Market Commentary - Chennai
Chennai is the capital city of Tamil Nadu, located on the Coromandel Coast off the Bay of Bengal. It is the major commercial, cultural, economic and cultural, economical and educational center in South India. The city is now in the Rental range and the property seekers in Chennai are advised to rent a property rather than buying. Chennai’s residential market is witnessing considerable demand in the affordable segment – specifically for units in the price range of Rs. 35-60 lakhs – in locations that offer an acceptable degree of social infrastructure. Per square feet rate for property is Rs 4,466. It has dropped by 1.19% from Rs – 4,552/- to Rs – 4,466/-.
Over the last 6 months the property prices have dropped by 7.4%; the rates have moved from Rs- 4,543/- psf to 4,466/- psf. Last three months saw an appreciation of 3.73%; the rates moved from Rs – 4,327/- psf to Rs. 4,466/- psf.
Top 10 localities in Chennai on the basis of maximum real estate action are:
Over the last 6 months the property prices have dropped by 12.99%. The rates have moved from Rs. 16.05/- psf to 14.10/- psf. Last three months saw a drop of 4.03%; the rates moved from Rs. 15.37/- psf to Rs. 14.10/- psf. If you are looking to buy residential property, few more projects like Godrej Azure also avaiable for sale in Chennai.
Top 10 rental localities in Chennai on the basis of maximum real estate action are: