Chennai: The developer in the Chennai real estate market has unsold stocks around 37,478 units, a report by online advisory companies has been found.
Helploed that it can be estimated to be 42 months to sell this share, report said by proptiger.com.
According to press releases, the second wave of Covid-19 had a negative impact on the housing market in Chennai, where new sales and supply did not pass 1,000 marks during the second quarter of this year.
While the 490 new units were launched in the city realty market between April and June, around 709 houses were sold for a period of three months, according to the report entitled ‘Real Insights (Housing) – April (Q2) 2021’.
Most new launches are in the price bracket under the RS 45 Lakh which accounts for 84% of the total launch.
As far as sales, 40% of the unit has a price range of Rs 45 Lakh to RS.
75 lakh.
“These markets will take longer to recover from the current surprise,” the release quoted Mani Rangarajan, said the head of the proptiger.com group, said.