Chennai Real Estate and Demographic Post-Pandemic, 2021

Chennai formerly called Madras is located on the Coromandel Coast. It is India’s fourth-largest and the sixth most populated city in India with an estimate of 4.9 million people. The surveys have reported the population of Chennai to be 10,971,108 in the year 2020. The population has grown by 259,865 since 2015 which shows that there was a change in the population of Chennai by 2.43% annually. 

Chennai is also the capital city of Tamilnadu and is the largest commercial center and industrial center in South India. It is also well known for its cultural, economic, and educational centers. It is also referred to as the “Detroit of India” as it survives a thriving automotive industry. 

Chennai Property Market in 2021

In the first half of 2021, Chennai saw a 93% increase in residential demand. In 2021, residential property sales jumped from 2,981 in 2020 to 5,751 units, to date. According to news from the state, new project constructions are rapidly increasing to meet the demand. In Tamil Nadu, South Chennai witnessed the majority of demand, followed by West Chennai. For those who want to invest in Chennai’s real estate, this growth phase is an ideal time to reap the rewards. Many seasoned investors are aiming for the Rs 2.5-5 million and Rs 5-7.5 million ticket-size categories. 

Thanks to the work-from-home culture induced by the pandemic, the demand for spacious homes and second-homes for some have packed up in the new normal. The second wave of COVID-19 has highlighted the button level of price reduction of Chennai’s real estate market. This has impacted the market and pulled apprehensive investors to make home deals. The affordable and midsegment property market is the highest driver of this trend, while commercial real estate still remains to be a game for big leagues. To break this stereotype and make A-grade commercial real estate projects accessible to all investors, even those who invest in the affordable, residential property sector, Assetmonk is India’s fastest growing tech-enabled real estate investment platform working towards the goal. Explore the CRE properties in Chennai here.

Chennai Population From 2011-2021

The census of 2001 showed that the city is densely packed as it has to accommodate around 26,721 people per square kilometer. Further, the census of 2011 showed the growth in the population of the city as it was home to nearly 4,681,087 citizens. The male population in Chennai stood at 23, 35,844 and the female population stood at 23, 10,888. The provisional data showed the density of Chennai to be 17000 people per sq. km while the Chennai city administers area is 426 sq. km. 

The average literacy rate of Chennai stood was 90.20% in 2011 with male and female literacy rates being 93.70% and 86.60% respectively. 75% of the population talks in Tamil, followed by Telugu and English. Chennai is also the third largest in expatriate population after Mumbai and Delhi. 

The last census for the Chennai district was carried out in the year 2011 and is done every 10 years. However, the reports of Thane district projected an increase in the population in 2018 in comparison to the census figure of 2011. The following chart explains the growth in population in the previous decade (2001-2011). 

                                                            Census 2011

Chennai Religion Data

The census report of 2011-2021 has also shown that the Hindu religion forms the majority in Chennai. The reports have also shown that 9.45% were Muslims, 7.72% Christians, 0.06% Sikhs, 0.06% Buddhist, 1.11% Jains and 0.04% of them belonged to other religions. The census also provided that the 0.83% of the total population, did not specify any religion. The census report of 2011-2021 showed a total population of 4,646,732 out of which, the Hindus constituted 80.73%.

Tamilnadu Population

Tamilnadu population is estimated to reach 78.8 Million (7.88 Cores) in 2021 in accordance with the Unique Identification Aadhar India, as of the updated report of 31, May 2020. It was observed that by the mid of the year 2020 the estimate of the population reached 77,841,267. 

Bottom line

Chennai is definitely the most densely populated city of Tamilnadu. Chennai has also been an excellent spot in South India along with cities like Bangalore and Hyderabad. The rapid infrastructure growth and newer opportunities have made Chennai a good spot for investment. Other factors such as IT and Automobiles have led the investments in Chennai into further heights.  Chennai is also undergoing severe development in the residential sector by providing both affordable and luxurious housing facilities which are approximately close to the workplaces. The good connectivity facilities have also further boosted the growth of the real estate sector.  

Assetmonk is a smart investment platform which offers assets that are customized to meet the needs of different investors. The objective-oriented products of Assetmonk are designed with the objective to cover a large spectrum of investors that have different objectives such as value appreciation, regular income, or diversification of risk.