The prices in real estate in Varanasi, in the Uttar Pradesh 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 Varanasi has had a strong decrease during the last 6 months. In June, the average price per sq.foot was ₹ 2,645. In the following month the price per sq.foot decreased considerably to ₹ 1,588. In the following two months the price per sq.foot has barely changed, going from ₹ 2,116.5 to ₹ 2,219.5 per sq.foot. The price per sq.foot has had a considerable deflation of 73 % 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 ₹ 2,168 to ₹ 1,592 during October, and November.
Based upon to the price in Varanasi (cities), this has fallen considerably in the last 6 months. The average price for June is ₹ 37.08 lakhs. During July the price had a considerable reduction till ₹ 18.66 lakhs. During the following two months (August, September) the average price had a considerable increase of 147 % 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 ₹ 34.47 lakhs to ₹ 23.09 lakhs, which means a 67 % fall.
The graph displaying the average price for BHK illustrates that those properties with 1 BHK are the most costly ones. At a price of ₹ 18.34 lakhs they are 43 % more expensive than the average price for Varanasi. Following this ranking we find those properties with 2 at an average price of ₹ 52.06 lakhs. The properties with the highest average price have 4 BHK, Their price is 339 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 62.27 lakhs.
With regard to the average price per sq.foot , those properties with 1 BHK are the most costly ones at a cost of ₹ 4,071 / sq.foot, with an average ₹ 1,480 / sq.foot price in Varanasi. The properties with the highest average prices have 4 BHK. They are 279 % more expensive than the average followed by properties with 2 BHK with a price at ₹ 4,823 / sq.foot.
The graph displaying the average prices displays the property type "Land" as the most costly one. At an cost of ₹ 18.34 lakhs it is 52 % more expensive than the average price in Varanasi. "Villa" is seen as the second dearest property type. The dearest property type is "Commercial" followed by "House". At a price of ₹ 97.48 lakhs it is 1061 % more expensive than the average price.
According to the average cost per sq.foot, the most expensive property type would be "Land" at an average cost of ₹ 1,618 / sq.foot followed by "Villa" priced at ₹ 4,971 / sq.foot. "Commercial" is the most costly type of property with a ₹ 16,346 / sq.foot cost followed by "House" with an average price of ₹ 5,461 / sq.foot.