After a period of stagnancy in terms of land availability, there has been a noticeable growth in real estate development in Central Chennai.

According to a study conducted by the Confederation of Real Estate Developers Associations of India (Credai) Chennai’s Research and Analysis Wing (RAW) for the first quarter of 2023, there has been a 50 percent increase in the number of residential projects registered with the Tamil Nadu Real Estate Regulatory Authority (TNRERA) in the central parts of the city.

The study also reveals that the South Central parts of Chennai, located on the outskirts of the city, have seen a 100% growth in registered projects compared to the same period last year. This growth can primarily be attributed to the redevelopment of old buildings.

Central areas such as Adyar, Anna Nagar, Aynavaram, Guindy, and K K Nagar, as well as South-Central areas like Madipakkam, Perungudi, and Thoraipakkam, have witnessed significant increases in the registration of residential projects.

The Credai report indicates that there were 94 projects registered throughout the city in Q1 of 2023, compared to 63 during the same period last year. Of these, 27 projects were registered in Central Chennai and 24 in South Central Chennai.

Navin Kumar, an Executive Committee member of CREDAI Chennai and director of Navin’s, attributes the growth in Central Chennai to the demand for luxury homes. He explains that the increased salaries in the tech industry have led to a rise in demand, prompting developers to launch projects to cater to this demand. This has resulted in people seeking three-bedroom apartments for 1.5 crore in proximity to the city, thereby increasing the demand in South Central Chennai.

Vimesh P, Senior Vice-president of Marketing at Casagrand, states that South Central and Central Chennai have seen the highest number of registrations due to their strategic location near important hubs like Nungambakkam, Kilpauk, Anna Nagar, and Egmore. He also highlights the impact of the metro corridor, access to social infrastructure, and the Singara Chennai Project in beautifying the city, as factors contributing to the popularity of these areas. Vimesh explains that there is a group of people in Central and South Central Chennai who have lived there all their lives and still wish to stay in the area, but have yet to find their ideal homes. In response, developers are creating modern apartments with state-of-the-art architecture to meet this demand.