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Chennai's Future Projects: Real Estate Players Eyeing Next Big market

In the dynamic landscape of India's real estate market, Chennai's residential sector stands out with remarkable vigor. Experiencing a notable 5 per cent surge in home sales, totaling 14,920 units in 2023, the city exhibits a robust return to its pre-pandemic dynamism. This resurgence has not gone unnoticed, attracting a flurry of investors and major players eager to seize opportunities in Chennai's flourishing investment arena.

The latter half of 2023 alone witnessed a significant 6 per cent uptick in real estate transactions, with 7,770 units changing hands, indicating a vigorous recovery within the sector. This revival is underpinned by growing buyer confidence and economic stability, with industry giants such as Knight Frank India and CREDAI Tamil Nadu highlighting the sector's momentum toward reclaiming its former allure.

Chennai's appeal is further bolstered by its rapidly advancing infrastructure, drawing both homebuyers and investors alike. Notably, the city now boasts the lowest inventory of unsold properties among India's leading metropolises, according to Anarock Group. The inventory has dwindled to approximately 26,390 units, marking a 13 per cent decrease and substantially reducing the inventory overhang from 56 months in Q3 2020 to just 16 months by Q3 2023. This significant reduction underscores the soaring demand for housing, propelled by strategic developments and escalating consumer interest.

The market's robust comeback is enticing premier developers and real estate moguls to Chennai, with major player DLF announcing plans to expand its presence in the city with a new high-rise luxury project. These industry heavyweights are drawn by the city's dynamic growth prospects and lucrative investment opportunities, reshaping the competitive landscape and diversifying housing offerings.

DLF's forthcoming luxury residential venture, unveiled during their Q3 investors call, will offer residences spanning from 2400 to 2800 square feet. This move responds to the escalating demand for premium living spaces in Chennai, highlighting the city's evolving real estate milieu. Set to be situated in Guindy, a prime locality known for its exceptional connectivity and infrastructure, this project marks DLF's significant reentry into Southern India's residential real estate market since the fiscal year 2021-2022.

Ashiana Housing, a real estate developer specializing in senior living, also announced plans to launch two premium residential projects in Chennai in the coming months.

Discussing Chennai’s residential market, Shashank Vashishtha, Executive Director at Exp Realty India, remarked, “The year 2023 witnessed notable real estate growth in several areas of Chennai, particularly North Chennai, Porur, ECR, OMR, Gudavancheri, and Parandur. This growth was fueled by factors like upcoming metro connectivity and affordable land availability. Despite a significant decline in sales, the market exhibited resilience, with developers selling unsold stocks and announcing new projects."

He continued, "The commercial sector showed promise, while the residential sector maintained robust demand for well-located, quality homes at attractive prices. The ongoing Metro expansion and various infrastructural developments position Chennai for substantial growth in the coming years. Looking ahead, 2024 is anticipated to be the year of resurgence for Chennai's real estate."

In another significant move, Godrej Properties Ltd revealed its acquisition of 60 acres of land in the rapidly developing micro market of Oragadam Junction, Chennai, in 2023. Estimated to have a developable potential of approximately 1.6 million square feet of saleable area, primarily comprising residential plotted development, this project underscores the city's burgeoning real estate prospects.

With property prices steadily ascending and a market ripe with potential, Chennai's real estate sector is undeniably on an upward trajectory. The influx of major industry players, coupled with broad interest from a diverse pool of buyers and investors, paints a promising picture for the city's property market.

March 21, 2024 2:41 p.m. 6205

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