The Research and Analysis Wing (RAW) of CREDAI has conducted recent research on Chennai Real Estate, which indicates that residential unit registrations in Chennai experienced a 37% increase in Q2 2024. In comparison to the 6,435 units registered in Q2 2023, 8,793 units were registered in Q2 2024.
A whopping 90% of registered units were represented by CREDAI members, who dominated this section.
Chennai Real Estate: New Projects and Sales Drop
However, data gathered by the RAW wing of CREDAI indicates that the Chennai real estate market had a drop in the second quarter of 2024, spanning from April to June.
There were 65 new projects registered in the city, which is a 34% decrease from the 98 projects that were registered in the second quarter of 2023. CREDAI members accounted for sixty-five percent of these new projects.
There were 91 new projects listed across the whole state, down from 123 during the same time last year. With just 2,597 flats sold—a 53% drop from the 5,498 units sold in the second quarter of 2023— Chennai real estate suffered a notable downturn as well. This slump brings to light the challenges in reducing present inventory levels.
Residential Registration Surge:
In contrast, there was a dramatic increase in the number of registrations for residential units in the Chennai real estate market.
In Q2-2024, 8,793 residential units were registered, which is 37% more than the 6,435 units recorded in Q2-2023.
Even after all this time, 90% of the registered units were CREDAI members, thus they essentially hogged the market. This is evidence of their dominance in the Chennai property market.
Based on where the projects were registered, Central Chennai was the most popular area, with 29% of all the projects registered.
With 28%, the South Suburbs came in close behind, and they also had the most unit registrations, with 45% of all the units recorded during the quarter.
This trend shows that the southern suburbs are becoming more attractive to homeowners and investors. The West Suburbs accounted for 19% of the units entered.
“The study for Q2-2024 shows a turning point in Chennai’s real estate market,” said CREDAI Chennai President Mohamed Ali.
. Even though the rise in residential unit registrations is good news, the drop in project starts and sales shows that we need to focus our efforts on solving the problems we already have”.
He added, “We can help Chennai become a top real estate spot by getting rid of regulatory bottlenecks and encouraging the government and business to work together strategically”.
Q2 2023 & 2024 Analysis: CREDAI CHENNAI RAW REPORT
