Housing demand in Chennai jumps 93% in H1 of 2021: Knight Frank

New Delhi: The housing demand in Chennai jumped as much as 93 percent in the first half of 2021 as compared to the same period of 2020.

The sales of homes jumped from 2981 units in H1 of 2020 to 5,751 houses in H1 of 2021, according to a report by Knight Frank.

The new launches of residential projects jumped 54 percent at 5,424 units in H1 of 2021. South Chennai market accounted for the highest share at 56 percent of the total homes sold in H1 of 2021. This was followed by West Chennai market with a 34 percent share. The Rs 2.5-5 million and Rs 5-7.5 million (Rs 50-75 lakh) categories of homes were the most popular choices. 

The average prices of homes went down by 2 percent year-on-year in H1 of 2021. But sequentially, the prices have moved went up 7 percent from Rs 3,794 per square feet in second half of 2020 to Rs 4,052 per square feet in first half of 2021.

The demand for bigger and more spacious houses and even second homes has gone up in Chennai amid work from home trend.