Bungalow Properties for sale in Kolapakkam Rd Kolapakkam, Kolapakkam, Chennai

As per a Knight Frank Report, the housing sales in Chennai have been steadily improving since late 2020. The sales growth has remained steady post pandemic, and 2022 saw a 19% YoY rise in housing sales. 

The residential sales in Chennai are mostly concentrated in the South & West micro-markets, which contributed to around 92% sales in the second half of 2022. Areas along the OMR & GST Road are popular in South Chennai, while Porur & Poonamallee in West Chennai are in demand as well. 

Flats in the 50 Lakhs to 1 Crore range usually contribute around 45 to 50% of residential sales. However, the 2nd half of 2022 also saw an increase in sales in flats priced above 1 Crore. Compared to under-construction projects, ready-to-move-in flats attract a higher demand. 

There was also a good increase in supply in 2022, with properties being launched by prominent developers such as Alliance Group and Casagrand Builders. In fact, there was also a 6% price appreciation in the metropolitan areas of Chennai. Overall, with the presence of IT hubs that bring job opportunities, there is an increasing demand for properties in Chennai.