Overview of Palavakkam, Chennai

Where Palavakkam Fits In

Palavakkam is a rising star in Chennai, South India. It's celebrated for its prime spot and popularity among investors and homebuyers alike, thanks to its close access to major city areas.

Different Kinds of Homes

• Apartments: Options include cozy 2 BHK and big 3 BHK flats.
• Single Houses/Villas: From luxury mansions to budget-friendly homes.
• Land/Plots: Ideal for those wishing to build their dream homes.

Prices in Action

Apartments

• Apts here average Rs 8,900 - Rs 9,978 per square foot.
• Price ranges from Rs 6,764 to Rs 16,666 per square foot.

Land/Plots

• Land sells for around Rs 8,950 - Rs 11,950 per square foot.
• Prices have skyrocketed by 33.5% over the past year and 95.8% in just five years.

Builder Floors

• Costs stretch from Rs 10,900 to Rs 13,750 per square foot.

Rental Scene

• Renters can find 2 and 3 BHK flats. Prices start at ₹45,000 per month.

Price Increase Over Time

• Apartments saw a -10.6% dip over the last decade but are stabilizing or slightly going up recently.
• Land prices have rocketed, up 76.7% in the last three years and 85% in the last ten years.

Where Things Are Heading

• Palavakkam's real estate market is seen as gainful for both buying and selling. Current vibes say it's a great moment for investment.

Important Stats

• Average Price per Sq Ft: Overall, properties go for Rs 9,978.
• Year-over-Year Growth: There was a 3.28% drop in property costs last year, though it can differ based on home type.
• Properties Available: Over 65 available homes with 75 offers for sale in the region.

PropertyWala's Conclusion

Palavakkam, Chennai, is a must-check area for anyone eyeing a buy or rent deal. It shines with a convenient location, a variety of homes, and solid long-term price gains. Though property costs dipped slightly over the past year, the larger trend is stable and may grow. Anyone looking should account for the current market mood and the area's future prospects to decide smartly.