The Chennai residential market has registered a 3% year-on-year growth during the first half of 2023. The city recorded sales of 7,150 housing units during the first six months of 2023 compared to 6,951 housing units sold in H1 2022, according to Knight Frank India’s latest report, India Real Estate: H1 2023 (January to June 2023).
Details provided in the report shows that new home launches also increased by 7% YoY from 7,570 housing units in H1 2022 to 8,122 housing units in H1 2023. During the January to June 2023 period, the average price of residential properties in Chennai too rose by 3% YoY to ₹4,350 per sq ft from ₹4,300 per sq ft.
According to Knight Frank, the steady pace of sales has led to a fall in the average age of inventory in Chennai to 10 quarters in H1 2023 from 12.6 quarters in H1 2022 while the Quarters-to-Sell (QTS) has largely remained stable at 4.4 quarters in H1 2023 as compared with H1 2022.
