Chennai: As housing markets across India gathered themselves up to beat the coronavirus-caused economic gloom in the third quarter of 2020, numbers available for the July-September (Q3) period show optimism, especially for south Indian cities.
According to Real Insight Q3 2020, a quarterly analysis of India’s eight prime residential markets by real estate brokerage firm PropTiger.com, Bengaluru and Chennai both saw prices increasing slightly since September 2019. While the average psf rate in Bengaluru is 5,310, it is Rs 5,240 in Chennai.
“Consumers continue to perceive real-estate as the most stable asset and a number of them are looking to upgrade their homes as working from home is likely to continue. The government has also been supportive by taking steps to make buying more attractive. We are optimistic that sales during the festive season will be encouraging and will help drive further recovery in the sector,” says Mani Rangarajan, group COO, Housing.com, Makaan.com and PropTiger.com.
In Bengaluru, builders launched 2,086 units during the quarter. In Chennai, 947 new units were launched during the quarter, which saw the phases unlocking of the economy before the much-anticipated festive season that is likely to provide a boost to the residential real estate sector.
Bengaluru led its southern peers in terms of home sales during the quarter ended 30 September, with the sale of 4,825, followed by Hyderabad and Chennai.
In yet another indication of positive signs in Chennai realty market, GreenBase, a Hiranandani Group subsidiary, has signed a MoU with the Tamilnadu for setting up an industrial and logistics park at Oragadam involving an investment of Rs 750 crore.
Dr Niranjan Hiranandani, founder and managing director, Hiranandani Group said, “the MoU with State government will see GreenBase invest Rs 750 crore to develop an industrial and logistics park at Vadakkuppattu, Oragadam yielding to multiple direct and indirect job opportunities for the workforce.”
He said the park envisages development of 2.8 mn sqft of built up area for companies wishing to set up manufacturing and logistics units.
This will open up the job prospects for various segments that would help in the overall socio-economic growth in the region, he said.
To crystalise these plans, the TN government will extend support in the form of necessary infrastructural support, regulatory permissions and registrations subject to the applicable laws.