The prices in real estate in Varanasi, in the Uttar Pradesh 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 Varanasi has increased strongly during the last 6 months. In December, the average price per sq.foot was ₹ 2,568. In the following month the price per sq.foot increased considerably to ₹ 16,647. The price for the following two months in (February, March) had a considerable decrease of 28 with regard to the prior two months. The price per sq.foot has had a considerable deflation of 43 % 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 ₹ 6,135.75 to ₹ 2,658 during April, and May.
Based upon to the price in Varanasi (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during December, is ₹ 23.63 lakhs. During January the price went through a considerable rise reaching ₹ 32.82 lakhs. During the following two months (February, March) the average price fell 92 % 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 125 % 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 ₹ 33.84 lakhs they are 17 % more affordable than the average price for Varanasi. The properties with the highest average price have 4 BHK, Their price is 92 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 56.87 lakhs.
With regard to the average price per sq.foot , those properties with 4 BHK are the most costly ones at a cost of ₹ 4,739 / sq.foot, with an average ₹ 2,609 / sq.foot price in Varanasi. The properties with the highest average prices have 1 BHK. They are 628 % more expensive than the average followed by properties with 3 BHK with a price at ₹ 13,785 / sq.foot.
The graph displaying the average prices displays the property type "Farm" as the most affordable one. At an cost of ₹ 33.84 lakhs it is 82 % cheaper than the average price in Varanasi. "Land" is seen as the second most affordable property type. The dearest property type is "Villa" followed by "House". At a price of ₹ 62.27 lakhs it is 153 % more expensive than the average price.
According to the average cost per sq.foot, the cheapest property type is "Farm" at an average cost of ₹ 546 / sq.foot followed by "Land" priced at ₹ 1,337 / sq.foot. "Flat" is the most costly type of property with a ₹ 17,273 / sq.foot cost followed by "House" with an average price of ₹ 9,395 / sq.foot.