New real estate projects in Chennai hit by 34 percent, sales 53 percent: CREDAI data
According to the RAW report, Chennai saw the registration of 65 new projects during Q2-2024. Of these, CREDAI members represented 65 per cent, demonstrating their strong presence in the market.
CHENNAI: An analysis conducted by the Research and Analysis Wing (RAW) of CREDAI (Confederation of Real Estate Developers’ Associations of India) has revealed that the real estate industry in Chennai is on the declining trend as number of new projects as well as the sales have come down during second quarter (Q2) of 2024 (April to June).
According to the RAW report, Chennai saw the registration of 65 new projects during Q2-2024. Of these, CREDAI members represented 65 per cent, demonstrating their strong presence in the market.
However, this figure represents a 34 per cent decline from the 98 projects registered in the same period last year (April - June 2023), showing a slowdown in new project launches.
Across the state (including Chennai), as many as 91 new projects were registered this year as against 123 projects in Q2-2023.
“Sales figures in Q2 of 2024 were less encouraging. Only 2,597 units were sold, a significant 53 per cent decline from the 5,498 units sold in Q2-2023. This decline in sales reflects the difficulties in reducing existing inventory, posing a challenge for developers contemplating new project launches,” a CREDAI release said.
In contrast, the number of residential units registered in the city showed a significant increase. Q2-2024 witnessed the registration of 8,793 residential units, marking a 37 per cent rise compared to the 6,435 units registered in Q2-2023. CREDAI members continued to dominate this segment, accounting for 90 per cent of the registered units, underscoring their significant influence in Chennai’s real estate sector.