In Chennai, housing sector is showing positive signs now
Posted on: 03/Oct/2020 9:23:26 AM
Interested to buy houses in Chennai then this might be the right time!!
It has been brought out by a report from a Anarock property consultant that the sale of housing units in Chennai city’s real estate market is bouncing back to pre-Covid times.
Between the months of July and September, Chennai witnessed an approximate number of 1600 apartment units sold. In 2020, 73percent of the2190 housing units have been sold in Q1 (January to March). In Q3 that is from July to September, Chennai real estate market added about 1560 housing units.
It must be noted that around 3680 housing units have been launched from January to March. Important piece of information is the new launches in Q3 were 42% of pre-pandemic figures. There has been high demand for flats in cities like Chennai, Bengaluru, Hyderabad, Pune and Gurugram.
Truth is that the housing plots within Rs 50 lakhs have more demands inside the Chennai city. There has been a spurt in enquiries and sale of housing units in Chennai and this was according to the construction sources.
According to Mr. W.S. Habib, former president of the Chennai chapter of Confederation of real Estate Developers Association of India, market was on rebound to pre-Covid times. He was happy about the pent-up demand because of the Covid-10 pandemic.
The Chennai based developer Habib later explained about how his company had sales match 65% of that in January and February in this year. He hinted that the housing sector would touch pre-Covid sales by November.
He revealed that the discounts on property costs and add-ons like modular kitchens to sell unsold inventory have been attracting more home buyers. It was pointed out that housing plots between 800sqft and1200sqft were more in demand. Many people were showing interest to buy smaller plots of average size 550sqft to 750sqft in Chennai and in Bengaluru.
