Chennai’s Eightfold Increase in New Residential Launches
Chennai’s residential real estate market witnessed an eightfold increase in new launches to 1,487 units in the third quarter of calendar year 2020, from 182 units in the previous quarter, following relaxations in lockdown restrictions, according to JLL Research. The Western Suburbs (Porur, Ambatt
Published -
Oct 22, 2020 4:37 AM
Chennai’s residential real estate market witnessed an eightfold increase in new launches to 1,487 units in the third quarter of calendar year 2020, from 182 units in the previous quarter, following relaxations in lockdown restrictions, according to JLL Research. The Western Suburbs (Porur, Ambattur and Padi) accounted for nearly 80 percent of the new launches during the quarter. With homebuyers showing an increased preference for gated communities in the wake of the COVID-19 pandemic, most of these new launches were directed towards capturing that demand. Residential real estate witnessed pent-up demand translating into sales of 1,570 units during the September quarter. The sales were concentrated in the Southern (Padur, Navalur, Perumbakkam and Kilkattalai) and Western Suburbs which contributed over 80 percent to the total sales, the report said. Maximum sales traction was witnessed in the affordable and lower-mid segments. Subsequently, enquiries for larger sized homes from a certain section of prospective buyers also increased as preferences shifted towards homes with more open spaces and study rooms, the report said. India’s residential market was more active in Q3 2020 with sales increasing by 34 percent versus Q2 2020. Mumbai accounted for 29 percent of the total sales in the quarter, while 22 percent of sales was contributed by Delhi-NCR. Growth in sales activity was also driven by stronger demand in Chennai, Hyderabad, and Pune. Residential market activity is also being supported by renewed interest from NRIs in Q3 2020, resulting in more pent-up demand in the market and increased enquiries received by developers.
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