Chennai Real Estate Market Witnesses Mixed Performance in Q1 2024
Chennai's real estate market saw a 28% increase in new project registrations in Q1 2024, but sales dropped by 44%. South Chennai led the way in new project launches.
Chennai Real EstateCredai ChennaiTamil Nadu Real Estate Regulatory AuthorityChennai Property MarketIndian Real EstateReal Estate NewsJun 18, 2024
There was a substantial rise in registrations for residential units, with 7,218 units compared to Q4 2023. South Chennai emerged as the most preferred location, with 29% of the projects planned for this area, followed by Central Chennai at 26%.\n\nWhile new launches are encouraging, actual sales paint a different picture. The number of units sold in Q1 2024 dropped significantly by 44% compared to the previous quarter. Only 2,983 units were sold, with CREDAI members accounting for 89% of these sales.\n\nIndustry experts attribute the decline in sales to frequent changes in registration charges and a lack of clear guidelines for under-construction projects.
This uncertainty has made potential buyers cautious. Further adding to the challenge, Chennai has a high level of unsold inventory, with over 7,700 units in completed projects as of March 2024.\n\nCREDAI Chennai acknowledges the challenges but remains hopeful. Mohamed Ali, President of CREDAI Chennai, stated that their sales have been impacted by uncertainties but emphasized their commitment to working with the State Government to resolve these issues. The industry's ability to adapt and evolve is promising, and stakeholders are looking forward to positive developments in the near future.
Frequently Asked Questions
What was the percentage increase in new project registrations in Chennai's real estate market in Q1 2024?
28%
What was the most preferred location for new project launches in Chennai in Q1 2024?
South Chennai
What was the percentage decline in sales in Chennai's real estate market in Q1 2024?
44%
What is the current level of unsold inventory in completed projects in Chennai?
Over 7,700 units as of March 2024
Who is the President of CREDAI Chennai?
Mohamed Ali
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