Usage of rate/price

1) What is the going rate of land in that area?

Can someone please tell me if the above line sounds natural? Are there any better alternatives for going rate?

When do we use rate and when price?

Do we use rate when we specify how much 1 sq.ft/yard costs? And do we use price when we are talking about a plot/flat as a whole?

Do the below lines sound natural?

  1. The going rate is Rs. 2,000/- per sq.ft in Ram Nagar.
  2. The price of that flat is Rs. 20,00,000/-

The preposition in the first should be “for.”

“Rate” is an amount per something else. “Price” is just cost generally. If you use “price per (insert noun),” it will be clear that it means rate anyway.

The first of the final two sentences looks fine, but I probably would not abbreviate square foot. If I did, I would write “sq ft.” The second strikes me as odd because it has nothing after the slash but a dash and does not end with a period.

Is period the only missing thing in the second sentence?

You’re very welcome.

I would have to guess not. Usually, a slash indicates an option or possibility of two things or some quantity per something else. The context indicates you probably intended the latter. I don’t know why the slash is in your sentence.