‘Home sales double in Chennai in third quarter’

Chennai: Demand and supply metrics for Chennai real estate showed improvement in the third quarter of the 2021 calendar year after a prolonged period of lull, shows Real Insight (Residential) – July-September (Q3) 2021, a quarterly report by REA India-owned online real estate company PropTiger.com.

According to the report, which analyses eight prime residential markets of the country, a total of 2332 units were launched in Chennai in the July-September quarter of 2021 as against 490 units in Q2 2021 and 947 units in Q3 2020. This manifold appreciation in supply numbers could primarily be attributed to the low benchmark in the periods against which the appreciation is measured, it said.

Rajan Sood, business head, PropTiger.com said, ‘considering housing affordability is at a record high this festive season on the back of 10-year low home loan interest rates and sops offered by some State governments in the form of reduced stamp duties and circle rates, we expect housing markets in top eight cities to show solid stability in the ongoing quarter.’

 

Karthikeyan Halan