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Since their inception at the beginning of the 20th century, the evolutionary paths of housing co-operatives have diverged in Mumbai and Chennai. Housing co-operatives in Mumbai have been principally Tenure co-operatives (i.e. for collective ownership and management). In Chennai they have been mainly Finance co-operatives (i.e. for providing loans to members). This paper makes a comparative institutional analysis of the two cities to examine the divergent evolution. The examination is important for informing the institutional conditions that enable co-operatives to flourish. Four institutional aspects are examined in this context: the local housing market, local housing policies, role of state government and co-operative institutional support structures. [ABSTRACT FROM AUTHOR]