The Chennai residential market registered a 21% year-on-year (YoY) development in gross sales in the course of the first half of 2022.
In response to information collated by Knight Frank India in its newest report, India Actual Property: H1 2022 (January – June 2022), Chennai recorded sale of 6,951 housing models within the first half of 2022 in comparison with 5,751 housing models offered in the course of the corresponding interval in 2021. The brand new dwelling launches elevated by 40% to 7,570 housing models within the first half of 2022 from 5,424 housing models within the first half of 2021.
South Chennai accounted for 58% of the gross sales recorded throughout first half of 2022. The south micro-market places alongside the OMR and GST Highway continued to garner purchaser curiosity, adopted by the inexpensive places resembling Porur, Valasaravakkam and Poonamalle.
Srinivas Anikipatti, senior director, Tamil Nadu and Kerala at Knight Frank India, mentioned: “Chennai residential market has been a balancing act between worth and demand. Whereas being a price-sensitive market, with broadly steady values, gross sales volumes had been maintained within the final 24 months. “
He mentioned: “Nevertheless, costs noticed a notable decline put up the onset of the pandemic, which triggered a development in gross sales of residential markets. Because the markets flip upwards, we see an increase in costs as a mixed impact of strong demand in addition to rising enter prices. Going ahead, whereas we’re positive that there’s latent demand, the values have to stay throughout the acceptable threshold for the demand to stay steady.”
Throughout the first half of 2022, workplace transaction volumes elevated by 80% at 2.2 million sq ft. New workplace completions recorded a development of 272% yr on yr with 3.0 million sq ft of latest areas accomplished throughout the identical interval. IT remained probably the most energetic sector which claimed 29% of the transacted area. This was adopted by BFSI which noticed an increase in its share to 23% within the first half of 2022 from its earlier 6% in the course of the corresponding interval in 2021.
Mr. Anikipatti mentioned: “Regardless of the third wave of the pandemic in early 2022, Chennai’s industrial market remained sturdy as places of work reopened, leading to elevated transaction exercise. We anticipate the town to see a continued rise within the workplace market, given its inherent benefit of price in addition to top quality of workplace area,” he added.