CHENNAI: The increase in home loan rates and input cost failed to deter buyers as 3,636 residential units were sold in Chennai in the third quarter of the year, up by 16% over the previous quarter, as per data from CREDAI Chennai’s Research and Analysis Wing (RAW).
As per the data, CREDAI developers alone sold 3,175 housing units in Chennai holding 87% of the market share, up by 14% over the second quarter. The report also says 113 residential projects were registered with TNRERA during the period comprising 5,232 residential units, up by 34.5% over the previous quarter. Sales were concentrated in the south suburbs and west suburbs micro-markets, and together accounted for 65% of the total sales.
The Chennai residential market overall stock in the city is 2.40 lakh units. Unsold stock is not more than 23-24 units across completed and under-construction projects, said Preetham Mehra CBRE senior executive director and head, Government Practice, CBRE India.
“There has been a pent-up demand post the pandemic... multi-storied projects are witnessing a higher number of inquiries,” said S Sivagurunathan, president, CREDAI Chennai. Mehra said 2022 has been a stellar year for Chennai’s office space sector. In 2019, the absorption of office space was 5.5 million sq ft but it shrunk to 4.2 million sq ft in 2021.