A report by the Confederation of Real Estate Developers Associations of India (CREDAI) shows high demand for residential projects in Chennai. Data show that during the second quarter of 2022, there were 3,889 residential units registered in Chennai and during the same quarter in 2023, this number touched 6,435 units, which represents a 65.47% increase.
During the second quarter of 2023, central Chennai had the highest share of registered projects, accounting for 31%, followed by southern suburbs and south central with 28% and 14% respectively. Regarding the number of residential units, southern suburbs accounted for 43%, followed by western suburbs, with 20%, and south central with 14% during the second quarter of 2023.
“During Q2-2023, Chennai’s real estate sector exhibited growth with a surge in unit registrations. Central Chennai emerged as the prime choice for registration of projects, while south suburbs led in the registered residential units. These findings collectively showcase favorable growth and robust demand for residential properties in Chennai during the second quarter of 2023. With increased project registrations and a notable rise in registered residential units, the real estate market has demonstrated positive momentum,” said Sivagurunathan, president, CREDAI Chennai.
“Regarding unsold completed projects, in Q2-2023, Chennai had 7,938 unsold residential units, of which 5,296 units (67%) are owned by CREDAI members. Although the unsold units by CREDAI members stood at 5,296 units, they are significantly lower than the previous quarter, thus closing the gap between supply and demand,” he added.
In terms of number, the total residential units registered in June were 234 (46.8%) by CREDAI members and 268 (53.4%) by non-CREDAI members, bringing the total to 502 units,” said Mr. Sivagurunathan.
