Overview of Ongole, Prakasam

Location and General Information

Ongole? We're in the Prakasam district of Andhra Pradesh, India. Known for its agricultural output, it's a major urban center.

Property Prices and Trends

• Average Price per Sqft: Rs. 4,040 per sqft.
• Starting Price per Sqft: As low as Rs. 37 per sqft.
• Year-over-Year (YoY) Growth: Prices plummeted by 45.87% last year.

Types of Properties Available

• Residential Plots: 44% of listed properties.
• Residential Houses: Independent homes and builder floor apartments, with 2 BHKs being common.
• Apartments: Taking up 35% in the rental market.

Price Ranges for Properties

• For Sale:
  • 32% priced under Rs. 20 Lac.
  • 18% between Rs. 40 Lac to Rs. 60 Lac.
  • 15% from Rs. 20 Lac to Rs. 40 Lac.
  • Other ranges account for the remaining 35%.
• For Rent:
  • 45% go from ₹10,000 to ₹15,000 per month.
  • 27% from Rs. 5,000 to ₹10,000.
  • 9% from ₹15,000 to ₹20,000.
  • Other ranges cover 19% of rentals.

Rental Market

• Common Configurations: 3 BHK stands out for rental spaces.
• Rentals: 2 BHK and 3 BHK apartments are prevalent, with rents ranging from Rs. 6,000 to ₹15,000 per month for a 2 BHK.

Investment Potential

• Market Trends: Despite the price drop, investing now might be beneficial.
• Growth Prospects: Agricultural and urban development could drive future property value increases.

PropertyWala's Conclusion

Ongole, in Prakasam, mixes current market decline with attractive pricing. It’s packed with residential plots and apartments, offering varied price points. Whether for buying or renting, it’s worth a closer look. But keep an eye on market trends and local changes for better decision-making. With proper market evaluation and a view to growth, Ongole could be your go-to for real estate investments.