2-BHK continues to be the preferred option for Chennai home buyers: PropTiger

As the residential market recovers from Covid-19 impact, two-bedroom, hall, kitchen apartments continued to be the most preferred configuration among Chennai’s home buyers in 2020, according to the data available with online real estate brokerage firm PropTiger.com.

“2BHK units claimed a 47 per cent share in both new supply as well as sales in the city. The key reason is that the average rate of new properties in Chennai stood at ₹5,228 per sq ft at the end of 2020, claimed the report.

This comes at a time realty players and analysts have been indicating that 3-BHK units has become more popular in some markets in the aftermath of the Covid-19 pandemic that has forced work-from-home culture.

Most preferred

Traditionally, two-bedroom units have been the most preferred option. In 2018 and 2019, this configuration claimed 51 per cent and 50 per cent share in overall sales and accounted for 54 per cent of total supply in 2018 and 49 per cent 2019.

“Chennai’s real estate market has seen some interesting developments in the last few quarters. It has been among the three cities that contributed to the most launches in the country during the December 2020 quarter, and also saw an increase in sales as compared to the previous quarter,” said Mani Rangarajan, Group COO, PropTiger.com.

Mid segment

Majority of launches and sales in this southern housing market take place in the mid segment, in the ₹25-75-lakh bracket. Of the total units sold in Chennai in 2020, 58 per cent were from this price bracket. In terms of new supply, too, 57 per cent were in this range. Of the total unsold inventory in the city, 58 per cent units also fall in this bracket. Localities that contributed the highest to new supply in Chennai in 2020 include Mogappair, Perumbakkam and Vanagaram while OMR, Chennai West and GST contributed the most to sales numbers during the year.