A Market Survey finds home prices down by 4% in Chennai
Posted on: 26/Jul/2018 11:55:08 AM
In the period over the last 6 months, the prices of flats in the multi-storeyed apartments in the Chennai Metro City have come down by 4%.
Property consultancy Knight Frank India, recently conducted a survey regarding the trend in the real estate commercial status yesterday (Wednesday, 25th July), As per this survey,
6035 new apartments/constructions were introduced during the 1st half of the year 2017. During the corresponding period of the 1st 6 months in this year 2018, construction of 6523 houses has been announced.
In a similar analysis, the prices of the houses per sq. ft. in the 1st half (January to June) of 2017 was Rs. 4831. As for the 1st of half of this year 2018, this has come down to Rs. 4727 per sq. ft. This constitutes a 4% reduction in the prices.
6354 houses were sold during the 1st half of 2017. However, during the 1st half of this year 2018, only 5564 houses have been sold.
Another aspect mentioned is that during this period the number of constructed houses remaining unsold has come down by 20%.
