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Guess where in Chennai people prefer to buy new houses now?
Posted on: 11/Jun/2022 9:42:56 AM
South Chennai has become the most sought after now as many people have purchased houses. In the first quarter of this year 5000 residents units were sold. It must be noted that absorption outpacing the new launch figures in Chennai city. Western parts of Chennai were the second most preferred by the people to buy new houses.
The reality sector was mainly driven by the IT and ITES companies and financial services etc. It is known that these sectors have huge employment generating capacity. There has been a superb increase in the new residential supply in the first quarter in 2022. There has been a tremendous 83% growth witnessed this year when compared to the previous quarter.
The superb piece of information is that there were around 31000 new residential launches in Chennai and 83percent growth was recorded in Chennai when compared to the growth witnessed in Q4 in 2021. Across the top 7 cities in India, Chennai city was responsible for 3% of new launches.
There are many IT and ITES companies along the Rajiv Gandhi Salai and this has played a huge role in many buying new houses there. It is true that more than 50% of the residential units in south Chennai were sold due to these companies. In Chennai city, 47% of the new launches were in east Chennai and in west Chennai.
Less than 1% of new residential launches were witnessed in central Chennai and this was the lowest in terms of new residential activity. Mid-end housing segments have been focussed by the developers and they have contributed to 63% of new housing launches. This was followed by high segment launches with 19% and affordable price bracket contributed to 15%. When compared to Q1 in 2021, Chennai demonstrated 6% Q-o-Q sales growth and 75 percent year-on-year rise.
Seventy two percent home sales was witnessed in south Chennai and it was followed by 23% home sales in west Chennai. The mounting launches in south and west Chennai resulted in the concentration of the majority of the available inventory units here. South Chennai has contributed 62percent and west Chennai has contributed 29 percent units.
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