Property Rates in Chennai

Know more about the property rates in Chennai.
Property Rates in Chennai
3 mins
26 September 2023

Current price rates of property in Chennai

Chennai is a thriving city with a flourishing real estate market. Despite the rising trend of property prices, homebuyers can expect to get residential units at affordable property rates here. In the western region, residential apartments go for as low as Rs. 2,700/sq. ft. In southern parts of the city, residential land can cost up to Rs. 2.08 lakh/sq. yd.

The demand for property within the city comes from both investors and residents. Some of the major reasons to flock to the city include the growing job market and the infrastructural growth. These are also reasons why Chennai is such a price-sensitive market. For a better understanding of this, take a look at a breakup of the price rates for residential apartments and land in the different regions of Chennai.

1. Price rates for residential apartments

  • Chennai Central - Among the most developed areas in the city, Central Chennai property prices range approximately between Rs. 6,500/sq. ft. and Rs. 14,200/sq. ft.
  • Chennai West - Affordable properties are available in areas like Sriperumbudur. On the other hand, the higher range goes up to Rs. 8,000/sq. ft., which includes some of the best apartments and residential units.
  • Chennai North - Apartments in Chennai North are available in a wide price range of Rs. 3,400 to Rs. 11,600/sq. ft.
  • Chennai South - Chennai South covers a large area and you can get residential apartments here ranging between Rs. 2,300 and Rs. 15,600/sq. ft.

2. Price rates for residential lands

Residential lands in Chennai come with varying price ranges. Plots at places like Veppampattu in Chennai North are available at Rs. 6,500/sq. yd., and rates in Mylapore of Chennai South can cost a few lakhs per square yard.

The high property rates make owning real estate in Chennai quite favorable from an investment standpoint. However, considering the cost, one of the best ways to facilitate such a purchase is to avail funding through the Bajaj Finserv Loan Against Property.

This instrument enables you to leverage your existing assets efficiently by granting access to a high-value sanction. This, combined with the attractive property loan rates on offer, allows you to purchase property in Chennai on cost-effective terms. What’s more, this mortgage loan has a range of features that simplify access to funds, expedite processing, and make loan management a lot more convenient.

To get started, all you have to do is meet the relaxed mortgage eligibility criteria, apply online, and submit minimal documentation to get loan processing underway.

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Frequently asked questions

How to check property prices in Chennai?

You can check the government land records through platforms like Tamil Nadu Geographical Information System (TNGIS). Apart from this you may also refer the local websites to check the property prices or contact the property or project owners.

What factors influence property rates in Chennai?

Property rates in Chennai are influenced by various factors, including the location of the property, type of property (residential, commercial, or industrial), amenities, infrastructure development in the area, and overall market trends. Understanding these factors can help in assessing the value of a property.

Are there variations in property rates across different zones in Chennai?

Yes, property rates can vary significantly across different zones and neighbourhoods in Chennai. Factors such as proximity to city centres, accessibility, infrastructure development, and demand for properties in specific areas contribute to these variations. It's essential to research and compare rates in the desired location.

How often do property rates change in Chennai, and what causes these fluctuations?

Property rates in Chennai can experience periodic fluctuations based on market dynamics, economic conditions, government policies, and demand-supply trends. Monitoring market updates and staying informed about economic developments can provide insights into potential changes in property rates.

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