After a prolonged lull, the demand and supply metrics for Chennai real estate has shown some signs of improvement during the third quarter of 2021.
According to a quarterly report, Real Insight (Residential) – July-September (Q3)2021 by REA India-owned online real estate company PropTiger.com, which analyses eight prime residential markets in India, 2,332 units were launched in Chennai in the July-September quarter of 2021 as against 490 units in second quarter of 2021 and 947 units in the same quarter in 2020. To the national supply numbers during the quarter, Chennai contributed only 3% of the 65,211 units launched across India’s eight cities during the quarter that ended in September.
During the third quarter of this year, builders in Chennai sold 4,665 dwelling units when compared to 2,317 during the same period in 2020.
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During the second quarter of 2021, the sales numbers stood at 709 units.
To the national sales numbers during the quarter, Chennai contributed only 8% to the total of 55,907 units were sold across India’s eight cities.
When compared to April-June quarter this year, unsold stock declined marginally by 1% in Chennai in the third quarter of 2021, and stood at 35,145 units. The report pointed out that when it comes to property prices, Chennai has seen an annual growth of 3%.
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Average price range of property in Chennai stood around ₹5,300 – ₹5,500 a sq ft. This uptick in value is primarily owing to an appreciation in the cost of building material after the coronavirus pandemic.
Rajan Sood, Business Head, PropTiger.com, said: “Considering housing affordability is at a record high this festive season on the back of 10-year low, home loan interest rates and sops offered by some State governments in the form of reduced stamp duties and circle rates, we expect housing markets in top eight cities to show solid stability.”