The first half of FY23 was a highly upbeat period for the residential market in the top 7 cities, allying fears that housing sales could be impacted by rising property prices and interest rates. The numbers show that Diwali came early for developers, with homes worth INR 1.56 lakh Crore sold across the top 7 cities in H1 FY23.
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.'
Residential property prices across the top cities increased by 1-4% in Q3 2021 compared to Q3 2020, mainly due to an increase in construction cost. Data reveals that the top 7 cities collectively saw average property prices increase by 3% annually - to INR 5,760 per sq. ft. in Q3 2021 from INR 5,600 per sq. ft. in Q3 2020. Bengaluru saw the highest 4% annual rise to INR 5,150 per sq. ft.
Chennai’s diversified economy pushes the city’s real estate growth, according to ANAROCK's latest report, Chennai: Driven by Diversified Economic Base.
With maximum real estate activity in the affordable and mid-segment categories, Avadi, Chennai, is fast transforming into a buzzing realty hotspot.
PRESS RELEASE
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 –
Read more »
Anuj Puri, Chairman – ANAROCK Property Consultants
NCR has witnessed a 3 to 5% decrease in average per-square-foot property prices over the last one year (Q4 2016 – Q3 2017).
See chart below:
Currently, NCR has the maximum number of unsold units among all the top cities in India. An approximate 2 lakh unsold units are stocked up across different cities in the region. Greater Noida has maximum share of unsold inventory, followed by Gurugram.
There are many reasons for the price decrease in NCR. To begin with, excessive delay in project construction and possession has hurt buyers’ sentiments and led to subdued demand. Also, many projects have been stalled due to agitations and litigation issues.
The massive unsold inventory itself has acted as a sentiment suppressant – and finally, while demonetisation, RERA, and GST are potentially positive moves for the industry, they have played a significant role in reduced buyer sentiment, contributing to the price falls.
Prices are likely to remain stagnant for a few more quarters. Factors such as the huge unsold inventory,
Read more »
