The prices in real estate in Vizag, in the Andhra 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 Vizag has had a strong decrease during the last 6 months. In July, the average price per sq.foot was ₹ 6,884. In the following month the price per sq.foot decreased to ₹ 5,944. The price for the following two months in (September, October) had a considerable decrease of 68 with regard to the prior two months. The price per sq.foot has increased 109 % 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 ₹ 5,389 to ₹ 5,890 during November, and December.
Based upon to the price in Vizag (cities), this has fallen considerably in the last 6 months. In our first sample month during July, the average price is ₹ 51.36 lakhs. In August This price remains at ₹ 49.14 lakhs. During the following two months (September, October) the average price had a considerable reduction of 75 % with regard to the previous two months. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of ₹ 43.92 lakhs and ₹ 44.8 lakhs between November and December.
The graph displaying the average price for BHK illustrates that those properties with 2 BHK are the cheapest ones. At a price of ₹ 48.96 lakhs they are 24 % more affordable than the average price for Vizag. The properties with the highest average price have 4 BHK, Their price is 37 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 65.38 lakhs.
With regard to the average price per sq.foot , those properties with 2 BHK are the cheapest ones at a cost of ₹ 3,727 / sq.foot, with an average ₹ 5,301 / sq.foot price in Vizag. The properties with the highest average prices have 1 BHK. They are 118 % more expensive than the average followed by properties with 3 BHK with a price at ₹ 4,099 / sq.foot.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of ₹ 48.96 lakhs it is 58 % cheaper than the average price in Vizag. "Villa" is seen as the second most affordable property type. The dearest property type is "Commercial" followed by "House". At a price of ₹ 55.39 lakhs it is 313 % 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 ₹ 3,033 / sq.foot followed by "Villa" priced at ₹ 3,752 / sq.foot. "Commercial" is the most costly type of property with a ₹ 58,514 / sq.foot cost followed by "House" with an average price of ₹ 4,515 / sq.foot.