Overview of Pallavaram, Chennai

Location and Attractiveness

Pallavaram is a sought-after area in Chennai, well-known for its developed facilities and easy access to various parts of the city.

Property Choices

The area features a wide variety of properties, namely:

• Apartments
• Standalone houses
• Villas
• Land in different sizes and setups.

Property Pricing

Typical and Entry Prices

• Properties in Pallavaram generally cost around Rs. 7,263 per sq ft, with starting prices at about Rs. 4,000 per sq ft.
• Flats can have an average price of around Rs. 7,050 per sq ft.

Pricing Spectrum

• Prices range from Rs. 4,500 to Rs. 13,636 per sq ft.

Price Trends and Increases

Year-on-Year (YoY) Changes

• There was a 4.79% drop in property prices in Pallavaram during the past year.
• Yet, more extended durations show substantial gains: 10.2% over the last year, 12.8% in the past three years, and 18.5% in the last five years for flats. Land prices experienced even larger growth, with a 50% rise in the last year and a 110.5% hike in the last decade.

Rental Market

Rent Pricing

• Rental properties typically cost between ₹30,000 and ₹70,000 monthly, based on layout and community. For instance:
  • 2 BHK units: ₹30,000 to ₹45,000
  • 3 BHK units: ₹45,000 to ₹70,000.

Popular Rental Complexes

• Olympia Grande and Mantri Group Serene are top choices, delivering various amenities and lifestyle features.

Distribution and Pricing Tiers

Sales Sections

• Many properties within Pallavaram are priced between ₹80 Lac to ₹1 Cr (18%) and ₹40 Lac to ₹60 Lac (17%).

Particular Regions Inside Pallavaram

• Different sections like Malangananda Puram, Rajaji Nagar, and Krishnapuram show varying average prices:
  • Malangananda Puram: ₹7,203 per sq ft
  • Rajaji Nagar: ₹6,601 per sq ft
  • Krishnapuram: ₹9,484 per sq ft.

PropertyWala's Verdict

Looking at Pallavaram, Chennai, we find a balanced real estate scene offering both budget-friendly and upscale options. Despite a recent decrease in property rates year-over-year, the long-term appreciation trends point toward an appealing investment option. The mixture of property types, designs, and prices makes it an appealing region for both buyers and renters. Those thinking about buying or renting should review current rate trends and the distinct section within Pallavaram to make a well-informed choice.