According to a latest report by real estate firm, Chennai’s real estate market has seen a lot of growth in recent years, especially the residential one. The report said that due to many revivals and infrastructural developments in the housing sector, the property market of the city has shown steady growth of 15% overall for the third quarter of 2018.
According to the report, this data indicates a higher demand and better market dynamics in the residential sector across the city. “40% of the new residential supply catered to the affordable housing segment, i.e. units priced lower than Rs. 40 lakhs. However, overall supply went up to 4, 850 units in Q3 2018 as compared to 4, 200 units in Q2 2018 which indicates growth of 15%,” report revealed.
It further added that the city also saw the highest number of new supply addition as compared to other cities like Pune, MMR, and Bangalore. Property sale also went up with an increase of 8% in this period in Chennai which shows that more and more home buyers are ready to invest in the city’s residential real estate market.
The report also revealed, “Property sales went up to 2, 925 units from 2, 700 units in this period. 33% of new launches were in the mid-range category, i.e. units priced between Rs. 40-80 lakhs and 25% of launches were in the ultra-luxury and luxury segments i.e. above 80 lakhs.”
Talking about the top localities of Chennai, Old Mahabalipuram Road (OMR) and East Coast Road (ECR) emerged as the preferred ones among home buyers. Because of their thriving neighbourhood, the real estate market is sought-after among home seekers. Due to flourishing location and well-built infrastructure, many top realtors have entered these localities and are coming up with their high-end as well as premium projects. The maximum average property price in Chennai is 16000 per sq.ft and the minimum is 3500 per sq.ft.