Chennai registers 115% YoY growth in office transaction of 0.15 mn sq m (1.6 mn sq ft) in Q3 2021: Knight Frank India
Chennai witness growth of 17% YoY in the residential unit sales in Q3 2021: Knight Frank India
Chennai, 4th October 2021: Knight Frank India, leading international property consultancy, today launched its quarterly report – India Real Estate Update – Q3 2021; which cited that Chennai registered 115% rise in office space transactions to 0.15 mn sq m (1.6 mn sq ft) and 258% rise in new completions to 0.02mn sqm (0.2 mn sq ft) in Q3 2021. The cumulative office transactions for the first nine months of 2021 were reported to be at 0.09 mn sq m (2.8 mn sq ft).
Chennai’s residential sales and new launches witnessed growth of 17% and 49% YoY, respectively in Q3 2021. The city recorded sales of 3,610 residential units and launches of 3,795 residential units were launched during this period. Weighted average prices in Chennai market remained stable during the quarter.
“As vaccination gathers pace and companies gradually decide to bring back their workforce to offices, the demand for commercial assets should gather traction going forward” said Shishir Baijal, Chairman and Managing Director, Knight Frank India
TABLE I: CHENNAI OFFICE TRANSACTIONS AND SUPPLY IN MN SQ M (MN SQ FT)
| Market | Q1 2021 | Q2 2021 | Q3 2021 | Q3 2021 YoY Growth % | Q3 2021 as % of 2019 Quarter average |
| TRANSACTIONS | 0.04 (0.4) | 0.07 (0.8) | 0.15 (1.6) | 115% | 123% |
| NEW SUPPLY | 0.01 (0.1) | 0.06 (0.7) | 0.02 (0.2) | 258% | 54% |
Source: Knight Frank Research
Rajani Sinha, Chief Economist & National Director – Research, Knight Frank India said, “The mid-income housing segment has shown great promise in Chennai residential market. The segment has gained prominence and is seeing increasing development interest. The market has also witnessed a prominent shift in buyer’s sentiment.”
TABLE II: RESIDENTIAL SALES AND LAUNCHES IN UNITS
| Market | Q1 2021 | Q2 2021 | Q3 2021 | Q3 2021 YoY Growth % | Q3 2021 as % of 2019 Quarter average |
| SALES | 4,058 | 1,693 | 3,610 | 17% | 85% |
| LAUNCHES | 2,981 | 2,443 | 3,795 | 49% | 132% |
Source: Knight Frank Research
About Knight Frank
Knight Frank LLP is a leading independent, global property consultancy. Headquartered in London, Knight Frank has more than 19,000 people operating from over 512 offices across 60 markets. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit www.knightfrank.com.
Knight Frank India is headquartered in Mumbai and has more than 1,400 experts across Bangalore, Delhi, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad. Backed by strong research and analytics, our experts offer a co mprehensive range of real estate services across advisory, valuation and consulting, transactions (residential, commercial, retail, hospitality, land & capitals), facilities management and project management. For more inf ormation, visit www.knightfrank.co.in
