The prices in real estate in Chennai, in the Tamil Nadu region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.foot in Chennai has increased strongly during the last 6 months. In March, the average price per sq.foot was . In the following month the price per sq.foot increased considerably to ₹ 4,812. The price for the following two months in (May, June) had a considerable increment of 181 %. The price per sq.foot has had a considerable increase of 141 % 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 ₹ 3,381.5 to ₹ 4,768 during July, and August.
Based upon to the price in Chennai (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during March, is . During April the price went through a considerable rise reaching ₹ 60.1 lakhs. During the following two months (May, June) the average price had a considerable increase of 164 % 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 ₹ 61.23 lakhs they are 53 % more affordable than the average price for Chennai. The properties with the highest average price have 4 BHK, Their price is 176 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 88.75 lakhs.
With regard to the average price per sq.foot , those properties with 1 BHK are the cheapest ones at a cost of ₹ 4,649 / sq.foot, with an average ₹ 5,036 / sq.foot price in Chennai. The properties with the highest average prices have 4 BHK. They are 34 % more expensive than the average followed by properties with 3 BHK with a price at ₹ 6,119 / sq.foot.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of ₹ 61.23 lakhs it is 54 % 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 "House". At a price of ₹ 77.13 lakhs it is 40 % 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 ₹ 1,945 / sq.foot followed by "Villa" priced at ₹ 5,068 / sq.foot. "Commercial" is the most costly type of property with a ₹ 15,836 / sq.foot cost followed by "Office" with an average price of ₹ 13,108 / sq.foot.