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'Sale of residential units in city drops by 44% in two quarters'
The New Indian Express
|June 13, 2024
THE Confederation of Real Estate Developers' Associations of India (CREDAI) has raised concern over the sales of residential units across the city dipping by 44% over the last two quarters, and blamed it on the frequent changes in registration charges and a lack of clear directives regarding under-construction projects.
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"Only 2,983 units were sold in the first quarter of 2024 in Chennai with CREDAI members accounting for 89% of the sales. This is a 44% decline from the 5,332 units sold in the fourth quarter of 2023. The frequent changes in registration charges and a lack of clear directives dispirited the potential buyers to a large extent," Mohamed Ali, President of CREDAI-Chennai said.
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