Chennai Real Estate and Demographics
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 6 million people in the city, and about 12 million people in the whole metropolitan region.
As per data released by the Govt. of India, the population of Chennai was 12,053,697 in the year 2024.
Chennai has grown by 277,550 in the last year, which represents a 2.36% annual change. Chennai is also the capital city of Tamil Nadu and is the largest commercial centre and industrial centre in South India.
It is also well known for its cultural, economic, and educational centres. It is also referred to as the “Detroit of India” as it survives a thriving automotive industry.
Chennai Property Market in 2024
In the first half of 2023, the residential market in Chennai saw a 3% Year on Year (YoY) rise, as per latest data from Knight Frank. In 2023, the city sold 7,150 housing units during the first half of 2023 compared to 6,951 housing units sold in H1 2022.
Chennai is well-known for its diverse residential neighbourhoods, each with its own set of characteristics and price points. The average property rates in various areas of Chennai vary greatly due to variables such as location, amenities, infrastructure development, and demand-supply dynamics.
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.
According to Knight Frank, the Chennai office market experienced an all-time high in office leasing volumes during H1 2023. Office transaction volumes increased by 107% year on year to 4.5 million square feet, driven by strong leasing momentum by multinationals in the first half of 2023.
Thanks to the remote work culture and hybrid work models induced by the pandemic, the demand for spacious homes and second-homes for some have packed up in the last couple of years.
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. However, this is also changing due to the rise of co-working spaces and the growing demand for commercial real estate and office spaces in the city.
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Chennai Population From 2011-2024
Chennai city’s current estimated population in 2024 is 6,599,000, while the Chennai metro population is 12,290,000. The last census was in 2011, and the census for Chennai city in 2021 has been postponed due to Covid. Chennai’s current estimates are based on past growth rates.
In terms of education, the total number of literates in Chennai city is 3,776,276 people, with 1,968,079 men and 1,808,197 women. The average literacy rate in Chennai is 90.18 percent, with male and female literacy rates of 93.70 and 86.64 percent, respectively. Chennai has a sex ratio of 989 males for every 1000 females. The child sex ratio for girls is 950 to 1000 for boys.
Breaking down the religious demographic: With 80.73% of the population, Hinduism is the majority religion in Chennai. Islam is the second most popular religion in Chennai, with approximately 9.45% of the population practicing it. Christianity is followed by 7.72% in Chennai, Jainism by 1.11%, Sikhism by 0.06%, and Buddhism by 0.06%. Around 0.04% stated ‘Other Religion’, approximately 0.83% stated ‘No Particular Religion’.
Tamil Nadu Population 2024
The last census in India was conducted in 2011. Based on AADHAR updations, and world population growth projections, Tamil Nadu’s population is expected to be 77 million (7.7 crores) in 2024, and 7.68 crores by Aug 2023, according to Unique Identification Aadhar India.
Bottom Line
Chennai is definitely the most densely populated city of Tamil Nadu. 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.
Chennai Demographics FAQ’s:
Which is bigger Chennai or Bangalore?
Chennai has an area of 1,189 sq. km while Bangalore has an area of 8,005 sq. km.
According to the reports, Chennai is the most densely populated city of Tamil Nadu having a density of 26,553 people per square kilometer. It is also way ahead of the next densely populated city which is Kanyakumari with 1,111 people per square kilometer.
Chennai is definitely one of the bussing cities in India. It is the best city as it fuels the aspirations of individuals and also provides a wide range of opportunities. It also has a rich culture and a forward-looking lifestyle which encourages the youth population to settle in Chennai. Chennai also has an IT corridor, economic growth, and educational opportunities that are made available which further makes it one of the most desirable locations in South India.