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
Tags:
Related News Articles
Property Registration Scandal: 796 Documents Under Scrutiny for Violating Real Estate Laws
The registration department is investigating 796 property registration documents for non-compliance with real estate regulations, sparking concerns among developers and buyers.
Maharashtra Weather Alert: Heavy Rainfall Expected in Mumbai, Pune, and Other Districts
IMD issues yellow alert for Mumbai, red alert for Palghar and Pune; heavy to very heavy rainfall expected in the next 24 hours
Nagpur Townships Inspected by State-Appointed Panel, Issues Persist
A state-appointed panel inspected several townships in Nagpur, Maharashtra, but issues related to water supply, irrigation clearance, and inspection delays remain unresolved.
Indore Sees 12.8% Rise in Property Revenue During Festive October
The city of Indore recorded a significant 12.8% increase in property revenue during the festive season in October. According to Balkrishna More, the Deputy Inspector General of Registration for the Indore region, the surge in real estate activity can be a
Arvind Gurumurthy: A Renowned Legal Expert in M&A, Private Equity, and Corporate Law
Arvind Gurumurthy, a distinguished legal professional, has made significant contributions in the fields of M&A, private equity, and corporate law. With a successful seven-year tenure as Partner at Kochhar & Company, Arvind has extensive experience in hand
Arthur Laffer Buys $87,156 in NexPoint Diversified Real Estate Trust Stock: A Bullish Signal?
Arthur Laffer, the director of NexPoint Diversified Real Estate Trust (NXDT), has made a significant purchase of $87,156 in company stock. This move could signal his confidence in the company's future performance. Investors should consider this as a potential indicator of a bullish market play.