The real estate market in Chennai has shown resilience to the pandemic and experienced a significant recovery from the second half of 2020 onwards.
As per the FICCI-ANAROCK report ‘Tamil Nadu – Growth Engine of India’, the mid and premium housing segments saw huge demand and supply growth during pandemic times.
While in the pre-pandemic period(2018-2019), the premium and mid-scale housing segments formed only 48% of the total units launched (28,700), during the pandemic period, of about 19,900 units launched in 2020 and the first 9 months of 2021, the share increased to 64% supply of units priced between ₹ 40 Lakhs and ₹ 1.5 Crores.
Chennai‘s southern quadrant witnessed the highest number of launches and sales over the last three years, accounting for almost 62% supply in total as well as 66% housing sales in the city.
The recent pandemic has done little to dampen the spirits of Chennai’s real estate market. This can be seen in new launches and absorption gains during the first and second waves, all inspired by rising homeownership sentiment as people look for safe places they know will always welcome them back again no matter what life throws their way.
The high demand from mid-to-premium segments proves that there are buyers out here ready when homes go on sale predominantly dominated by the salaried class.
The property market in Chennai has remained steady over the last few years in terms of demand and supply, with prices remaining range-bound. The weighted average price per square foot is under ₹ 5000 and most home purchases are by end-users.
The state is among one of the most urbanized southern states with significant economic growth in recent decades. Working professionals from within or beyond can find opportunities across industries thanks to Chennai’s dynamic economy.
Chennai is a hotspot for industry, with data centers, warehousing, and logistics being the future demand drivers. Manufacturing hubs across the state ensure that this city will be part of an expanding sector.
Tamil Nadu has been growing steadily for over five decades, and it shows no sign of slowing down! See what makes this diverse region so special:
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