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Home sales see 6 percent YoY growth in 2019, new launches up by 11 percent
Office transactions in Chennai were at an all-time high of 5.2 mn sft in 2019, registering a 50% YoY increase. Supply went up by 31% YoY last year as a total of 1.7 mn sft new office space entered the market.
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Chennai
Residential launches in the city grew by 11% YoY to 11,542 units in 2019. This momentum was marginalised in H2 2019 as launches dwindled to -2% YoY on account of credit crunch being faced by developers and slow demand, a report said.
Knight Frank India launched the 12th edition of its flagship half-yearly report titled ‘India Real Estate: H2 2019,’ presenting an analysis of the residential and office market performance across eight major cities for the July-December 2019 (H2 2019) period.
The report establishes 2019 to be a year of much-awaited stability and recovery for Chennai’s residential real estate, with sales rising by 6% YoY to 16,959 units in 2019 and launches rising by 11% YoY to 11,542 units.
Srinivas Anikipatti, Sr Director – TN & Kerala, Knight Frank India, said, “2019 has been a year of stability and recovery for Chennai’s residential real estate backed by the performance of the Chennai office market this year. Primary drivers of the residential demand have been the ready-to-move-in units and the affordable housing segment.”
NOTABLE TRENDS
- 59% of the total launches in H2 2019 fall in the under Rs 50 lakh categories
- Concentrated in the affordable housing segment, many developers appear to be making a shift and venturing into this high traction market
- Residential sales in Chennai increased by 6% YoY to 16,959 units in 2019, and by 8%YoY to 7,980 units in H2 2019
- South Chennai (Perumbakkam, Chrompet, Sholinganallur, Guduvanchery and Kelambakkam), accounted for the highest number of launches as well as sales at 9,145 units (49% YoY increase) and at 11,409 units (9% YoY increase), respectively, in 2019
- The sub-Rs 30 lakh ticket size segment has been and continues to be the most transacted residential segment in the Chennai market
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