The number of building projects in Chennai has gone up by 95 per cent in the first three months of calendar year 2023 as compared to the same period of the previous year, according to a study by the Research and Analysis Wing of the Confederation of Real Estate Developers’ Associations of India (CREDAI), Chennai. 

The study, however, noted that despite a general rise in the sales of building projects, the number of units registered in Chennai fell by 9 per cent when compared to October-December 2022. Members of CREDAI owned 78.1 per cent of the registered units in Chennai, the study said. CREDAI is the apex body for the real estate industry of India. 

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As per the study, Central Chennai accounted for 29 per cent of all projects developed in Chennai during the first quarter of 2023, followed by South Central (26 per cent). “The number of layout projects has also been steadily increasing and has grown significantly in contrast to building projects,” the study noted.

S Sivagurunathan, President, CREDAI Chennai said, the first quarter of 2023 was overall pleasing and largely met CREDAI’s expectations, regardless of a large decline in the number of projects and units registered in March 2023. 

During March 2023, a total of 31 residential projects were registered with Tamil Nadu Real Estate Regulatory Authority (TN RERA) in Chennai. North Central had three residential projects, South Central (8), South Suburbs (4) West Central (4), and West Suburbs (3). Central Chennai witnessed nine residential developments. These include both CREDAI and non-CREDAI projects.