Chennai’s Office transaction volume rise 80% YoY: Knight Frank report

Knight Frank India in its latest "India Real Estate: H1 2022 (January – June 2022)," report cited that the Chennai residential market registered a 21% Year on Year (YoY)growth in sales in H1 2022.

The city recorded sales of 6,951 housing units in H1 2022 compared to 5,751 housing units sold in H1 2021.The new home launches also increased by 40% YoY from 5,424 housing units in H1 2021 to 7,570 housing units in H1 2022. 

The weighted average price of residential properties in Chennai rose by an estimated 5% YoY to INR 4,242 per sq ft. With increased launches, the Quarters to sell (QTS) has marginally increased from 4.2 quarters in H1 2021 to 4.4 quarters in H1 2022.

In H1 2022, office transaction volumes increased by 80% YoY to be recorded at 2.2 mnsq ft. New office completions recorded a growth of 272% YoY with 3.0 mnsq ft of new spaces completed during the same period. IT remained the most active sector which claimed 29% of the transacted space.