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In Chennai, despite high home loan rates etc ,more residential units are sold now!!
Posted on: 18/Nov/2022 9:24:09 AM
If you are of the view that due to high home loan rates, many residential units would not have been sold in Chennai, then you might have to change your opinion!!
In the third quarter of the year, 3636 residential units were sold in chennai. This despite the fact that there has been an increase in the home loan rates and input cost etc. It is sensational to mention here that there is now a 16% rise in the residential units sold when compared to last year.This was according to data from CREDAI Chennai Research and Analysis Wing or RAW.
As many as 3175 housing units have been sold in Chennai by the CREDAI developers alone and this was mentioned by the data. Truth is that there has been a 14% increase when compared to the second quarter. Under TNRERA, 113 residential projects were registered during the period comprising 5232 residential units. This is 34.5% more when compared to the previous quarter.
Information collected is that the sale of residential units were present in southern suburbs and in the western suburbs in Chennai and they both were responsible for a total of 63% sales. It is learnt that in Chennai the residential market`s overall stock is 2.40lakh units. It was mentioned by Mr. Preetham Mehra, CBRE senior executive director that the unsold stock was not more than 23-24 units across completed and under construction projects.
As per Mr. Sivagurunathan, president, CREDAI, Chennai, after the Coronavirus pandemic there has been pent up demand and multi-storied projects have been getting many enquiries. The year 2022 has been a great year for office space sector and this was brought out by Mr. Preetham Mehra. It is worthy to note that in 2019 the absorption of office space was 5.5million sq ft but in 2021 it was reduced to 4.2million sqft.
