The prices in real estate in Chennai, in the Tamil Nadu region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.foot in Chennai has had a strong decrease during the last 6 months. In September, the average price per sq.foot was ₹ 6,502. In the following month the price per sq.foot increased to ₹ 6,958. The price for the following two months in (November, December) had a considerable decrease of 64 with regard to the prior two months. The price per sq.foot has had a considerable deflation of 78 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.foot of ₹ 5,502 to ₹ 4,279 during January, and February.
Based upon to the price in Chennai (cities), this has fallen considerably in the last 6 months. The price in September is ₹ 66.96 lakhs, rising in October till ₹ 76.52 lakhs. During the following two months (November, December) the average price had a considerable reduction of 62 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from ₹ 58.22 lakhs to ₹ 46.51 lakhs, which means a 80 % fall.
The graph displaying the average price for BHK illustrates that those properties with 1 BHK are the cheapest ones. At a price of ₹ 47.17 lakhs they are 31 % more affordable than the average price for Chennai. The properties with the highest average price have 4 BHK, Their price is 278 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 1.12 crores.
With regard to the average price per sq.foot , those properties with 2 BHK are the most costly ones at a cost of ₹ 6,234 / sq.foot, with an average ₹ 4,423 / sq.foot price in Chennai. The properties with the highest average prices have 3 BHK. They are 65 % more expensive than the average followed by properties with 4 BHK with a price at ₹ 6,820 / sq.foot.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of ₹ 47.17 lakhs it is 38 % cheaper than the average price in Chennai. "Flat" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "Duplex". At a price of ₹ 1.49 crores it is 834 % more expensive than the average price.
According to the average cost per sq.foot, the cheapest property type is "Land" at an average cost of ₹ 2,680 / sq.foot followed by "House" priced at ₹ 6,272 / sq.foot. "Commercial" is the most costly type of property with a ₹ 52,268 / sq.foot cost followed by "Duplex" with an average price of ₹ 7,286 / sq.foot.