Great news for the Chennai residents about the massive residential market growth!!
Posted on: 23/Oct/2023 9:23:48 AM
Here comes a superb & important piece of news for the Chennaites!!
Chennai metro phase-2, peripheral ring roads or PRR and upcoming industrial corridors etc would be contributing towards a massive residential market growth in Chennai. The reality prospects across Chennai would be sensational.
In the first 9 months in 2023, there has been an amazing growth in both new launches and housing sales when compared to the same period in 2022. This was mentioned by Mr. Sanjay Chugh, City Head, Chennai, Anarock Group. In 2022, Chennai witnessed the launching of 6930 new units whereas in 2023 the city witnessed launching of as many as 14510 new units. This was from January to September. There has been a whopping 109% new unit launches in 2023 till Sept.
In the same manner with respect to sales of houses in 2022, Chennai witnessed as many as 12290 units and it rose to 16310 units in 2023. The cost of materials and inputs has translated into the prices of houses in Chennai. In the last 5 years, the average residential prices have witnessed 17% rise.
Mr. Sanjay Chugh explained that out of a total of 16310 units were sold in all segments approximately 3325 units were sold in the luxury segment of Rs 1.5 crores. This contributed to 20% of total sales share. It must be noted that for the corresponding period in 2022 the share of luxury units was 11% only. He concluded that there has been a huge demand for luxury homes in Chennai city.
