The southern suburbs (Padur, Shollinganallur, Perumbakkam, and Navalur) submarket accounted for 62% of the new launches during the quarter. Moreover, 95% of the new launches during the quarter were in the sub-Rs 1 crore category.
“The translation of pent up demand into sales, aided by historically low interest rates, flexible payment schemes and discounts offered by the developers led to an increased momentum in the offtake of residential units,” said Siva Krishnan, Managing Director and India Head, Residential Services, JLL India.
He added, maximum sales traction was witnessed in the affordable and lower-mid segments. At the same time, there is a growing demand for larger sized homes as preferences are shifting towards homes with more open spaces and study rooms.
While quoted residential prices remained stagnant, developers are offering various financial schemes, lower booking amounts and other freebies to attract home buyers.
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