Chennai: The Chennai real estate industry is now seeing a resurgence, and 2023 appears to be promising with additional projects anticipated to be revealed in the near future. A press release said,”After experiencing a decline in demand for nearly five years, the real estate market again appears to be on the upswing. Despite the fact that the outbreak tempered purchasers’ enthusiasm, the atmosphere suggests a favorable outlook on the entire purchasing process.” “We are sure that 2023 will be a breakthrough year for the housing market. With almost 95% of the apartments in Chennai now sold, the number of unsold units is at an all-time low. The value of owning a home has been rediscovered by buyers. Our evaluation and analysis show that the residential market remains positive during the first half of 2023. While four-bedroom homes have long been popular, there is a large demand for reasonably priced properties in the Rs. 50 to Rs. 80 lakh price range and the market for 2.5-to-3-bedroom properties is anticipated to expand” said S Sivagurunathan, president, CREDAI Chennai. “With more projects expected to be announced by CREDAI members in various areas throughout Chennai, a possible price hike is anticipated. Even government policies are favorable to the overall expansion of the real estate markets. The projected FSI hike and the updated TNCBDR development rules are two noteworthy regulations that are significant initiatives that will surely boost our sector” Sivagurunathan added.