113% Increase in Home Sales During COVID; What's the Situation in Chennai?

Surge in Apartment Sales

In India, apartment sales in the seven major cities increased by 113% in the third quarter of 2021, according to the ANAROCK Real Estate Consultancy.

Sales Comparison

In the third quarter of 2020, approximately 29,520 homes were sold, while in the third quarter of 2021, nearly 62,800 homes were sold, marking a 156% increase.

New Home Announcements

In the third quarter of 2020, 32,530 new homes were announced, compared to 64,560 homes in the third quarter of 2021, an increase of 78%.

Mumbai Metro Region

The Mumbai Metropolitan Region saw the highest announcement of new apartments, with 16,510 new homes.

Price Range and Contributions

Among the new homes, mid-range homes priced between ₹40 lakh to ₹80 lakh contributed 41%. Affordable homes priced under ₹40 lakh accounted for 24% of the new home sales in the third quarter of 2021. Premium homes contributed 25%.

Chennai's Performance

In the third quarter of 2021, nearly 3,405 apartments were sold in Chennai, a 113% increase compared to the third quarter of 2020.

New Announcements in Chennai

In the same period, approximately 2,980 new apartment projects were announced in Chennai, a 48% increase from the third quarter of 2020. Prices of homes in major cities have increased by 1% to 4%.