Chennai Sees Maximum Supply of Affordable Homes in 2014

Bangalore, India, January 04, 2015 --(PR.com)-- CommonFloor has come up with India's first GIS Map-based real estate report which highlights key trends witnessed in Chennai real estate market in 2014. Titled “Real Insights 2014: Annual Realty Report,” besides the usual analysis on property sizes and prices, the report also evaluates the overall rental market (rental yield), top localities based on user preference and fastest moving rental markets as per consumer demand, amongst others. Additionally, the report also highlights the key emerging trends that will shape realty market in 2015.

Here is the snapshot.

Chennai witnessed the launch of about 360 projects in 2014, out of which, 66 per cent were skewed towards South Chennai, followed by 25 per cent in West and 6 per cent in Central part of the city. Interestingly, over 80 per cent of the new supply comprised of small-size projects that had less than 100 units each. This could be because Chennai is essentially driven by the presence of several local developers.

Additionally, the city boasts of having maximum demand for ‘affordable’ properties. Data indicates that out of the total supply in 2014, affordable properties topped the list with 33 per cent, followed closely by mid-segment with 30 per cent supply. Interestingly, ultra-luxury segment witnessed more new supply as against the luxury market.

A cautious approach was reflected on the developers’ front. About 1200 projects were expected to be completed during 2014. The gap between the new launched (360) and to be completed projects (1200) was seen to be exceptionally high compared to other cities.

Based on the new launches data, it can be concluded that 2015 is likely to see good ready-to-move-in supply across the city. Maximum unit supply is expected to come up in the southern region (65 per cent), followed by the western belt with 23 per cent.

For full report, visit; http://www.commonfloor.com/annual-realestate-outlook/chennai/index.html