CREDAI Chennai's Q1-2023 survey indicates a strong appetite for Ready-to-move-in Residences.
A 95% increase over the previous year is evident in Building projects.
Chennai, 28th April 2023: Central Chennai accounted for 29% of projects developed in Chennai in the first quarter of 2023, followed by South Central with 26%. The number of layout projects has also been steadily increasing and has grown significantly in contrast to building projects. According to the study carried out by CREDAI Chennai's Research and Analysis Wing (RAW) for the first quarter, the number of Building projects climbed by 94.89% as compared to Q1-2022, showing a tremendous development over the year.
Despite a general rise in the sales of Building projects, the number of units registered in Chennai fell by 9% when compared to the previous quarter, or Q4-2022. In the first quarter of 2023, CREDAI members owned 78.1% of the registered units in Chennai.
In Chennai during March 2023, a total of 31 residential projects were registered with TNRERA. North Central had three residential projects, South Central had eight, South Suburbs had four, West Central had four, and West Suburbs had three. Central Chennai witnessed nine residential developments. The ones listed here are a combination of CREDAI and non-CREDAI projects.
"When compared to Q1-2022, we are overall pleased with the performance of the first quarter of 2023, and has generally met our expectations, regardless of a large decline in the number of projects and units registered in March 2023. 67 percent of the year's first quarter sales were made by CREDAI members, despite a fall in overall sales volume by 7% comparing the previous quarter Q4-2022. What's more encouraging is that the market has observed an apparent decline in the amount of unsold inventory from completed projects, and sales by non-CREDAI members have also gone up as well.," said Mr. S Sivagurunathan, President, CREDAI Chennai.
"Interestingly, based on sales and unsold inventory from completed projects, the trend seen is that home buyers are now favoring ready-to-move-in residences.," Mr. S Sivagurunathan added.
The CREDAI RAW Survey provided some intriguing data regarding the breakdown of buildings and registered layouts in Tamil Nadu through March 2023. In the three months ending March 2023, 138 buildings and 1128 layouts were registered, which also suggests that the demand for layouts is steadily growing.
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