Monthly Watch: New Launches Up 89% In Chennai
Continuing its upwards movement, residential project launches in Chennai, the capital of Tamil Nadu and a major information technology hub, have increased in the month of February over January. However, according to a report by PropTiger DataLabs, home sales figures have seen no increase during the month. The report shows that new launches increased 89 per cent in February over the first month of this year. A majority of these projects were launched to cater to the mid-segment, the report adds.
Largely, property prices across localities did not register any increase; there has been a one per cent annual increase in prices on an average, says the report.
Also read: Monthly Watch: Homes Sales Increase 39% In Chennai
The performers
The luxury property market in Chennai, it seems, is driving sales numbers. According to the report, the highest number of sales was seen in the high-end segment during February. This segment also saw property prices increasing three per cent on an annual basis. Localities that contributed the highest to monthly home sales in Chennai are Perambur, Navallur, Sholinganallur, Avadi and Anna Nagar, in that order. These localities offer property across segments. For instance, the average price for property at Anna Nagar stands at Rs 11,600-12,700 per sqft. In contrast, property is priced at Rs 2,800-3,000 per sqft at Avadi. According to PropTiger DataLabs, property prices stand at Rs 5,800-7,600 per sqft at Sholinganallur, Rs 5,150-5,350 at Navallur and Rs 5,750-7,550 at Perambur.
Up for sale
Developers who launched new projects in Chennai in the month of February include Allied Investment, Brigade, Plaza Group and SPR Group. Allied Investment has announced the launch of two new projects in the city ― Marina 100 at Navallur and The Sanctuary at Thoraipakkam OMR. While Marina 100 wil have on offer 106 apartment units each priced at Rs 4,000 per sqft, the 56 units at The Sanctuary are priced at Rs 5,899 per sqft. Plaza group's new project Elite Acres at Thalambur will offer 320 units to buyers at an average price of Rs 2,957 per sqft. On the other hand, the 475 units at Xanadu, the new offering by Brigade at Mogappair, are priced at Rs 5,590 per sqft. At Codename City, the new project by SPR Group at Perambur, apartments are priced at Rs 6,250 per sqft.
Also read: Under-Construction Galore At Chennai Property Markets, 800 Units Up For Grabs