The prices in real estate in Madurai, 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 Madurai has increased strongly during the last 6 months. In October, the average price per sq.foot was ₹ 4,832. In November this price pretty much remained the same at a value of ₹ 4,841 per sq.foot. The price for the following two months in (December, January) had a considerable increment of 4053 %. The price per sq.foot has had a considerable increase of 362 % 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 ₹ 1 lakhs to ₹ 3.64 lakhs during February, and March.
Based upon to the price in Madurai (cities), this has gone up considerably in the last 6 months. In our first sample month during October, the average price is ₹ 49.7 lakhs. In November This price remains at ₹ 49.01 lakhs. During the following two months (December, January) the average price had a considerable increase of 589 % 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 205 % 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 ₹ 2.52 crores they are 93 % more affordable than the average price for Madurai. The properties with the lowest average price have 4 BHK, Their price is 62 % cheaper than the average. After that we have properties with 3 BHK priced at ₹ 62.18 lakhs.
With regard to the average price per sq.foot , those properties with 1 BHK are the cheapest ones at a cost of ₹ 2,714 / sq.foot, with an average ₹ 3.08 lakhs / sq.foot price in Madurai. The properties with the lowest average prices have 3 BHK. They are 98 % cheaper than the average followed by properties with 2 BHK with a price at ₹ 4,696 / sq.foot.
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of ₹ 2.52 crores it is 92 % cheaper than the average price in Madurai. "Villa" is seen as the second most affordable property type. The cheapest type property is "Commercial" followed by "House". At a price of ₹ 56.57 lakhs it is 52 % more affordable than the average price.
According to the average cost per sq.foot, the cheapest property type is "Commercial" at an average cost of ₹ 711 / sq.foot followed by "Flat" priced at ₹ 2,186 / sq.foot. "House" is the cheapest type of property with a ₹ 4,865 / sq.foot value followed by "Villa" with an average price of ₹ 4,682 / sq.foot.