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Business EconomyPosted at: Mar 3 2021 4:33PM


2BHK units most preferred choice for Chennai homebuyers

Chennai, Mar 3 (UNI) At a time when the demand for larger
homes has increased in India because of remote working
becoming a common feature due to COVID-19, 2BHK units
continued to be the most preferred configuration among
homebuyers of Chennai in 2020.
Data available with online real estate brokerage firm
PropTiger.com show that 2BHK units claimed a 47 per
cent share in both new supply as well as sales in the
Tamil Nadu capital in 2020.
The comparatively high average price range--data available
with PropTiger.com show that the average rate of new
properties in Chennai stood at Rs 5,228 per sqft at the
end of 2020--could be cited as the main reason for the
continued popularity of 2BHK configurations in Chennai
at a time when 3BHK units are becoming more popular in
some markets in the aftermath of the Covid-19 pandemic
that has forced a majority of workers to work from home.
Traditionally, 2BHK has been the most preferred option
for homebuyers in Chennai. This is reflected in the
numbers for the past few years as well.
In 2018 and 2019, this configuration claimed 51 per cent
and 50 per cent share in overall sales. Similarly, 2BHK
homes made up for 54 per cent and 49 per cent share in
total supply in Chennai in 2018 and 2019 respectively.
“Chennai’s real estate market has seen some interesting
developments in the last few quarters. It has been among
the three cities that contributed to the maximum launches
in the country during the December 2020 quarter and also
saw an increase in sales as compared to the previous
quarter, according to our Real Insights data.
It also has the lowest unsold inventory nationally and
has shown a marginal price increase. While the city’s
real estate market obviously performed better in 2019,
the improvement seen in 2020, especially through the
pandemic, point to the resilience of Chennai’s real
estate market.
''Interestingly, during our Right To Home expo held last
month, Chennai’s level of participation was way beyond
what we had hoped for” Mani Rangarajan, Group COO,
Housing.com, Makaan.com and PropTiger, said at a
virtual media meet.
Majority of launches and sales in this southern housing
market take place in the mid segment i.e. housing units
falling in the Rs 25-75-lakh bracket.
Of the total units sold in Chennai in 2020, 58 per cent
were from this price bracket.
In terms of new supply, too, 57 per cent of units were
from the Rs 25-75-lakh bracket.
Of the total unsold inventory in the city, 58 per cent
units also fall in this bracket, he said.
UNI GV 1632
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Tags: #2BHK units most preferred choice for Chennai homebuyers
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