Chennai saw luxury housing sales rise by 143% in the first nine months of 2023, according to data collated by ANAROCK Research.
During the first nine months of this year, 3,330 luxury units were sold across Chennai. In the same period in 2022, around 1,370 units were sold. Approximately 16,310 units were sold in the city across all budget categories in the first nine months of 2023, luxury units accounted for 20% of these.
Locations such as Nungambakkam, Alwarpet, Adyar and Anna Nagar registered sales in the segment. The immediately adjoining pockets around these locations are seeing healthy sales of luxury homes. Sanjay Chugh, City Head-Chennai, ANAROCK Group, said prices of luxury units in Chennai started from around ₹15,000 per sq.ft to ₹20,000 per sq.ft. For uber-luxury properties in the Boat Club area, they go as high as ₹35,000-₹40,000 per sq.ft, he added.
To a query on where Chennai stands in the luxury housing market when compared to other cities, Mr. Chugh said: “It’s an emerging luxury housing market in Chennai, which is rapidly getting stronger but is still not as established as the luxury housing markets in cities like Mumbai, Bengaluru and Delhi, where luxury housing demand and supply have a longer vintage.” He added, “Most top developers in Chennai are now offering luxury housing as part of their portfolios.”
At the national level, 84,400 luxury units were sold in the first nine months of 2023. During the same period last year, 39,300 units were sold. Anuj Puri, Chairman of ANAROCK Group, pointed out that at the national level there was no deceleration in luxury housing sales. “In fact, they all went into overdrive,” he said.
