Realtor TVS Emerald gives Chennai decade high launch-day sales at Rs 438 cr
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In a sign of recovery in the real estate sector, Chennai saw probably its biggest launch sales in history as TVS Emerald, the real estate arm of TVS Group, registered sales worth Rs 438 crore on the launch day (Sunday) of its new project TVS Emerald Elements.
In comparison, the previous highs during the last ten years stood at Rs 222.6 crore, by Casagrand Magestica in May 2023, and Rs 195.13 crore for The Peak by Baashyaam Constructions last April, shows industry data. Located in Kovilambakkam, Chennai, TVS Emerald Elements sold 448 homes, setting the biggest launch sales milestone in the last decade in Chennai. According to a source, none of the companies have reported a sales of Rs 438 crore on the launch day or month in Chennai market.
According to a report by Knight Frank India on India’s real estate sector during the first half of 2023, between January to June, the residential market in Chennai has seen a three per cent growth in sales compared to the same time last year. The city saw a sales of 7,150 housing units during the first six months compared to 6,951 housing units sold during the same period in 2022. This is at a time when sales in cities like Mumbai, Bengaluru, Pune and Ahmedabad declined by eight per cent, two per cent, one per cent and three per cent, respectively.
"We are thrilled with the biggest sales milestone achieved by our ‘Elements’ project. Our heartfelt gratitude goes out to our customers, who have placed their trust in our brand and appreciated our commitment to providing exceptional value and service,” said Sriram Iyer, Director and chief executive officer of TVS Emerald. “The triumph of this milestone achievement reinforces the confidence homebuyers have in us. In the aftermath of the pandemic, people are seeking residences that can transform their everyday living experiences and we have consistently met this demand. We have more launches planned in Chennai and Bangalore in this financial year,” he added.
Spread over about 6.56 acres, this residential community is located on the 200 ft Radial Road in Kovilambakkam. Comprising 820 homes, it is built over a total saleable area of 996,000 square feet. The project has two- and three-BHK flats ranging from 934 sq ft to 1,653 sq ft, with prices starting at Rs 68.99 lakh.
Though it posted record sales, in terms of volume the Chennai residential market is still one of the lowest in the country. The Knight Frank report indicates that Mumbai saw the highest number of sales volume of 40,798 home units and accounted for 26 per cent of the total sales among the top eight markets, during the first six months. This was followed by the National Capital Region (30,114), Bengaluru (26,247), Pune (21,670), Hyderabad (15,355) and Ahmedabad (7,982). The only other city that was behind Chennai in terms of volume was Kolkata at 7,324 units.
The TVS Emerald project features five themed terraces. At its heart is a sprawling central podium spanning 35,000 sq ft, with amenities such as a tree house, a butterfly garden, a swimming pool, an outdoor gym and a zen garden. The project offers a 9,000 sq ft clubhouse with amenities such as yoga deck, Multipurpose hall, games room and coworking space.
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