At a time when demand for larger homes has increased in India because of remote working becoming a common feature due to COVID-19, 2BHK units continued to be the most preferred configuration among homebuyers of Chennai in 2020.
Data available with online real estate brokerage firm PropTiger.Com show that 2BHK units claimed a 47% share in both new supply as well as sales in the Tamil Nadu capital in 2020.
The comparatively high average price range — data available with PropTiger.com how that the average rate of new properties in Chennai stood at Rs 5,228 per sqft at the end of 2020 could be cited as the main reason for the continued popularity of 2BHK configurations in Chennai at a time when 3BHK units are becoming more popular in some markets in the aftermath of the Covid-19 pandemic that has forced a majority of workers to work from home.
Traditionally, 2BHK has been the most preferred option for homebuyers in Chennai.
This is reflected in the numbers for the past few years as well. In 2018 and 2019, this configuration claimed 51% and 50% share in overall sales.
Similarly, 2BHK homes made up for 54% and 49% share in total supply in Chennai in 2018 and 2019, respectively.
“Chennai’s real estate market has the lowest unsold inventory nationally and has shown a marginal price increase.
While the city’s real estate market obviously performed better in 2019, the improvement seen in 2020, especially through the pandemic, point to the resilience of Chennai’s real estate market.
Interestingly, during our Right To Home expo held on February 6-7, 2021, Chennai’s level of participation in the event, was way beyond what we had hoped for” said Mani Rangarajan, Group COO, Housing.com, Makaan.com & Prop Tiger.