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Today Date : Tuesday, April 16, 2024

Chennai registers 14,248 units annual home sales in 2022: Knight Frank India

Chennai registers 14,248 units annual home sales in 2022: Knight Frank India

In their latest 18th edition of its flagship half-yearly report - India Real Estate: 2022, Knight Frank India noted that 2022 Chennai’s residential market witnessed stable gains of 19% YoY, accounting to 14,248 units in the year 2022.  It also witnessed a strong leasing activities in 2022 helped transaction volumes increase by 45% YoY to 5.6 mn sq ft. Office completions recorded an annual increase of 150% YoY to 4.4 mn sq ft, the highest since 2014. 

Healthy leasing momentum, increased occupier confidence, and new office supply lead to a surge in average transacted rent by 5% YoY in 2022.  In the same time frame, launches rose by 21% YoY, recorded at 5,416 units. The city has been gradually scaling and moving up the ladder since H2 2020.  The average price recorded in 2022 in Chennai was Rs 4,300/ sq ft resulting in a 6% growth YoY.

A substantial boost in consumer sentiment toward home ownership helped to fuel a steady rise in inquiries and conversions from homebuyers around the city as the sales momentum picked up, according to the study.