Chennai residential market takes a hit

The second wave of the coronavirus pandemic has had an adverse impact on the housing market in Chennai, with sales and new supply both failing to individually cross the 1,000-mark. While only 490 new units were launched in this market during the April-June quarter of 2021 (Q2CY21), a total of 709 homes were sold during the three-month period, shows a report titled ‘Real Insight (Residential) – April-June (Q2) 2021’, a quarterly analysis of India’s eight prime residential markets by PropTiger.com.

Majority of the new launches were concentrated in the less-than Rs 45-lakh price bracket, which accounted for 84 per cent of the total launches, showed the report. Of the total sales, 40 per cent were concentrated in Rs 45-75 lakh price bracket.