Total Residential Project Registrations in Chennai jumps by 28%

In the first quarter of 2024, the real estate market in Chennai has performed well. According to the data, 78 projects were registered with TNRERA in Chennai, and members of the CREDAI - Confederation of Real Estate Developers’ Associations of India, Chennai were responsible for 59% of these projects. 

This indicates a positive trend in the launch of new projects, with a 28 percent increase in total project registrations compared to the fourth quarter of 2023. 

The enrolment of residential units saw a significant ascent, with 7,218 units enlisted in Q1-2024 contrasted with the past quarter. The South Suburbs accounted for 29 percent of the projects, followed by Central Chennai with 26 percent, making up 40 percent of the total units registered. 

Speaking to this significant rise in housing registrations in Chennai, Mohamed Ali, President, CREDAI Chennai says, “Despite a 17% decline in the number of projects registered in Q1-2024 compared to Q1-2023 data, the number of units registered increased by 25% over the same period. From the units sold perspective, Q1-2024 was less encouraging, with 2,983 units sold in Chennai with CREDAI members accounting for 89%. This drop of 44% from the 5,332 units sold in Q4-2023 is due to frequent changes in registration charges and a lack of clear directives regarding under-construction projects. This had affected the potential buyers to a large extent”. 

Also Ali emphasized on the collaboration between the state government in order to address the evolving demands in the sector: “Our sales have been impacted by uncertainties around under-construction projects. However, we are committed to working closely with the State Government to resolve these issues. The market’s ability to adapt and evolve is promising, and we are looking forward to positive developments in the near future.”