Record-breaking 5.83 Lakh Bonds Registered in Chennai Real Estate Sector
Posted on: 15/Apr/2023 5:38:38 PM
In the last financial year of 2022-23, the deed registration offices in Tamil Nadu registered a whopping 34.41 lakh bonds, generating an income of Rs. 17,296 crores. Chennai alone contributed to a significant portion of this revenue, with 5.83 lakh bonds registered through 63 bond registrar offices, bringing in Rs. 7,727 crores. In fact, 44 percent of the total income from the securities industry was generated in Chennai.
This surge in registrations has had a positive impact on the real estate industry in certain areas. More than 20,000 deeds were registered in the past financial year alone in the Deeds Offices in Kunradhur, Tirupathur, Guduvanchery, Selaiyur, Aavadi, and Saitappettai, leading to significant development in these areas.
With land prices in prime locations of Chennai increasing, the middle and upper income groups have turned their attention towards areas like Kunradathur, Ampathur, Avadi, Choshinganallur, Medavakkam, and Tirupporur, resulting in 27,705 deeds being registered at Kunradhur and 25,941 at Tirupporur.
The trend of buying houses and land is only expected to increase in the future, as more people show interest in investing in real estate in Tamil Nadu.
