Chennai’s New Home Supply Surges by 74% in 2023

By Team Dlanes

In 2023, Chennai’s housing market showed impressive growth, highlighting the city’s ongoing progress. This growth reflects the city’s dynamic urban development and economic advancements. The cosmopolitan atmosphere of Chennai has also attracted property owners and investors.

Big Increase in New Homes In 2023, Chennai saw a significant 74% increase in new housing supply, with 16,153 units launched during the year. Several areas emerged as hotspots for new residential projects, showcasing the city’s vibrant real estate scene. Pallikaranai, Manapakkam, and Sholinganallur led the way in attracting developers and homebuyers. These areas not only saw the highest number of new launches but also experienced growing housing demand, contributing to overall market growth.

Pallikaranai

Affordable and Premium Housing Choices Pallikaranai, located in southern Chennai, became a top choice for new residential projects. Its popularity is due to various factors such as strategic location and available social infrastructure. The area’s proximity to major IT hubs, schools, and hospitals has driven housing demand, leading to more new projects. Pallikaranai offers both affordable and premium housing options, with prices ranging from INR 5,500/sqft to INR 7,500/sqft.

Manapakkam

Boosted by Job Centers Manapakkam, situated in western Chennai, also saw a rise in new housing supply. Its accessibility via well-connected roads makes it desirable for homebuyers. The presence of commercial establishments and proximity to employment hubs have fueled the housing market in Manapakkam. The area offers various housing options, from apartments to independent houses, with prices typically between INR 5,000/sqft to INR 7,000/sqft.

Sholinganallur

IT/ITeS Development Driving Demand Sholinganallur, located in southern Chennai along the IT corridor, has been consistently active in the residential real estate sector. The increase in new housing units here is due to its status as an IT and business hub. With many multinational companies establishing offices nearby, demand for residential spaces has grown. The influx of professionals seeking proximity to their workplaces has led to the development of more residential projects in Sholinganallur. Housing prices in this area range from INR 5,500/sqft to INR 7,500/sqft.

Final Thoughts

Chennai’s housing market reflects growth, changing demand, and evolving preferences. Understanding market dynamics is crucial. Areas like Pallikaranai, Manapakkam, and Sholinganallur are not just observing these changes but actively participating in shaping the city’s real estate story. As Chennai continues to grow economically and urbanize, its housing market offers opportunities for developers and homebuyers alike.