The real estate market in Chennai is doing well. The micro markets located in the northern part of the city and along the GST Road are quiet affordable and hence remain popular among home buyers. Here is a look at 2 micro markets which are located in these parts of the city.
Madhavaram
The going rate for flats for sale in Chennai located in Madhavaram stands at INR 4200 per square feet on average. This is a drop of 5% when compared to the previous quarter. A year ago in the third quarter of 2013 the going rate stood at INR 5100 per square feet on average. This was a 10% increase in prices when compared to the previous quarter. But in the last quarter of that year the going rate dipped by 10% and the prices stood at INR 4600 per square feet on average. In the first quarter of 2014 the prices dipped by 3% and stood at INR 4500 per square feet on average. The going for an individual house for sale in Chennai located in this micro market is currently at INR 6000 per square feet on average. The going rate for the same stood at INR 6800 per square feet a year ago.
As far as apartments in this micro market are concerned 2 BHKs are the most preferred. This is followed by 1 BHKs. The most preferred unit size for apartments here falls below the 500 square feet range. This is followed by the 501 to 750 square feet range. This clearly shows that buyers looking for properties in Madhavaram are looking for small sized properties. The most preferred budget range for properties here falls between INR 20 to 30 lakhs. This is followed by the INR 10 to 20 lakhs range. Per square feet buyers are willing to shell out an amount which is less than or equal to INR 2000. This is followed by the INR 3501 to 4000 square feet range. Most buyers are purchasing as end users with only minimal property seekers looking at this micro market for investment purposes.
Pallavaram
The going rate for independent house for sale in chennai located in Pallavaram stands at INR 6600 per square feet on average. This is an increase of 9% when compared to the previous quarter. A year ago in the third quarter of 2013 the going rate stood at INR 5600 per square feet on average. This was a 9 % increase in prices when compared to the previous quarter. In the last quarter of that year the going rate shot up by 107% and the prices stood at INR 11000 per square feet on average. In the first quarter of 2014 the prices dipped by 47% and stood at INR 6100 per square feet on average. The going for an apartments for sale in Chennai located in this micro market is currently at INR 6600 per square feet on average. The going rate for the same stood at INR 5600 per square feet a year ago.
Madhavaram
The going rate for flats for sale in Chennai located in Madhavaram stands at INR 4200 per square feet on average. This is a drop of 5% when compared to the previous quarter. A year ago in the third quarter of 2013 the going rate stood at INR 5100 per square feet on average. This was a 10% increase in prices when compared to the previous quarter. But in the last quarter of that year the going rate dipped by 10% and the prices stood at INR 4600 per square feet on average. In the first quarter of 2014 the prices dipped by 3% and stood at INR 4500 per square feet on average. The going for an individual house for sale in Chennai located in this micro market is currently at INR 6000 per square feet on average. The going rate for the same stood at INR 6800 per square feet a year ago.
As far as apartments in this micro market are concerned 2 BHKs are the most preferred. This is followed by 1 BHKs. The most preferred unit size for apartments here falls below the 500 square feet range. This is followed by the 501 to 750 square feet range. This clearly shows that buyers looking for properties in Madhavaram are looking for small sized properties. The most preferred budget range for properties here falls between INR 20 to 30 lakhs. This is followed by the INR 10 to 20 lakhs range. Per square feet buyers are willing to shell out an amount which is less than or equal to INR 2000. This is followed by the INR 3501 to 4000 square feet range. Most buyers are purchasing as end users with only minimal property seekers looking at this micro market for investment purposes.
Pallavaram
The going rate for independent house for sale in chennai located in Pallavaram stands at INR 6600 per square feet on average. This is an increase of 9% when compared to the previous quarter. A year ago in the third quarter of 2013 the going rate stood at INR 5600 per square feet on average. This was a 9 % increase in prices when compared to the previous quarter. In the last quarter of that year the going rate shot up by 107% and the prices stood at INR 11000 per square feet on average. In the first quarter of 2014 the prices dipped by 47% and stood at INR 6100 per square feet on average. The going for an apartments for sale in Chennai located in this micro market is currently at INR 6600 per square feet on average. The going rate for the same stood at INR 5600 per square feet a year ago.