Monthly Watch: New Launches Fall 84% in Chennai
Properties markets across India struggled after the Prime Minister Narendra Modi-led government at the Centre announced its demonetisation drive on November 8. As a result, figures on new launches at home sales across the top cities fell sharply in the last month of the year 2016 and property markets of Chennai were no exception.
According to a PropTiger DataLabs report, new launches in the southern city fell 84 per cent in December over November while there has been no change in sales figures. On an annual basis, however, home sales fell 16 per cent while new project launches increased 55 per cent.
In terms of prices, there has been no monthly increase. But, when compared to property rates in December 2015, property prices increased three per cent in December last year.
Developers who launched new projects in the Tamil Nadu capital in December last year include Baashyaam, Godrej Properties and Newry Properties. While apartments in Godrej Properties' Azure project at Padur are priced at Rs 3,999 per sq ft, units at Baashyaam's Bonaventura project at Raja Annamalai Puram are priced at Rs 17,000 per sq ft. At Newry Properties' project at Pallikaranai named Shanmita, units are priced at Rs 5,250 per sqft.
Localities that contributed the highest to December home sales in Chennai include Navallur, West Tambaram, Singaperumal Koil, Perumbakkam and Kelambakkam, in that order. These localities offer affordable as well as luxury properties, and prices vary between Rs 3,000 per sq ft and Rs 6,000 per sq ft.