The proposed airport at Parandur, the upcoming Kilambakkam bus terminus and multiple infrastructure projects announced across the state seem to have triggered a spike in property registrations.
Between April 2022 and January 2023, the city has registered a 40% spike in number of property registered, while the state registered a 30% hike compared to the same period in the previous fiscal.
From April 2022 to January end 2023, around 30 lakh documents were registered, and more than 14,700 crore were garnered as revenue from the same across the state. In Chennai, the figures were 4.7 lakh documents registered and more than 6,000 crore from it.
However, during the same period in the last fiscal, only 25 lakh documents were registered across the state bringing in a revenue of more than 11,300 crore. In Chennai, the numbers stood at more than 3.4 lakh documents and more than 4,000 crore in revenue
While sources in the registration department attribute this growth to the infrastructure development happening in TN, especially in Chennai, real estate consultants cite increased home buying sentiment and availability of ready-to- move inventory as the reason.
“Though registrations are not happening in Parandur, there is a lot of demand for property in areas around the locality. Similar is the situation along the proposed metro rail corridors. Kilambakkam bus terminus is already in a hot selling locality. Many people have started purchasing property near these proposed sites expecting development to happen,” said an official.
Sanjay Chugh, city head (Chennai), Anarock Group, said the home-buying sentiment was high post Covid. “Till about six months ago, the home loan rates were at an all time low. The hikes over the past many months have not deterred many home buyers as they hope that it will come down after inflation subsides,” he explained.
He added that many people were now preferring ready to move in houses, plotted development and villas. we ensure parties concerned get the documents submitted for registration on the same day. Earlier only 80 per cent of people used to get it. Now, it is 95%. Facilitating registration of documents of auspicious days and on Saturdays also helped.
S Ramaprabhu, committee chairman, municipal and DTCP, Builders Association of India, said that compared to 2019, there has been improvement in movement of commercial property. “The year 2022 was a good period for real estate. However this spike in interest rates can have a detrimental effect,” he said.