Chennai real estate market may be in the throes of revival

Chennai real estate market may be in the throes of revival

A revival of sorts is being witnessed by the Tamil Nadu real estate market. Revenues have increased from land deal registrations to the tune of Rs. 1, 500 crore over the last 8 months in comparison to the same period in 2017. The number of registered documents has increased by more than 2 lakhs with the list being topped by Chennai and other neighbouring districts. As per reports, sub-registrar offices located in the Chennai zone encompassing Kancheepuram, Chennai city and Tiruvallur districts contribute roughly 45% of the entire registration tally. This ushered in revenues of roughly Rs. 3, 100 crore between April and November 2018 as compared to Rs. 2, 600 crore in the same period last year.

The revenues are inclusive of registration fees and stamp duties. There are 575 registration offices throughout the State which saw revenues of Rs. 7, 200 crore from property deals concluded in the last 8 months. This indicates an increase of Rs. 1, 500 crore as compared to revenues for last year. Almost 17 lakh land documents were put under registration till November 2018 as compared to 14.6 lakh in 2017. CREDAI Chennai has already issued its notification stating that higher revenues indicate a revival of the real estate market in Chennai and throughout Tamil Nadu. There are higher sales figures and customers are inking more deals with real estate developers which led to lower unsold inventory as well.

Another factor could be resuming sales of plots which were unapproved and regularized via the amnesty scheme. Total revenues may touch Rs. 10, 500 crore by the end of the current financial year. Revenues were Rs. 9, 100 crore overall for the last financial year. Chennai is witnessing a steady revival in its real estate sector. Premium projects like Casagrand Crescendo, Royal Splendour Anchi Royale and Ramaniyam Chaitanya have come up in the city to name a few.