Chennai residential market takes a hit

Chennai: The second wave of the coronavirus pandemic has had an adverse impact on the housing market in Chennai, with sales and new supply both failing to individually cross the 1,000-mark.

While only 490 new units were launched in this market during the April-June quarter of 2021 (Q2CY21), a total of 709 homes were sold during the three-month period, shows a report titled ‘Real Insight (Residential) – April-June (Q2) 2021’, a quarterly analysis of India’s eight prime residential markets by PropTiger.com.

Majority of the new launches were concentrated in the less-than Rs 45-lakh price bracket, which accounted for 84 per cent of the total launches, showed the report. Of the total sales, 40 per cent were concentrated in Rs 45-75 lakh price bracket.

 

NT Bureau