Introduction
Amid India’s robust real estate market, Chennai’s residential real estate market is bustling with activity. Exhibits a significant 5 percent increase in home sales. 14,920 units in 2023. This represents a strong return to its pre-pandemic dynamism. This revival has attracted the attention of many investors. All heralded the entry of big players eager to capitalize on the city’s burgeoning investment landscape and promising returns.
Table of Contents
- Real Estate Will Increase in Chennai
- DLF’s Luxury Residential Project
- Remarkable Real Estate Growth in Chennai: Shashank
- Godrej Properties in Oragadam Junction in Chennai
The last half of 2023 alone saw a 6 percent increase in real estate transactions. 7,770 units changed hands. This reflects the strong recovery of the sector. This revival is linked to growing consumer confidence and economic stability. Industry giants such as Knight Frank India and Credai Tamil Nadu highlight the momentum towards regaining the former luster of the sector.
Chennai’s appeal is further enhanced by its rapidly developing infrastructure. This makes it attractive to home buyers and investors. Notably, the city now has the lowest number of unsold properties among India’s leading metros, reports Anarock Group, Inventory has notably declined to around 26,390 units.
Real Estate Will Increase in Chennai
The 13 percent decline significantly reduced the inventory overhang from 56 months in Q3 2020 to just 16 months by Q3 2023. This is an indication of the increasing demand for housing. Development and increasing consumer interest. The market’s strong comeback is attracting premier developers and real estate moguls to Chennai.
Real estate giant DLF plans to expand its footprint in Chennai with a new high-rise luxury project to establish a strong presence. These industry heavyweights are attracted to the city’s dynamic growth prospects and investment opportunities, reshaping the competitive landscape and diversifying housing offerings.
DLF’s Luxury Residential Project
Delhi Land and Finance‘s (DLF) upcoming luxury residential project has a lot going for it. It was revealed to their Q3 investors. Offers residences ranging from 2400 to 2800 sq. ft. The venture responds to the growing demand for premium living spaces in Chennai.
This underscores the city’s thriving real estate scene. Known for excellent connectivity and infrastructure. The project in Guindy, a prime area of Chennai, marks DLF’s significant move into the residential real estate market in South India from the financial year 2021–2022.
Ashiana Housing Limited is an Indian real estate development company established in 1986 and headquartered in New Delhi, India. Senior real estate developer Ashiana Housing said it will officially announce the launch of two premium residential projects in Chennai in the coming months.
Remarkable Real Estate Growth in Chennai: Shashank
Shashank Vashishtha, Executive Director, XRealty India, said about Chennai’s residential market, “In 2023, many areas in Chennai will see significant real estate growth. Especially North Chennai, Porur, ECR, OMR, Gudavancheri, and Parandur were driven by the elements. Upcoming metro connectivity and the availability of affordable land.
Despite a significant decline in sales, the market has shown resilience as developers sell unsold stocks and announce new projects. The commercial sector showed promise. But the residential sector continues to see strong demand for well-located, quality homes at attractive prices.
Ongoing metro expansion and various infrastructural developments have set Chennai up for significant growth in the coming years. Looking ahead, 2024 is predicted to be a renaissance year for Chennai real estate. With the government’s extensive development plans and ongoing expansions, the recession is poised to reverse. This paves the way for price appreciation and recovery in the market.
Godrej Properties in Oragadam Junction in Chennai
Another prominent real estate player, Godrej Properties Limited, is set to rapidly develop in Oragadam Junction, Chennai in 2023. Godrej announced the acquisition of 60 acres of land in Micro Market. On about 60 acres, the project is expected to develop a salable area of about 1.6 million square feet.
It mainly consists of residential areas. DLF’s previous project, Park Estate near SIPCOT in Chennai’s OMR, launched a planned development that attracted widespread attention by selling 1500 plots spread over 90 acres for around 700 crores.
Conclusion
Chennai’s real estate sector is full of market potential due to the steady rise in property prices. The influx of major industry players, coupled with widespread interest from a wide variety of buyers and investors, bodes well for the city’s property market. If you want more information, visit Openplot.
Also read: Is Purchasing an Apartment in Chennai a Wise Investment?