Chennai’s real estate market saw a decline in sales and new project registrations during the second quarter of 2024. While there was an increase in registered residential units, the drop in project launches and unsold inventory raises concerns for developers. Experts highlight the need for strategic efforts to address these challenges and stimulate the market.
The Greater Noida Industrial Development Authority (GNIDA) has directed real estate developers to prioritize flat registrations and settle outstanding dues in scores of projects within the area. This move aims to address the issue of pending registries and delayed possession of flats that have plagued the region for some time. The Confederation of Real Estate Developers’ Associations of India (CREDAI) has been actively involved in the discussions, with representatives present at the meeting.
