Chennai: In what has come as good news to the housing sector in Chennai, the city witnessed a total sale of 2,500 units, up 59 per cent in Q4 2020 as compared to 1,570 units in Q3 2020.
According to a press report by JLL India, sales were concentrated in the southern suburbs submarket which accounted for 60 per cent of total sales in the quarter.
New launches in Q4 2020 almost doubled when compared to the previous quarter. More importantly, new launches during the quarter crossed the pre-Covid average quarterly levels of ~1900 units witnessed in 2019.
The Southern suburbs (Padur, Shollinganallur, Perumbakkam, and Navalur) submarket accounted for 62 per cent of the new launches during the quarter.
Moreover, 95 per cent of the new launches during the quarter were in the sub Rs 1 crore category.
“The translation of pent up demand into sales, aided by historically low interest rates, flexible payment schemes and discounts offered by the developers led to an increased momentum in the offtake of residential units,” said Siva Krishnan, managing director and India head, Residential Services, JLL India.
“Maximum sales traction was witnessed in the affordable and lower-mid segments. At the same time, there is a growing demand for larger sized homes as preferences are shifting towards homes with more open spaces and study rooms,” he added.