Layout projects witness growth in Chennai, CREDAI study

CHENNAI: The number of layout projects has been steadily increasing and has grown significantly in contrast, according to the study carried out by CREDAI Chennai’s Research and Analysis Wing.

The study also noted that for the first quarter of 2023, the number of Building projects climbed by 94.89 per cent 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 per cent when compared to the previous quarter, or Q4-2022.

In the first quarter of 2023, CREDAI members owned 78.1 per cent 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 per cent of the year’s first quarter sales were made by CREDAI members, despite a fall in overall sales volume by 7 per cent 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 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,” Sivagurunathan added.