Property Rates in Chennai

Explore current property rates in Chennai effortlessly through our website, offering the latest updates on the dynamic real estate market in the city.
APPLY
Property Rates in Chennai
APPLY
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.

Factors that affect property rates in Chennai

Check the following factors that affect property rates in Chennai:

  1. Location: The location of a property within Chennai greatly impacts its value. Areas closer to the city centre, employment hubs, and essential amenities such as schools, hospitals, and shopping centres tend to have higher property rates. Additionally, factors like proximity to the coastline, scenic views, and neighbourhood reputation also play a role.
  2. Property type: Different types of properties, such as apartments, independent houses, villas, or commercial spaces, have varying rates based on factors like size, quality of construction, amenities available, and demand in the market. For example, luxury apartments in upscale neighbourhoods will have higher rates compared to budget apartments in less affluent areas.
  3. Amenities: The availability of amenities within a property complex or neighbourhood can significantly impact its value. Amenities like swimming pools, gyms, parks, security systems, and parking facilities can attract higher-paying tenants or buyers, thereby increasing property rates.
  4. Demand and supply: The basic economic principle of supply and demand heavily influences property rates. Areas experiencing high demand and limited supply are likely to have higher property rates, while those with oversupply and low demand may see stagnation or even decreases in rates.
  5. Infrastructure development: Infrastructure development projects such as new roads, highways, public transportation systems, airports, and commercial developments can boost property rates in nearby areas. Improved infrastructure enhances connectivity, accessibility, and overall livability, making properties in these areas more desirable and valuable.

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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.

Is Chennai projected to be an affordable city to live in by 2024?

While housing and cost of living prices fluctuate over time, current projections indicate that Chennai may maintain its reputation as a relatively affordable city to live in by 2024. As always, affordability will ultimately depend on one's specific lifestyle choices and financial standing.

What is the average construction rate for independent houses in Chennai?

The construction costs for independent houses in Chennai can vary depending on a number of factors, including location, materials used, and the specific requirements of the project. As of now, the rate can range from approximately Rs. 1,500 to Rs. 2,500 per square foot. However, please bear in mind that these figures are subject to change, and it is advisable to consult with a local property or construction expert for the most updated and accurate rates.

Where can I find affordable properties for sale in Chennai?

Affordable properties in Chennai are abundant in a number of localities. Areas like Madipakkam, Pallikaranai, Ambattur, and Porur may offer good value for money. However, affordability is a variable term and may depend on one's specific budget. I'd recommend reaching out to a local property expert with your budget and specifications, and they should be able to assist you in finding an affordable property, which meets your needs.

Where can I buy a luxury property in Chennai?

Luxury properties in Chennai can be found in several of its upscale neighbourhoods. Premium localities that are renowned for their luxury property offerings include Alwarpet, Boat Club, Poes Garden and Nungambakkam. These areas frequently offer properties with premium amenities and high-value price tags. Be sure to engage the services of a reputable real estate agent or property expert for accurate listings within these areas.

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