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Chennai: from Resilience to Growth Real Estate Growth Led by Infrastructure, Investments and Industries

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Chennai: from Resilience to Growth Real Estate Growth Led by Infrastructure, Investments and Industries Chennai: From Resilience to Growth Real estate growth led by Infrastructure, Investments and Industries February 2019 In Association with 2 Chennai: From Resilience to Growth Chennai: From Resilience to Growth 3 Table of contents 04 Foreword 06 Chennai: An Overview Chennai: Infrastructure 10 Snapshot Existing Upcoming 19 Residential Real Estate Overview Zone-Wise Analysis Chennai Consumer Survey Analysis Chennai on the cusp of 26 recovery 30 State government confident on IT-ITeS & Auto sectors’ progress IT-ITeS to drive southern suburbs Major investments in the Automobile industry to fuel Chennai growth 34 Chennai to convert opportunities to strengths SWOT Analysis 35 Outlook 4 Chennai: From Resilience to Growth 1 Foreword he growing threat of trade war between USA T and China has caused the central banks of many countries to protect their currencies at the cost of their growth. Amidst this global apprehension, India, remains relatively insulated from such external shocks. India also stands to benefit and emerge as a major beneficiary through a comparative advantage. Exports across the sectors from India have been on the rise while manufacturing and services sectors continue to be the key economic growth drivers. Chennai – a major metropolitan city with historical importance and significance has been tough and resilient to combat the impact of natural calamities and emerge as a strong contender to become an outstanding contributor to the growth and Anuj Puri development of the nation. The city’s economy has Chairman been driven by services and manufacturing sectors ANAROCK Group and maintains a perfect balance of overall growth. Its strategic position which enjoys a large network of major roads, railways, ports and airports have been instrumental in enabling trade from the city. Chennai: From Resilience to Growth 5 The major infrastructure projects such as the units across all segments. The city is home to over monorail, metro connectivity and the new 4,000 SMEs and 350 suppliers to the automobile international airport are likely to catalyse future sector and have been instrumental in supplying growth of the city. Already home to major national to the major players such as Ford, Hyundai, and international automobile manufacturers, the Mitsubishi, Ashok Leyland, TVS and Caterpillar. The upcoming Aerospace park at Sriperumbudur sector recorded exports of USD 6.76 Billion during is going to metamorphose the economic 2017-18 recording a growth of nearly 18% over the landscape of the region. This will not only create previous year. an opportunity for increased investments and revenues but will also help generate tremendous Chennai’s residential real estate market has been employment opportunities, leading to rapid witnessing a continuous fall in prices. While the urbanisation. sales have been more than supply till 2017, the market reversed in 2018, pushing the unsold Chennai has been the second largest exporter of inventory to 30,000 units. However, the market is IT-ITeS services in the country valued at nearly expected to be back on the growth trajectory with USD 17.10 Billion during 2017-18. It also employs controlled supply and bottomed-out prices. over 4 lakh people and is home to several large IT parks and SEZs. The state government aims to The report unravels the growth potential of the city attract investments in the IT-ITeS sector to the tune amidst the existing and upcoming infrastructure of INR 15,000 Crores during the Global Investors facilities, residential real estate dynamics, Meet (GIM) 2019. The automobile and auto the impact of IT-ITeS and the automobile component sectors are growing at a favourable manufacturing sectors that are likely to impact the rate with an installed capacity of over 6 million growth in the future. Chennai International Airport 6 Chennai: From Resilience to Growth Chennai: 2 An Overview Chennai, known as the Gateway to southern India, is known for its port-centric business as well as engineering, manufacturing, IT-ITeS sector, and other flourishing industries. City Wise Population 1,20,00,000 1,00,00,000 n 80,00,000 o i t a l 60,00,000 u p 40,00,000 o P 20,00,000 0 2001 2011 Chennai Bengaluru Hyderabad Source : Census of India, 2011 Chennai Source : ANAROCK Research Chennai: From Resilience to Growth 7 Per Capita NSDP GSDP Growth Rate 2,00,000 15% P 1,80,000 D S G 13% 1,60,000 f o 1,40,000 e R 11% g N I 1,20,000 a t n 1,00,000 e 9% c r 80,000 e P 7% 60,000 h 2014-15 2015-16 2016-17 2017-18 t w 5% o r G 2015-16 2016-17 2017-18 Karnataka Tamil Nadu Telangana Pan India Karnataka Tamil Nadu Telangana Source: RBI Source: IBEF hennai Metropolitan Area (CMA), is spread as compared to its neighbouring two states in the C over 1,189 sq. km. and consists of parts of region. The state’s per capita NSDP is growing Thiruvallur and Kancheepuram districts, apart at a similar pace as that of PAN India, but slower from Chennai city. The extent of Chennai Municipal compared to Karnataka and Telangana. Tamil Nadu Corporation Area is 176 sq. km and comprises of has registered an absolute growth of 30% in its per 55 revenue villages. capita NSDP when compared to Telangana and Karnataka at 46% and 40% respectively, during Chennai has the lowest population growth 2014-15 to 2017-18. However, the annual growth across the southern cities. The decadal growth of per capita NSDP from 2016-17 to 2017-18 is 11% of population has been only 23% compared to which is close to Karnataka and Telangana at 12% Bengaluru and Hyderabad which grew at 47% and and 13%, respectively. A rising per capita NSDP 76% respectively. The decadal population density clearly indicates that the state is on the cusp of a of Chennai grew by 6% reaching 26,553 per sq. recovery. km in 2011 whereas, Bengaluru has grown by 47%. These parameters act as a growth inhibitor to GSDP (Gross State Domestic Product) is a Chennai’s residential real estate as population and key measure which represents the goods and population density growth is expected to directly services produced in the state and Tamil Nadu has impact the city’s economy. witnessed a steep dip in its GSDP during 2016-17. This dip is due to the floods during late 2015 which Not only in terms of population but also in impacted its economy. However, the state has terms of per capita Net State Domestic Product bounced back with a healthy growth rate of 12% in (NSDP), Tamil Nadu is growing at a slower pace 2016 due to its thriving manufacturing and services sector. Chennai Metropolitan Region (CMA) at a glance Capital of Tamil Nadu Chennai Literacy Rate 90.18% Sex Ratio 1,000 M | 989 F Population 86 lakhs (Chennai Metropolitan Region) Population Density 26,553 / km2. IIT, Madras Medical College, IFMR, Annamalai Reputed Educational Institutions University Tamil Nadu’s Contribution to India’s GDP 8.5% at current prices (2017-18) 8 Chennai: From Resilience to Growth MASTER PLAN FOR CMA 2026 The allocation of land within he development of the CMA is entrusted the city, for the development T to the Chennai Metropolitan Development Authority (CMDA) - a nodal planning agency of residential use, is 33.58% that prepares the master plans for the region. and 13.78% for mixed The CMDA prepared the Second Master Plan residential use. This is a for Chennai Metropolitan Area, 2026, outlining the detailed development plan, along with land strong contrast from the use, transportation, housing and other important previous master plan which aspects of the CMA. lacked the focus on the housing need. Proposed Land Use 2026 Extent in Hectares Chennai City Chennai City Chennai City Chennai Extent % % City Primary Residential Use Zone 5,916.35 3,358.00 31,090.68 31.68 Mixed Residential Use Zone 2,426.9 13.78 13,503.1 13.34 Commercial Use Zone 714.24 4.05 880.35 0.86 Institutional Use Zone 2,868.97 16.28 3,888.85 3.83 Industrial Use Zone 691.83 3.93 7,274.33 7.18 Special and Hazardous Industrial Use Zone 130.67 0.74 3,416.08 3.38 Open space & Recreational use zone 1,000.65 5.68 392.86 0.38 Agriculture use zone 7,295.81 7.2 Non Urban 113.31 0.64 2,332.92 2.3 Urbanisable 2,075.89 2.05 Other (Roads, water bodies, hills, Redhills Catch- 3,754.79 21.31 2,8147.55 27.79 ments area, forests etc.) Total 17,617.7 100 1,01,298.42 100 Chennai: From Resilience to Growth 9 The second master plan for Chennai metropolitan area has proposed a separate land use plan for the city specifically. The total area of the city’s urban agglomeration as per the new master plan is projected to be 1,18,916 hectares of which the share of the city will be only 15%. The allocation of land within the city, for the development of residential use, is 33.58% and 13.78% for mixed residential use. This is a strong contrast from the Chennai Master Plan 2026 was approved previous master plan which lacked the focus on in 2008 by estimating that the city’s the housing need. Increasing population amidst population will reach 126 lakhs. Hence, to rising employment opportunities in the IT-ITeS increase the overall density by allowing and industrial sector necessitated a laser focus on FSI to 2 for non-multi-storeyed residential housing developments.
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