CREDAI Projects 25% Growth in Chennai Apartment Sales for 2025

President of CREDAI Chennai, A. Mohamed Ali commented: “The Chennai residential market seems to be gearing up for vigorous activity as 2024 ends on a very high note.”

“The Chennai residential market appears set for strong activity as 2024 completes on a very high note,” said A. Mohamed Ali, President of the Confederation of Real Estate Developers’ Associations of India. “Buyer sentiment has been buoyed with the festive season, and this momentum would give way to growth in sales and new launches on the way to 2025.”

Sales estimates for Q4 2024 are anticipated to grow by 15%-20% over Q3, with new project launches anticipated to rise at 10%-15%. Such momentum is to carry on into an annual sales growth of 20%-25% in 2025.

While south Chennai is still the preferred location for homebuyers, localities like Medavakkam, Tambaram, Velachery, and Porur witness such huge demand due to improved infrastructure. North Chennai has also started gaining attention, especially in localities like Manali and Korukkupet, because of upcoming development projects.

Central Chennai continues to attract buyers in upscale areas like T. Nagar, Nungambakkam, and Chetpet, valued for their lifestyle amenities and proximity to commercial hubs. Western regions such as Ambattur and Avadi are also emerging as popular choices, offering improved connectivity and affordable housing options.

Highlighting the need for policy reforms, Mohamed Ali urged the government to streamline approval processes and enhance support from utility providers like Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO). He also suggested measures like stamp duty discounts for women homebuyers, citing the successful implementation of similar policies in Maharashtra.

“Promoting inclusivity and affordability can significantly bolster the housing sector. Policies empowering women and first-time homebuyers will improve sentiment and drive demand,” Ali added.

With enhanced infrastructure and proactive measures, Chennai’s residential market is well-positioned for a remarkable year ahead.