Various infrastructure projects have resulted in an increase in property registrations.
What’s it about? Thanks to new infrastructure projects like the proposed airport in Parandur and the Kilambakkam bus terminus, there’s been a spike in property registrations in the city. Real estate consultants say there’s an increase in people wanting to buy homes, and there’s ready-to-move-in inventory.
- Between April 2022 and January-end 2023, Chennai saw a 40% increase in properties registered. Around 4.7 lakh documents were registered with ₹6,000 crores in earnings.
- People now prefer ready-to-move-in houses, plotted developments, and villas. Post-Covid, there’s been an increase in interest in people wanting to buy new homes and properties.
Who said what? Sanjay Singh of the Anarock Group said despite the recent hike in home loan rates, it hasn’t deterred prospective buyers. S Ramprabhu from the Builders Association of India said that compared to 2019, there’d been an increase in the movement of commercial property, and 2022 was a good year for real estate.