Registration of residential units increased in second quarter: CREDAI
According to the report, the real estate market has witnessed a 4.26 per cent surge in residential projects compared to the previous quarter and 50 per cent of all the projects are by the members of CREDAI.
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CHENNAI: Quarterly report released by CREDAI RAW (Confederation of Real Estate Developers' Associations of India - Research and Analysis Wing) has revealed that registration of residential units in the Chennai has increased by 65 per cent during the second quarter (April to June) of 2023 when compared to the same period in 2022.
According to the report, the real estate market has witnessed a 4.26 per cent surge in residential projects compared to the previous quarter and 50 per cent of all the projects are by the members of CREDAI.
"The registered residential units in Chennai stood at 6,435 units in Q2-2023, while it was 3,889 in Q2-2022. This marks a substantial increase of 65.47 per cent, underscoring a pronounced demand for residential properties during this specific time frame.
The report further substantiates that 31 per cent of the announced projects were in Central Chennai, followed by South Suburbs and South Central with 28 per cent and 14 per cent respectively. When it came to residential units, South Suburbs held the largest share at 43 per cent, followed by West Suburbs with 20 per cent and South Central with 14 per cent share during Q2-2023." a release said.
S Sivagurunathan, president, CREDAI - Chennai, said that during Q2-2023, Chennai's real estate sector exhibited growth with a surge in unit registrations. Central Chennai emerged as the prime choice for project registrations, while South Suburbs Chennai led in registered residential units.
These findings collectively showcase favorable growth and robust demand for residential properties in Chennai during the second quarter of 2023. With increased project registrations and a notable rise in registered residential units, the real estate market has demonstrated positive momentum.
"Regarding unsold completed projects, in Q2-2023, Chennai had 7,938 unsold residential units, of which 5,296 units (67 per cent) are owned by CREDAI members. Although the unsold units by CREDAI members stood at 5,296 units, they are significantly lower compared to the previous quarter, thus closing the gap between supply and demand, " he added.