Chennai’s new home launches drop by 31 per cent in 2016
New home launches in Chennai have been impacted by political uncertainty, taking the total launches down by 31% to 6,400 units during 2016, according to a latest report by Cushman and Wakefield.
“The ticket size of launches in the mid segment witnessed an increase of 40% in 2016 to Rs 81 lakhs. This surge in ticket size was primarily led by developers launching projects at higher prices during the year. The average launch price rose 33%to Re 6,170 /sf,” mentioned the report.
The increase was led by higher quantum of units launched in core areas such as Vadapalani, Anna Nagar West, Nungambakkam,MRC Nagar and Velachery, which typically command higher prices.
The report mentioned, the high-end segment, the average ticket size declined by 24%. The average unit size of the newly launched units declined 14% to 1,820 sf. Most of the launches were witnessed in Vadapalani and RA Puram locations.