Property Rates in Chennai

Chennai is one of South India’s most promising cities when it comes to real estate. A plethora of opportunities has led to favourable responses among potential buyers. Chennai, however, has a market that is price-sensitive. Most end-users prefer an affordable housing segment. Chennai has been a spot for investment among NRIs

What Do Property Rates Mean?

Property Rates demarcate the rate at which current market has valued a piece of land, or real estate. Buildings, developers, buyers and sellers alike refer to the going rate while pricing their properties and negotiating around it. As it is the popular rate, it gives all stakeholders an idea of what is a feasible property price, and how much they can navigate around it.

After a long lull, the demand and supply metrics in Chennai’s real estate market showed signs of improvement during this year’s third quarter. The property rates in Chennai are given below:

Localities Average Value of Property

• Choolaimedu: Rs.9,090 per sq.ft.
• Kelambakkam: Rs.2,500 – Rs.7,038 per sq. ft.
• Purasaiwakkam: Rs.12,000 per sq.ft.
• Alwarpet: Rs.18, 467 per sq.ft.
• Thiyagaraya Nagar: Rs.18,890 per sq.ft.

Current Property Rate in Chennai

Property Rates in Chennai West

Residential properties in Chennai West start from Rs.2,700/sq.ft. The price may go up to Rs.8,000/sq.ft.

Property Rates in Chennai North

Residential properties in Chennai North are available in the range of Rs.3,400 to Rs.11,600/sq. ft.

Property Rates in Chennai Central

Residential properties in Chennai Central are available in the range of Rs.6,500/sq. ft. and Rs.14,200/sq. ft.

Some of the area-wise land rates are provided below:

Aspiring homebuyers in Chennai can avail of a loan against property to purchase a new home. These loans are easily available as lending institutions gets a guarantee against the money they lend. LAP loans are in high demand because applicants can borrow a large sum, have flexibility in terms of payments, and the interest rate is lower compared to other types of loans. A lender typically considers the occupation, age, and income of property loan applicants to determine the interest rate. The interest rate may differ for residential and commercial properties, and the age and location can impact the approved loan amount or interest levied on it.