Data from CREDAI shows that residential unit sales in Q3 has risen by 16% when compared with Q2

The report highlighted that CREDAI developers alone sold 3,175 housing units in Chennai, holding 87% of the market share during Q3 and up by 14% over the second quarter

During the third quarter of this year, the total number of residential units sold in Chennai stands at 3,636 units, up by 16% over the previous quarter, according to a detailed analysis done by the Confederation of Real Estate Developers’ Associations of India (CREDAI) Chennai’s Research and Analysis Wing (RAW).

The report highlighted that CREDAI developers alone sold 3,175 housing units in Chennai, holding 87% of the market share during Q3 and up by 14% over the second quarter.

Details provided by CREDAI showed that 113 residential projects were registered with the Tamil Nadu Real Estate Regulatory Authority (TNRERA) during Q3, comprising 5,232 residential units, up by 34.5% over the previous quarter. Sales were concentrated in the southern and western suburb micro-markets, and together, these accounted for 65% of the total sales during the period. Locations along Old Mahabalipuram Road and Grand Southern Trunk Road have continued to garner the interest of most homebuyers, comprising a total share of 48%.

According to CREDAI’s statement, the recent hike in home loan lending rates had not deterred serious homebuyers from plunging into the market as they were well aware of the external factors pushing up the input and labour costs.

“CREDAI Chennai’s RAW Q3 data report shows an uptick in real estate sentiment with renewed demand across all categories. Overall, we have been witnessing a very healthy trend, especially in Q3 when compared with Q1 and Q2,” S. Sivagurunathan, president, CREDAI Chennai, said.

“There has been an uptick in demand post pandemic, and as the situation improves, multi-storied projects are witnessing a higher number of inquiries. Even commercial projects are seeing a very encouraging uptick. The work from office dictum laid down by companies has seen a renewed interest in office spaces across major cities in Tamil Nadu,” he added.