The prices in real estate in Palakkad, in the Kerala 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 Palakkad has had a strong decrease during the last 6 months. In March, the average price per sq.foot was ₹ 29,128. In the following month the price per sq.foot decreased considerably to ₹ 19,397. The price for the following two months in (May, June) had a considerable decrease of 26 with regard to the prior two months. The price per sq.foot has had a considerable deflation of 16 % 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 ₹ 15,233.25 to ₹ 2,435.5 during July, and August.
Based upon to the price in Palakkad (cities), these have remained the same in the last 6 months. In our first sample month during March, the average price is ₹ 66.27 lakhs. In April This price remains at ₹ 65.86 lakhs. During the following two months (May, June) the average price had a considerable increase of 143 % 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 ₹ 80.24 lakhs to ₹ 38.38 lakhs, which means a 48 % fall.
The graph displaying the average price for BHK illustrates that those properties with 1 BHK are the cheapest ones. At a price of ₹ 39.19 lakhs they are 55 % more affordable than the average price for Palakkad. The properties with the highest average price have 4 BHK, Their price is 34 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 34.96 lakhs.
With regard to the average price per sq.foot , those properties with 2 BHK are the cheapest ones at a cost of ₹ 2,217 / sq.foot, with an average ₹ 2,485 / sq.foot price in Palakkad. The properties with the highest average prices have 1 BHK. They are 15 % more expensive than the average followed by properties with 3 BHK with a price at ₹ 2,327 / sq.foot.
The graph displaying the average prices displays the property type "Flat" as the most affordable one. At an cost of ₹ 39.19 lakhs it is 17 % cheaper than the average price in Palakkad. "Villa" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "Land". At a price of ₹ 59.14 lakhs it is 174 % more expensive than the average price.
According to the average cost per sq.foot, the cheapest property type is "Commercial" at an average cost of ₹ 483 / sq.foot followed by "House" priced at ₹ 2,318 / sq.foot. "Land" is the most costly type of property with a ₹ 3.08 lakhs / sq.foot cost followed by "Flat" with an average price of ₹ 3,029 / sq.foot.