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Demonetisation: Chennai real estate market suffered Rs 1,100crore revenue loss in 2016, report says
The Times of India  |  January 12, 2017

Yogesh Kabirdoss | Chennai

Demonetisation dented the real estate market in Chennai causing notional revenue loss to the tune of Rs 1,100 crore last year, a report by a global property consultant has revealed.

 

The city also reported a 46% fall in the sale of residential apartments, between October and December 2016.

 

Releasing the sixth edition of half yearly report of Knight Frank India here on Tuesday, its Chennai director Kanchana Krishnan said only 2,321 units were sold in the three months in 2016 when compared with 4,299 units in the corresponding period of 2015.

 

"New launches plummeted by 29%, and sales witnessed a relatively restrained decline of 9% in 2016," she said.

 

While the city's reality market recorded launch of 10,615 new units last year, nearly 15,000 new launches were reported in 2015. "As far as the second half of 2016 was concerned, new launches dropped by 18% while sales declined by 12%," she added.

 

Interestingly, West Chennai, which drew buyers' attention in the wake of unprecedented floods in December 2015, has experienced maximum dip in share last year, the report has found. Further, central Chennai witnessed increase in demand due to supply spike in early 2016.

 

Kanchana further said the first half of this year (2017) might be "very average" for the real estate market in Chennai.