Chennai saw new housing supply increasing to 4,850 units — a rise of 15% from last quarter. Over 40% new supply was added in the lower-budget housing segment, according to data from ANAROCK Property Consultants.
The analysis by the consultant showed that the top seven cities including NCR, MMR, Chennai, Bengaluru, Pune, Kolkata and Hyderabad saw 52,150 new units launched in Q3 2018. This is a notable increase over the 50,600 units in Q2 2018.
The cities contributing most to new unit additions in Q3 2018 include Chennai, MMR, Pune and Bengaluru. Together, these three cities accounted for 76% of the new supply. These new launches were largely dominated by the lower-budget segment (₹40 lakh) with nearly 42% of the total new supply. Of them, 33% launches were in the mid segment (₹40-80 lakh) and the remaining 25% in the luxury and ultra-luxury segments. In terms of purchases, there was a slight increase of 9% during the Q3 as compared to Q2 in 2018 across the top 7 cities of India. This indicates that eventhough home buyers’ sentiments are positive, many continue to wait and watch.
Nearly 67,175 units were sold in Q3 2018 with NCR, MMR, Bengaluru and Pune together accounting for 82% of the overall sales. In Chennai sales increased by 8% with 2,925 units.
