Chennai Real Estate Market Sees Decline in New Projects and Sales, but Residential Registrations Rise
A recent analysis by CREDAI's Research and Analysis Wing reveals a decline in Chennai's real estate market during Q2 2024, with a drop in new projects and sales, but a rise in residential registrations.
Chennai Real EstateCredaiResidential RegistrationsNew ProjectsSales DeclineReal EstateSep 03, 2024
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.
Frequently Asked Questions
What was the decline in new projects in Chennai's real estate market in Q2 2024?
The city saw a 34% drop in new projects, with 65 projects registered in Q2 2024 compared to 98 in Q2 2023.
What was the decline in sales in Chennai's real estate market in Q2 2024?
Sales fell significantly, with only 2,597 units sold - 53% fewer than the 5,498 units sold in Q2 2023.
What was the increase in residential unit registrations in Chennai in Q2 2024?
Residential unit registrations increased by 37%, with 8,793 units registered in Q2 2024 compared to 6,435 in Q2 2023.
Who dominated the residential registrations segment in Chennai in Q2 2024?
CREDAI members dominated this segment, representing 90% of the registered units.
What is CREDAI and what is its role in the Indian real estate market?
CREDAI is the Confederation of Real Estate Developers' Associations of India, the apex body for private real estate developers in India. It has over 12,000 member developers across 23 states and 205 city chapters.
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