'Chennai’s Q3 data shows surge in residential real estate biz'

CHENNAI: The total number of residential units sold in Chennai stands at 3,636 units during Q3 up by 16% over the previous quarter, as per a report by Credai Chennai’s Research and Analysis Wing (RAW).

Meanwhile, Credai developers alone sold 3,175 housing units in Chennai holding 87% of the market share during Q3 and up by 14% over the second quarter.

In yet another clear indication of the market vibrancy, 113 residential projects were registered with TNRERA during Q3 comprising 5,232 residential units, up by 34.5% over the previous quarter. Sales were concentrated in the south suburbs and west suburbs micro-markets, and together accounted for 65% of the total sales during the period. The south micro market locations along the OMR and GST Roads have continued to garner most homebuyer interest comprising a total share of 48%.

With the onset of the festive season, there is all-around optimism over the residential property market reaching a new high. The recent hike in home loan lending rates has not deterred serious homebuyers from plunging into the market as they are well aware of the external factors pushing the input and labour costs high. The spurt in the volume of transactions in the recent past is a clear indication that the timing is just appropriate for end users to enter the market.

“The report shows an uptick in real estate sentiment with renewed demand across all categories. There has been a pent-up demand post the pandemic and as the situation improves, multi-storied projects are witnessing a higher number of inquiries. Even commercial projects are seeing a very encouraging uptick. The Work from Office dictum laid down by companies has seen a renewed interest in office space across the major cities in Tamil Nadu,” said S Sivagurunathan, president, Credai Chennai.