Chennai gets 650 new homes in 2018 third Quarter

Realty sector in Chennai is yet to show a significant growth. According to a report by property consultant Anarock, the city saw an overall rise of 15 per cent new supply of residential homes in the third quarter. It stated that 40 per cent of new supply was added in the lower budget housing segment — homes thatcost below `40 lakh. As per the study by Anarock Research of seven cities, Chennai’s supply in the third quarter increased to 4,850 units from 4,200 units in the second quarter, an increase of 15 per cent. Overall, the National Capital Region, Mumbai Metropolitan region, Chennai, Bengaluru and Kolkata saw 52,150 new units being launched in third quarter, which is a notable increase over the 50,600 units in the second quarter. Cities contributing most to the new additions in the third quarter are Mumbai Metropolitan Region, Pune, Bengaluru and Chennai and together these cities account for 76 per cent of the new supply. The report also states that sales of properties also increased in Chennai by eight per cent. “There has been an increase in the sales of properties from 2,700 units in the second quarter to 2,925 units in the third quarter." Interestingly, Mumbai Metropolitan Region saw the highest jump in sales this quarter with sales increasing by 16 per cent. The third quarter saw a meagre three per cent increase in the overall fresh housing supply across the seven cities as against the preceding quarter.