Residential prices fall in Chennai, builders don’t blink
High Interest, oversupply, and sluggish economic processes have pulled down home prices in Chennai for the second consecutive quarter.
According to the Residex (National Housing Bank’s residential housing index), 22 of the 26 Indian cities, including Coimbatore and Chennai, have seen a decline in residential prices in the April to June quarter. Residex for Chennai shows a 2.26% drop between January-March and April-June.
Developers do not admit to a steep fall. Chief consultant of real estate consultancy RECS Group, Rajesh Babu said “While there is a slowdown in new residence sales which, things have not come to a halt”. He said that within the Chennai market, places like GST Road and OMR were overheated and exhibited tendencies to cool down.
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