The average rent price in the Punjab region has had a strong fall in recent months. There has been a strong fall in the rent prices in this region.
The price per sq.feet in Punjab has fallen considerably in the last 6 months. During December, the average price per sq.feet was Rs. 3,144.79. The following month (January) the price had a considerable rise reaching Rs. 4,695.7 per sq.feet. The following two months (February, March) went through a considerable fall of 19 % in the rent price per sq.feet with regard to the previous two. In the last two months, the price per sq.feet has had a significant fall of 15 %. This has been obtained by comparing the price of Rs. 2,332.83 for the first four months of the sample with regard to the previous 4 months and the price of Rs. 340.31 per sq.feet for the last two months (April, May).
When referring to the price in Punjab(region), there have hardly been any changes in the last 6 months. December has an average price of Rs. 89,800. During Januarythe price had a slight fall till Rs. 76,450. In the following two months the average price has fallen 50 % compared to the previous two. During the last two months the price has had a considerable rise of 249 % with respect to the previous four months going from Rs. 62,342.25 a Rs. 1.55 lakhs.
The graph displaying the the average rent price per number of bedrooms shows that those with 1 bedroom are the most affordable ones. They are 84 % cheaper than the average price in Punjab followed by those with 2 with an average price of Rs. 36,550. The most affordable properties have 4 bedrooms. They are 56 % cheaper than the average followed by those properties with 3 bedrooms priced at Rs. 64,833.
Based on the average price per sq.feet those properties with 4 bedrooms are the most affordable ones with a price of Rs. 21 / sq.feet being Rs. 320.33 / sq.feet the average for Punjab. The properties with the lowest average price are those with 1 bedroom. These are 82 % more affordable than the average followed by those with 2 bedrooms with a price of Rs. 56.32 / sq.feet.
The graph displaying the average rent price according to the property type shows "House" as the most affordable one. With an average cost of Rs. 1.51 lakhs it is 80 % cheaper than the average in Punjab. This is followed by "Land" with a cost of Rs. 53,376. The most expensive property type is "Commercial Plot" and is 133 % more costly than the average, followed by "Apartment" with a cost of Rs. 1.5 lakhs.
Based upon the average cost per sq.feet the most affordable property type is "Residential Plot with a an average price of Rs. 20 / sq.feet, followed by "House" with a price of Rs. 34 / sq.feet. "Apartment" with an average price of Rs. 945 / sq.feet is the most expensive type of property followed by "Commercial Plot" at a price of Rs. 667 / sq.feet.