Building projects grew by over 94% in Chennai's residential segment in Q1

Constructed projects in the residential segment in the city grew by 94.89 per cent during the January-March 2023 quarter, a study undertaken by real estate body CREDAI said on Saturday.

The Research and Analysis Wing (RAW) of the Confederation of Real Estate Developers Association of India in its report said central Chennai accounted for 29 per cent of the projects followed by the city's south at 26 per cent.

Despite the increase in the sales of constructed projects, the number of units registered during the quarter dropped by nine per cent.

During the first quarter of calendar year 2023 (January-March), as many as 5,759 residential units were registered as against 2,955 units registered during the January-March 2022 period.

"When compared to Q1-2022, we are overall pleased with the performance of the first quarter of 2023 and have generally met our expectations, regardless of a large decline in the number of projects and units registered in March 2023," CREDAI Chennai President S Sivagurunathan said.

"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," he said.

"Interestingly, based on sales and unsold inventory from completed projects, the trend seen is that home buyers are now favouring ready-to-move-in residences," he added.

Demands for housing layouts also grew during the first quarter as 1,128 layouts and 138 residential projects got registered, the report said.