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 December, the average price per sq.foot was ₹ 4,749. In the following month the price per sq.foot increased to ₹ 5,396. The price for the following two months in (February, March) had a considerable decrease of 48 with regard to the prior two months. The price per sq.foot has had a considerable increase of 124 % 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 ₹ 3,746.5 to ₹ 4,644.5 during April, and May.
Based upon to the price in Chennai (cities), this has fallen considerably in the last 6 months. The price in December is ₹ 52.34 lakhs, rising in January till ₹ 58.49 lakhs. During the following two months (February, March) the average price had a considerable reduction of 43 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 138 % during the last two months.
The graph displaying the average price for BHK illustrates that those properties with 1 BHK are the cheapest ones. At a price of ₹ 49.71 lakhs they are 38 % more affordable than the average price for Chennai. The properties with the highest average price have 4 BHK, Their price is 368 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 85.39 lakhs.
With regard to the average price per sq.foot , those properties with 1 BHK are the most costly ones at a cost of ₹ 4,593 / sq.foot, with an average ₹ 4,477 / sq.foot price in Chennai. The properties with the highest average prices have 4 BHK. They are 91 % more expensive than the average followed by properties with 3 BHK with a price at ₹ 5,728 / sq.foot.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of ₹ 49.71 lakhs it is 35 % 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 "Office". At a price of ₹ 2.26 crores it is 728 % 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 ₹ 2,036 / sq.foot followed by "Villa" priced at ₹ 4,775 / sq.foot. "Commercial" is the most costly type of property with a ₹ 12,823 / sq.foot cost followed by "Office" with an average price of ₹ 10,520 / sq.foot.