Chennai Real Estate: A Rising Star in India’s Property Landscape
By Team Dlanes
Table of Contents
Chennai, one of India’s bustling metropolises, has been making waves in the real estate sector. With a significant uptick in transactions and a surge in home sales, the city’s property market is showing signs of a strong recovery.
Recovery
In the latter half of 2023, Chennai’s real estate market witnessed a 6% rise in transactions, with 7,770 units changing hands. This robust recovery is fueled by growing buyer confidence and economic stability. Industry experts like Knight Frank India and CREDAI Tamil Nadu have highlighted this resurgence, attracting the attention of investors and big players eager to capitalize on the city’s growing investment opportunities.
Chennai’s appeal is further enhanced by its improving infrastructure, making it attractive to both homebuyers and investors. The city now has the lowest number of unsold properties among major Indian cities, with inventory decreasing to approximately 26,390 units by Q3 2023.
Major Players Eyeing Chennai
Premier developers and real estate giants are eyeing Chennai for future projects. DLF has announced plans for a new luxury project, responding to the increasing demand for premium living spaces. Ashiana Housing is also gearing up to launch two premium residential projects in the city.
DLF’s upcoming luxury project will offer residences ranging from 2400 to 2800 square feet, located in Guindy, a prime locality known for its connectivity and infrastructure. This marks DLF’s significant reentry into Southern India’s residential real estate market.
Future Prospects
Shashank Vashishtha from Exp Realty India notes the notable real estate growth in Chennai, driven by factors like upcoming metro connectivity and affordable land availability. He predicts a resurgence in Chennai’s real estate market in 2024, fueled by government development plans and ongoing expansions.
Godrej Properties Ltd has also entered the Chennai market, purchasing 60 acres of land in Oragadam Junction for a proposed project with a developable potential of approximately 1.6 million square feet.
With property prices rising and major players entering the market, Chennai’s real estate sector is poised for growth, offering promising opportunities for buyers and investors alike. The future of Chennai’s real estate market indeed looks promising, and it will be interesting to see how it unfolds in the coming years.
