Real Estate

Chennai Real Estate Market Sees Decline in New Projects and Sales, but Residential Registrations Rise

By GeoSquare News Desk · Published 2024-09-03

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.

About CREDAI The Confederation of Real Estate Developers' Associations of India (CREDAI) is the apex body for private real estate developers in India. It has over 12,000 member developers across 23 states and 205 city chapters.

The real estate market in Chennai has been facing challenges in recent years, with a slowdown in sales and a rise in inventory. The decline in new projects and sales in Q2 2024 is a reflection of these challenges.