CREDAI Forecasts Growth in Chennai Apartment Sales for 2025
Chennai’s real estate market is gearing up for a promising year ahead. The Confederation of Real Estate Developers’ Associations of India (CREDAI) has projected a significant 25% growth in apartment sales for the city in 2025. The prediction comes as the residential market continues to show signs of resilience, with new project launches expected to rise by 20%.
CREDAI Chennai president A Mohamed Ali expressed confidence in the market’s performance, attributing the positive outlook to the robust sales momentum during the festive season. This surge in buyer sentiment is expected to carry over into 2025, propelling the market forward. “The anticipated growth in sales and project launches underscores the resilience of the Chennai residential sector, which is set to conclude the year on a high note,” he stated. According to Mohamed Ali, the fourth quarter of 2024 is projected to witness a 15%-20% growth in apartment sales compared to previous quarters. New project launches are also expected to grow by 10%-15%. This trend is expected to continue into 2025, with sales increasing by 20%-25% and new launches growing by 15%-20%, particularly in emerging areas benefiting from enhanced infrastructure and urban expansion.
In 2024, South Chennai led the way in residential demand, with areas like Medavakkam, Tambaram, Velachery, and Porur seeing a surge in sales. The improved infrastructure in these regions has made them increasingly attractive to buyers. However, demand is also gaining ground in North Chennai, especially in areas such as Manali and Korukkupet, thanks to new development projects. Central Chennai’s popular neighborhoods like T Nagar, Nungambakkam, and Chetpet continue to attract buyers due to their proximity to commercial hubs and lifestyle amenities. Meanwhile, areas in Western Chennai, including Ambattur and Avadi, have gained traction for their affordability and better connectivity, appealing to buyers seeking value for money.
To sustain this growth, Mohamed Ali urged the government to streamline approval processes and support utility providers such as TANGEDCO. He also suggested that policy measures promoting inclusivity, like stamp duty discounts for women homebuyers (similar to Maharashtra’s successful initiative), could further enhance affordability and improve buyer sentiment. Chennai’s residential real estate market is on an upward trajectory, with projections for strong growth in apartment sales and new project launches in 2025. The city’s appeal, coupled with strategic infrastructure improvements and favorable policies, makes it an attractive destination for homebuyers and investors alike.
