Chennai: Chennai’s residential real estate market witnessed an eight-fold increase in new launches, from 182 units in Q2 2020 to 1,487 units in Q3 2020, according to JLL Research.
New launches increased after a gradual relaxation of lockdown restrictions. The western suburbs (Porur, Ambattur and Padi) accounted for nearly 80 per cent of the new launches during the quarter.
With homebuyers showing an increased preference for gated communities during the health crisis, most of these new launches were directed towards capturing that demand.
Residential real estate witnessed pent up demand translating into sales and 1,570 units were sold during Q3 2020. Sales was concentrated in the southern (Padur, Navalur, Perumbakkam and Kilkattalai) and western suburbs which contributed over 80 per cent to the quarter. Maximum sales traction was witnessed in the affordable and lower-mid segments.