellite cities need to be developed with adequate support infrastructure. Growth should be vertical and not horizontal as land is precious
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