Chennai real estate market sees revival

CHENNAI: Around 450 new apartment units were added to the Chennai real estate market in the last three months, posting a 17% increase in comparison with the same quarter in 2018. This indicates a revival in the real sector in the city which has been going through a rough patch in the last five years.

A recent report by ANAROCK Property Consultants Pvt Ltd found that the realty market of Chennai added 3,170 units during the first quarter of this year, while the same period in 2018 recorded 2,720 units. It is an increase by 17% over the same quarter in 2018.

However, the number of new units has dropped when compared with the previous quarter. As per the data, in the fourth quarter of 2018, 3,900 apartment units were added to the city real estate market.

Sales in Bengaluru and Chennai increased by 5% and 4% respectively over the previous quarter and were recorded at 15,580 units and 3,430 units respectively, the report added.

"The sector is currently riding on a new wave of optimism following the triple benefits it received from the government in the first three months of 2019. These sops have not only increased homebuyers’ sentiments but will also boost the confidence of builders and long-term investors,” the report said quoting ANAROCK Property Consultants chairman Anuj Puri.