Chennai Overtakes Bengaluru, Unsold Inventory Less Than 50% Of IT Capital – ANAROCK Report
- Chennai’s current unsold housing stock at 30,800 units against 73,300 units in Bangalore
- Avg. property prices lowest in 4 years at INR 4,900 per sq. ft.
- 72% new supply in last 6 years in under INR 80 lakh budget range
- PE investment increased by 15% in 2018 against 2017
Chennai, 4th February 2019: Bucking all odds including political uncertainty and a major natural calamity, Chennai has trumped southern counterpart Bengaluru in terms of upbeat residential real estate activity.
ANAROCK‘s report ‘Chennai: From Resilience to Growth‘ confirms that the city is only behind Hyderabad in unsold stock numbers, and has the second-lowest unsold housing inventory of India’s top 7 cities in India.
As the event’s knowledge partner, ANAROCK released the report at RECON, an initiative by Tamil Nadu Real Estate Consultants Association, in Chennai today.
Anuj Puri, Chairman –
Chennai Saw Highest Housing Sales Dip In 2017, Bengaluru Lowest – ANAROCK Report
Unsold inventory decreased by 10% from 8.04 lakh units in Q4 2016 to 7.27 lakh units by Q4 2017
Mumbai, 22 March 2018: Fewer launches, subdued sales and muted property prices defined 2017 for the Indian residential real estate sector, according to a detailed report by ANAROCK Property Consultants.
With an annual decline of almost 50% in new launches and 15% decline in sales across top 7 cities in India, the sector was effectively shattered in 2017.
“A spate of policy reforms and structural changes literally crippled the sector,” says Anuj Puri, Chairman – ANAROCK Property Consultants. “Simultaneously and consequentially, it transitioned rapidly into a transparent and buyer-friendly one. With only end-users left to drive the market and investors more or less evaporating completely, developers throttled back severely on new launches to allow the market more scope to absorb the already staggering unsold inventory.”
2017’s Depressed New Launch Readings
- The top 7 cities recorded new unit launches of around 26 lakh in 2017 as opposed to 2.50 lakh in 2016.
Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants
Chennai, the capital of Tamil Nadu, is one of the biggest cultural, economic and educational centres in South India.
Mercer’s Quality of Living Survey noted Chennai as the safest city in India and is exemplified by the fact that it has the third-largest expatriate population in the country.
Also justifiably called the ‘Detroit of India’, Chennai has over one-third of India’s automobile industry operating there.
Chennai has grown significantly in the last few years. Education prospects and employment opportunities, along with a decent lifestyle, are the key drivers that attract people to the city.
With increasing population, the city’s real estate landscape has also grown by leaps & bounds and is now spread across various zones of Chennai.
Whilst the real estate development paused momentarily due to massive floods of 2015, the fundamental demand drivers remain intact and the city is likely to continue on its growth trajectory in the future periods, reinforced by:
- Diversified economic base
Chennai’s diversified economic base is anchored by the automobile,