CHENNAI: Chennai’s residential market hit a new low in the second half of the financial year as it recorded 33 per cent fall, the lowest in the decade, according to international property consultant Knight Frank.
According to the eighth edition of Knight Frank’s yearly report, only a total of 3,200 new homes were launched and the annual launches dropped to just four figures (9,235) for the first time.
Kanchana Krishnan, director of Knight Frank India, Chennai, said,“The implementation of RERA and the launch of Pradhan Mantri Awas Yojana were expected to boost buyer sentiments in 2017.
However, Chennai home buyer stayed away from the market as the weakening process and shaky employment scenario, especially in the IT sector, hurt the sentiments and encouraged the deferment of their purchase decision.”