Home sales see 6 percent YoY growth in 2019, new launches up by 11 percent

Residential launches in the city grew by 11% YoY to 11,542 units in 2019. This momentum was marginalised in H2 2019 as launches dwindled to -2% YoY on account of credit crunch being faced by developers and slow demand, a report said.

Knight Frank India launched the 12th edition of its flagship half-yearly report titled ‘India Real Estate: H2 2019,’ presenting an analysis of the residential and office market performance across eight major cities for the July-December 2019 (H2 2019) period.

The report establishes 2019 to be a year of much-awaited stability and recovery for Chennai’s residential real estate, with sales rising by 6% YoY to 16,959 units in 2019 and launches rising by 11% YoY to 11,542 units.

Srinivas Anikipatti, Sr Director – TN & Kerala, Knight Frank India, said, “2019 has been a year of stability and recovery for Chennai’s residential real estate backed by the performance of the Chennai office market this year. Primary drivers of the residential demand have been the ready-to-move-in units and the affordable housing segment.”