Chennai’s rental consumers are scouting the city areas for apartments that match their needs. More than fifty per cent of the people are searching for rental properties in locations like as Chetpet, Alwarpet, Besant Nagar and Anna Nagar for multi-purpose apartments. The actual availability in this category in these areas, however, it’s just a fraction of the demand. The same goes for the single floor apartments where people are looking at low-rise options on single plots but the availability in the market is less compared to demand. While most of the properties in this market are under the residential house category where there is more supply than demand.
In the old demand localities such as Anna Nagar, Alwarpet and Besant Nagar, there are a lot of improvements that are taking place where old plotted developments are giving way to multi- purpose apartments. New flats of 1000-1200 sq ft are available between Rs 60 lakh to Rs 1.6 crore and fetch rental values of Rs 12k -20k depending upon the location, size of the property and the amenities. While Alwarpet, on the other side it’s a premium place for demand residential territory where average monthly rental values range from Rs 50,000 to Rs 1.5 lakh. Most of the property here is 3 BHK in supply and demand. They come with a package of facilities like lifts, power and water back-ups etc which is now commonly required by everyone.
S P Homes Director Mr.D S Shyam Sundar added that “Most of the housing demand comes from people those who in search of the rentals. Investors are keen on making use of this high rental demand in anticipation of high rate of appresciation and good income,”
Mr. Bala Subramanian from Bhoomi Realty Services added that Anna Nagar is a most preferred residential location interms of properties available in Chennai; people want to be there, even if it’s for rentals. “The rental values may vary from Rs 18k-Rs 20k per month for 2 BHK , while its hard to get between Rs 25k-35k for a 3 BHK apartment,” Chetpet area scores more on the basis of connectivity and seems affordable based on the prices. Mr. Azeem Ahmed of Property Care added, “The locality has potential as it is close to Egmore and Kilpauk.”
His inspiration’s are Rand Fishkin, Neil Patel. Written about the latest trends on Real estate properties, market overview, flats, apartments for sale in chennai.
Not Only Chennai, this is happening in all tier one cities. What do you think about rental rates in Delhi.