New apartments supply almost doubled in Chennai real estate

The Chennai realty market recorded a substantial increase in number of new apartments last year when compared with the corresponding period of 2017 a report by a property consultant said. In a statement, ANAROCK Property Consultants said Chennai added new supply of 15,680 units in 2018 compared to 7,940 units in 2017, which is a massive rise of 98%. Approximately 49% new supply was added in the affordable segment, it added. Noting that builders were very extremely cautious about launching projects to align supply with the existing buyer demand, he said this helped sales pick up momentum in 2018. Simultaneously, builders reduced the average property sizes to align their offerings with the highly-incentivised affordable housing bracket, he added.