Chennai Real Estate Market Declines: New Projects and Sales Drop, but Residential Registrations Rise!
A recent analysis by CREDAI’s Research and Analysis Wing (RAW) reveals a decline in Chennai’s real estate market during Q2 2024 (April to June). The city saw 65 new projects registered, a 34% drop from 98 projects in Q2 2023. CREDAI members accounted for 65% of these new projects.
Statewide, 91 new projects were registered, down from 123 in the same period last year. Sales also fell significantly, with only 2,597 units sold-53% fewer than the 5,498 units sold in Q2 2023. This downturn highlights the challenge of reducing existing inventory.
Conversely, residential unit registrations in Chennai increased by 37%, with 8,793 units registered in Q2 2024 compared to 6,435 in Q2 2023. CREDAI members dominated this segment, representing 90% of the registered units.
