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Despite the increase in the sales of constructed projects, the number of units registered during the quarter dropped by nine per cent.
During the first quarter of calendar year 2023 (January-March), as many as 5,759 residential units were registered as against 2,955 units registered during the January-March 2022 period.
“When compared to Q1-2022, we are overall pleased with the performance of the first quarter of 2023 and have generally met our expectations, regardless of a large decline in the number of projects and units registered in March 2023,” CREDAI Chennai President S Sivagurunathan said.
“What’s more encouraging is that the market has observed an apparent decline in the amount of unsold inventory from completed projects and sales by non-CREDAI members have also gone up as well,” he said.
“Interestingly, based on sales and unsold inventory from completed projects, the trend seen is that home buyers are now favouring ready-to-move-in residences,” he added.
Demands for housing layouts also grew during the first quarter as 1,128 layouts and 138 residential projects got registered, the report said.
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