Chennai’s residential market has been slowly improving, with increased sales since the second half of 2020.
What’s it about? According to Knight Frank India’s Affordability Index, Chennai is one of India’s most affordable housing markets. It ranks third behind Ahmedabad and Pune and is the top in South India.
- Since the second half of 2020, growth has improved. More than 6,900 units were sold in the first half of this year. It’s a 21% increase year-on-year.
- Most affordable homes come with amenities that luxury properties have, like more open spaces and swimming pools. They’re generally priced between ₹60 lakh and ₹1.2 crores.
Experts speak: Some developers say Chennai is a good manufacturing hub, particularly in the automotive sector. It also has several IT companies that are spread out, employing thousands. People look out for liveability, and builders try to provide things equivalent to premium market offerings.
- There is some concern about inflation and rate hikes making home loans costlier. With hopes of it being brought under control, builders and buyers expect the sector to continue to perform well.