City residential market sees 5% YOY increase – Times of India

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Chennai: The Chennai housing market seems to be on an upswing yet again, registering a 5% year-on-year increase in residential sales. In 2023, developers launched 16,272 units and 14,920 were sold, shows a study, ‘Tamil Nadu: Unveiling Economic Dynamism and Future Potential, done jointly by real estate consultancy Knight Frank India and Confederation of Real Estate Developers’ Associations of India (Credai).
The market is yet to surpass its pre-Covid numbers, but there is continued momentum and sales are expected to be back at pre-pandemic levels in the coming few quarters, the study said. Sales were predominantly concentrated in the south and west including OMR and GST Road in the south and Porur, Valasaravakkam and Poonamalle in the west. “However, the future is in North Chennai. Sales are picking up, and we can see a lot of activities. Multi-storey buildings are coming up. Apart from this, a big boom is happening along Porur road,” said S Sivagurunathan, president, Credai, Chennai.
Srinivas Anikipatti, senior director of Knight Frank India (Tamil Nadu and Kerala), said the boom in manufacturing, hospitality and logistics sectors in Chennai was attracting a large workforce, leading to an increased demand for affordable housing.
In 2023, mid-segment properties priced between ₹50 lakh and ₹1 crore remained predominant, comprising 40% of sales. The affordable (less than ₹50 lakh) segment contributed 37%. Annual sales in the affordable housing segment increased by 41% YoY. “This indicates strong traction among first-time buyers and budget-conscious individuals, highlighting the widening appeal of affordable housing options in Chennai,” he said.
Tamil Nadu is the most urbanised state, with 48% of the population in urban areas, as per Census 2011. By 2047, 68% of Tamil Nadu’s population, or 35 million households, will be in urban areas, surpassing the projected average for India at 51%, as per India Real Estate Vision 2047, Knight Frank Research. To cater to the requirement, TN cities would require 20 million additional houses by 2047.
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