October 27th, 2021
The real Estate Sector in Tamil Nadu is thriving now than ever. The state is leading with the highest number of new registrations across the country. Among the 12 cities, Chennai leads with the highest number of new registrations, followed by Coimbatore and Madurai, etc.
According to the data of the Ministry of Housing and Urban Affairs, Chennai registered the highest number of new housing registrations with a total of 10,284 units. The city is followed by Coimbatore that recorded 9,802 units, and Madurai that had registered 7,986 units.
In Tamil Nadu, Thiruvallur topped the list with registering 4,172 units, followed by Tiruchirapalli (2,822) and Vellore (2,077). In terms of value, also Chennai leads the race among major cities at Rs.1, 147 Cr., closely followed by Kanchipuram Rs. 946 Cr. and Salem Rs. 867 Cr.
Especially after the Covid-19 pandemic, many people opted for ready-to-move properties, including apartments and villas.
According to the data, Chennai recorded the highest number of new registrations in the state with 53% (6,572 units), followed by Coimbatore (48%) and Madurai (42%). The Chennai real estate, especially down in South India, is one of the major reasons why the revival of the realty sector was so fast.
The report also stated that the growth is mainly attributed to increases in income levels, the building of affordable houses, relaxation on documentation, and easy approvals. "In the last 5years, there has been a huge growth in production. In 2013-14, we produced 1 lakh units and by now we have reached almost 2 lakh units. In 2017-18 alone, Tamil Nadu has seen about 80,000 units being built." said an analyst from Chennai.
Digitalization of real estate also helped a lot during the pandemic. The Online Patta Chitta application has seen a great increase in demand. The number of applications starting from Ponnerys to Kancheepuram alone has increased by more than 40% in the last four years.
"Tamil Nadu also recorded a significant rise in house prices because of its better infrastructure compared to other states. The government gave priority to developing housing projects not just for construction but also complete facilities including schools, colleges, etc. which are very much required especially after the pandemic." said another analyst from Chennai.
The shift towards buying homes online is increasing every year, with online portals coming up with unique properties daily and even enabling people who have never bought a property that is the first time homebuyers.
"People prefer going for ready-to-move properties as they require less time, effort, and documentation the benefits of which the customer really understands." said a developer from Chennai.
In the last 5 years, TN has seen a huge growth in the production of real estate units. In 2013-14, we produced 1 lakh units, and by now, we have reached almost 2 lakh units. In 2017-18 alone, Tamil Nadu has seen about 80,000 units being built. – Analyst from Chennai.
The additional demand was also due to the digitalization of real estate, which helped a lot during the pandemic. As mentioned earlier, the Online Patta Chitta application saw a great increase in demand as it required less time, effort, and documentation.
Tamil Nadu is one of the major states that have seen the most development in the realty sector.
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