City Beat: New Launches Shoot Up In Chennai [Video]
According to a PropTiger DataLabs report, new project launches in Chennai increased 350 per cent in September over the previous month. Earlier, data showed that in the second quarter (Q2) of the financial year 2016-17, new launches witnessed a quarterly growth of 15 per cent. Home sales figures, too, increased 19 per cent in September. The report also shows that the mid-segment contributed the highest to sales and new launches.
This sudden increase in new launches indicates developers are pinning their hopes on a rise in demand for affordable housing, a segment which is crucial to meet the Central government's Housing for All Mission goals. Apart from that, the price factor is also likely to push demand. It may be mentioned here that property prices saw no appreciation in the month of September. On an annual basis, too, there has only been a marginal rise of two per cent.
According to the report, the highest price appreciation in Chennai was recorded in the luxury segment. This is also an indication that affordable properties have now become even more affordable for home buyers.
Meanwhile, property tax collection by the Greater Chennai Corporation went significantly up after Prime Minister Narendra Modi demonetised currency notes of Rs 500 and Rs 1,000. People hurried up to pay their taxes in the city, as the corporation has been accepting old notes from the tax payers. A similar trend was seen in property tax collections of other municipal bodies across India after the November 8 announcement.