{"id":15905,"date":"2019-07-09T10:14:46","date_gmt":"2019-07-09T10:14:46","guid":{"rendered":"http:\/\/faceinews.com\/?p=15905"},"modified":"2019-07-09T10:14:46","modified_gmt":"2019-07-09T10:14:46","slug":"residential-launches-in-chennai-grow-by-19yoyin-h1-2019-sales-driven-by-affordable-housing-segment-go-up-by-5yoyknight-frank-report","status":"publish","type":"post","link":"https:\/\/www.faceinews.com\/?p=15905","title":{"rendered":"Residential launches in Chennai grow by 19%(YoY)in H1 2019; sales, driven by affordable housing segment, go up by 5%(YoY):Knight Frank Report"},"content":{"rendered":"

\"Knight<\/a><\/p>\n

\"Faceinews<\/a><\/p>\n

Residential launches in Chennai grow by 19%(YoY) in H1 2019; sales, driven by affordable housing segment, go up by 5% (YoY) : Knight Frank Report
\nVolume of office space transacted in the city saw 6% increase (YoY) in H1 2019 : Knight Frank Report
\nChennai, July , 2019 : Knight Frank India today launched the 11 the dition of its flagship half-yearly report – India Real Estate. The report presents a comprehensive analysis of the residential (across eight cities) and office (across eight cities) market performance for the period January \u2013 June 2019 (H1 2019). The report findings establish that the number of residential launches in Chennai increased by 19% in H1 2019 to 7,762 from 6,523 in H1 2018. The housing units sold saw an increase of 5% in H1 2019 to 8,979 from 8,585 in H1 2018.<\/p>\n

\"Mr.<\/a>
\nChennai\u2019s office market witnessed 6% increase in volume of office space transacted in H1 2019 to 0.2 mn sq m (1.9 mn sqft) from 0.2 mn sq m (1.8 mn sqft) in H1 2018. Increased co-working activity is driving office space absorption in H1 2019 and has contributed to the growth in share of the Other Services sector, from 34% in H1 2018 to 61% in H1 2019.
\nRESIDENTIAL MARKET HIGHLIGHTS OF CHENNAI:
\n\u2022 Launches grew by 19% year – onyear (YoY) during H1 2019on the back of the Tamil Nadu Combined Development Regulations (TNCDR) and Building Rules, 2019 notification of February 2019. Of the total launches, 74% belong to the sub-5 mn category.
\n\u2022 Sales sawa modest growth of 5% YoY in H1 2019 on the back of the demand for affordable housing units.
\n\u2022 Residential prices have corrected by 3% (YoY) in H1 2019 to INR 47,110\/sq m (INR 4,377\/sqft) from INR 48,567\/sq m (INR 4,512\/sqft) in H1 2018
\n\u2022 Unsold inventory came down by 21% (YoY) in H1 2019 to 17,810 housing units from 19, 027 housing units in H1 2018. Suppressed launches in 2018 result in a net decrease in unsold inventory.
\n\u2022 The Quarters-to-sell (QTS) level also trended slightly lower for the same reason and stood at 4.5 at the end of H1 2019.
\n\u2022 The present water crisis in Chennai has been slowing down construction activity and could eventually result in six-to-nine-month project delays.
\nJoseph Thilak, Senior Director – Occupier Solutions, Chennai, Knight Frank India said, \u201cThe Chennai residential market is showing modest signs of recovery with a considerable growth in launches and a slow but steady momentum in sales.<\/p>\n

The \u2018right sizing and right pricing\u2019 trend is are flection of prevalent market needs, mostly the sub-5 mn category, and is a significant boost to the affordable housing segment. The ongoing water crisis is, atpresent, the biggest challenge for developers.\u201d<\/p>\n

OFFICE MARKET HIGHLIGHTS OF CHENNAI:
\n\u2022 The Chennai office market recorded 6% (YoY) growth in transactions, a positive growth for the first time since H1 2017.
\n\u2022 Supply crunch continues as office space completions recorded a 76% drop YoY in H1 2019.
\n\u2022 Weighted average rentals remained steady at a modest 3.5 % YoY growth across the market.
\n\u2022 Stable demand from Chennai occupiers has helped keep vacancy levels steady at 10.2% for H1 2019.
\n\u2022 The demand for co-working spaces in Chennai has significantly increased in the last one year and as of H1 2019, co-working holds a 24% share in the total transactions pie of Chennai office market as compared to a mere 3% in H1 2018.
\n\u2022 Three of the top five transactions, in terms of transacted area in H1 2019, are by co-working players, bringing to light the fact that these players are, at present, major drivers of office space absorption in Chennai.
\n\u2022 Share of IT\/ITeS sector\u2019s office space consumption declined to 29% in H1 2019 after a brief recovery in H2 2018 while BFSI sector accounted for only 2% of the office space transacted during the period.
\nJoseph Thilak, Senior Director – Occupier Solutions, Chennai, Knight Frank India said, \u201cThe Chennai office market is showing definite signs of market stability. Transaction numbers have seen a positive growth for the first time since H1 2017. Increased activity in the co-working industry has significantly contributed to the growth of Chennai\u2019s office market. However, inadequacy of quality supply continues to remain the biggest challenge.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Residential launches in Chennai grow by 19%(YoY) in H1 2019; sales, driven by affordable housing segment, go up by 5% (YoY) : Knight Frank Report Volume of office space transacted in the city saw 6% increase (YoY) in H1 2019 : Knight Frank Report Chennai, July , 2019 : Knight Frank India today launched the […]<\/p>\n","protected":false},"author":2,"featured_media":15906,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-15905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/15905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15905"}],"version-history":[{"count":1,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/15905\/revisions"}],"predecessor-version":[{"id":15908,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/15905\/revisions\/15908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/media\/15906"}],"wp:attachment":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}