Chennai's residential market not only remained resilient post-COVID-19 but recorded a significant recovery from the second half of 2020 onwards. The mid and premium housing segments saw substantial demand and supply growth in pandemic times, reveals the FICCI-ANAROCK report 'Tamil Nadu - Growth Engine of India.'
Currently, approx. 35 Mn sq. ft. of flexible office stock is available across the country. Of this, approx. 71% or 25 Mn sq. ft. is by the large operators. Approx. 3.7 lakh flexi seats are currently spread across the major Tier I and Tier II cities of India.
In the approx. 4.5 years since RERA was fully notified, 71,307 projects have been registered under it across the country as of November 2021. Maharashtra, Gujarat, and Karnataka lead in project registrations to date with 31,664, 9,272, and 4,497 projects registered respectively.
Predictably, the secondary sales or resale housing market proved far more vulnerable to demonetization than the primary market. This segment, along with luxury housing, historically drew the bulk of 'cash components'.
The top 9 listed players collectively sold homes worth INR 10,669 CR in Q2 of FY22 (July to September). Their booking revenue in this given quarter rose by a staggering 89% against the same period in the last fiscal (Q2 FY21), when it was INR 5,645 Cr.
Robust growth of IT/ITeS sector, affordable rentals & start-up boom have worked in favour of Southern office markets
Of 21.32 mn sq. ft. net absorption in FY21 across the top 7 cities, Bengaluru, Chennai & Hyderabad accounted for a 66% share, followed by West (MMR & Pune) with 21% & North (NCR) with 11%
Back in FY18, South cities comprised a 47% share, West – 33%, North – 17%
Office supply – of 40.25 mn sq. ft. of new office space completion in FY21, South cities dominated with a 63% share; West – 19%, North – 18%
Southern office rentals saw double-digit growth (11-15%) in this period; other regions lagged behind
Mumbai, 13 September 2021: The main South India office markets have overtaken other regions in terms of new supply, net absorption, and even rental growth. Among the top 7 cities, Bengaluru, Hyderabad, and Chennai saw their share of total office leasing increase to 66% in FY21 (against 47% in FY18).
The net office absorption in FY21 in the top cities was 21.32 mn sq.
For the first time, affordable housing is the lowest priority, with more than 34% respondent home seekers focused on properties priced between INR 90 lakh to INR 2.5 Cr.
