CHENNAI: Developers in Chennai’s real estate market have an unsold stock of around 37,478 units, a report by an online advisory firm has found. It is projected that it may take an estimated 42 months to sell off this stock, says the report by PropTiger.com.
According to a press release, the second wave of Covid-19 had an adverse impact on the housing market in Chennai, wherein sales and new supply did not cross the 1,000-mark during the second quarter of this year. While 490 new units were launched in the city’s realty market between April and June, about 709 homes were sold during the three-month period, as per the report titled ‘Real Insight (Residential) – April-June (Q2) 2021’.
Most of the new launches were in the price bracket of under Rs 45 lakh which accounted for 84% of the total launches. As far as sales were concerned, 40% of the units had a price range of Rs 45 lakh to Rs. 75 lakh.
“These markets would take longer to recover from the current shock,” the release quoting Mani Rangarajan, group chief operating officer of PropTiger. com, says.
Source: Times of India