The Price Tags for a Two-Room House for Rent in Different Regions of Chennai

The tier-1 cities in India like Delhi, Mumbai, Chennai, Hyderabad, and others see a fairly high demand for rental homes. For Chennai, that sees a good number of expatriates from North, the rental properties play a vital role in catering to the high housing demand. The city, like other metros, has variable price brackets applicable in its different parts. The central region, for example, carries high price tags, while the rate is lower at peripheral localities. The amount of rent is directly proportional to the location of the house, its state of furnishing, amenities offered, and employment opportunities. We are going to have a look at the rates for two-room rental apartments in the city.

We start from city center of the city. A house for rent in Chennai in central region can come at a rate anywhere between 12-25k. For prices between the rental range 12-15k(starting rates), options like Koyembedu, Nelson Manickam Road, Choolaimedu, Aminjikarai, Arumbakkam, and Chetpet can be good choices. The localities including Triplicane, P.H. Road, and Shenoy Nagar are pricey: for a 2 BHK apartment on rent, a tenant requires to pay in 18-25k, and even above.

 

Shifting your focus to North,it has some of the high-end localities that have well-developed IT infrastructure and stronghold over corporate sector. At Kolathur, Avadi, Pattabiram, Thirumalla Voil, the monthly rentals are usually below 10k. For a real estate Chennai property that comes at rentals more than that, Mint Street, Anna Nagar, Kilpauk, Korttur, and Mugappair are a few names that fit in.

South Chennai has a plethora of options for the seekers of 2 BHKs. Medavakkam, Oragadam, Kelabakkam, Pallavaram, Guduvancheri, Madambakkam, Porur, Pallikaranai, and Madipakkam are a few names where one can find affordable houses on rent. For the tenants who want a 2 BHK below 10k/month, these can be the perfect choices.

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Rates of Three-Room Houses on Rent in Chennai

Chennai, like many other cosmopolitan cities, has a strong foothold over IT sector. Several premiere real estate developers have ventured into the city with their residential and commercial projects. The presence of infrastructural development and employment opportunities call for high demand for properties. And as far as rental spaces are concerned, they too remain high on demand. The middle-segment buyers and the professional relocated from other cities comprise a big chunk of this demand. Rental houses are mostly affordable and offer a living space to those who don't have a residential property of their own. Let's see what 3 BHK rental apartments cost in different parts of the city.

For the tenants for whom money is a big issue, can look for a house for rent in Chennai in areas like Adyar, Numgambakkam, and Kelmabakkam. The average monthly rentals in these localities can be as low as 4-7k, though houses with higher rates too are available for hiring. In 8-12k range, there are far more options: Ramapuram, Sholinganallur, Velachery, Perungudi, Perumbakkam, Porur, Guduvancheri, Ambattur, Chromepet, and Avadi. Such a rental range is mostly preferred by middle-segment tenants.

 

Mogappair, A. Nagar, Vadapalani, and Tambaram have high price tags. Micro-markets like Saligramam, Kavalur, OMR, Arumbakkam, and Keelkattalai too fall in this category. As most of these are IT-driven societies, the rental rates here can go up to 20-25k, and even above. Then come those araes of Chennai properties that cater to the requirements of the affluent class. Three-bedroom, well furnished houses are readily available in prime localities like T. Nagar, Abhiramauram, Kotturpuram, Mint street, Kottivakam, and K. K. Nagar. The others like Poes Garden, Boat Club, and Akkarai too have heavy rentals: 1-3 lacs!!. Their strategic location, presence of high-end flats, amenities offered, and presence of software industry award them much significance.

Look for a house for rent in Chennai over the premier property portal, Makaan.com. Keep yourself apprised with price trends in different quarters of the year. Buy, sell, and rent residential and commercial properties for real estate Chennai.

Chennai Properties Fallen Prey to Rising Inflation

No city in India has left untouched with the inflationary rates. And the real estate too has been struck hard by this boom in prices. Talk of Chennai real estate and they do are stomaching the pain. The residential properties are in exodus here, while the demand does not match up to them. What's the result? Lacs of houses are lying vacant right now. As the economy is bearing the brunt of the falling rupee, people are wavering in their decision to buy a property in the city. Until the inflation changes its demeanor and the prices fall back, at least to their previous values, there is little hope that the demand for properties in the city shall see any swelling.

As per a report from National Housing Bank, an overall decline of 2.3% in the rates of flats for sale in Chennai was recorded in Apr-Jun quarter of 2013. The sharpest decline has been witnessed in peripheral areas of the city: a slow-down by 30-40% clearly shows that inflation and oversupply have played a negative role in falling of rates. The overall sales have plummeted. Such a scenario has left enough scope for negotiation; buyers can they can make a purchase at cut-prices. As the market is hard for developers, they are coming with freebies and other discount offers.

 

Anna Nagar West, a region where demand mainly comes from the elite segment, has seen a decline of about 13% in price rate. At Kilpauk, where per sq. ft rate of a property is a whopping Rs. 11600/-, a depreciation of 3% has brought down the rates a bit. On the same lines, Medavakkam, Kovilambakkam, GST Road, and Thiruvanmiyur are some of the localities where Chennai properties have come down from their original values.

The above trends are not uniform. In spite of the fall in prices, there are still regions where apartments in Chennai have seen an appreciation. Take, for instance, Thoraipakkam: the property rates in this locality, have escalated by 7%. Same is the case with Kelambakkam, Navalur, Pallikaranai, Madipakkam, and Korattur: the real estate rates have increased between 5% and 9%. At other localities like Padur, Selaiyur, Velachery, Ambattur, Chromepet, Mogappair, and OMR too, the trends are on higher side.

Flats for Sale Showing Good Appreciation in Chennai Real Estate

Standing tall on the pedestal of IT and backed with good infrastructure, Chennai properties are faring well in market this year. The prices have got a considerable boost of about 20% over past 12 months. The scenario seems to be promising enough for the coming quarter too. One of the major factors that have contributed well to the rising demand is the development of Outer Ring Road(ORR). It is intended to connect Vandalur and Minjur and is projected to give real estate in Chennai a further step-up. Upon the completion of this 62-km long expressway, the city areas shall get interconnected to the remote villages too. Not only this, the city shall also be hooked up with other other cities like Kolkata and Bangalore.
The prices in the Chennai real estate located centrally carry a high price tag, if compared to the peripheral region. Choolaimedu, Kilpauk, Arumbakkkam, T. Nagar that form part of the Central Chennai, have 2 BHKs lying in 70 lacs-2 crore range. For middle-class and low budget buyers, apartments in Chennai in the north part present themselves as the best option. At Avadi, Ambattur, Thiruvallur, Thirumullaivoyal, and Thirumalla, you can expect 2 BHK apartments within 15-40 lacs. Anna Nagar and Kolathur in North Chennai, on the other hand, are costlier places if compared to the other areas. It is because of the tremendous progress at which these localities have made in terms of IT industry.
In most parts of the cities, the prices have escalated at a good pace. Both northern and central regions have seen a 15% appreciation in the first quarter of 2013. Towards South too, the rates have increased by about 16%. This is really a good scenario for long-term investors who can hope high returns for their money.
Depending upon the location, the price of a flat for sale in Chennai can vary considerably. The areas in south like Velachery, OMR, and Kelambakkam have high prices for flats, thanks to a plethora of IT companies and steady industrialization in these localities. The rate of a 2 BHK flat, occupying an average area of 1000 sq. ft., can cost you anywhere between 50 lacs and 1crore, though cheaper options are also available. Same is the case with Velachery and K.K. Nagar. You can look for cheaper apartments at GST Road, Tambaram, Thoraipakkam, and Padur.
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Chennai Apartments for Sale: Look for the Latest Developments

The real estate scenario in the metropolitan Chennai is showing some interesting trends in 2013. The construction of new roads, buffer-zones, expressways is a clear indication that face of the city is going a change, and that the properties in Chennai is not standing static; it is, in fact, getting the boost from the developments taking place in terms of infrastructure. Let's see how the city's property is evolving this year:

Teynampet, one of the plush and expensive localities of Chennai, houses areas like Poes Road, Nungambakkam, T. Nagar, and Alwarpet. Buyers in these localities mostly come from high-income backgrounds. The presence of educational institutes and opulent hotels make it one of the most sought-after localities by the elite class. Another locality that is famous for its upscale infrastructure is Kodambakkam. The pivot to city's film industry, Kollywood, Kodambakkam offers plush neighborhoods like Porur and Koyambedu. The buyers on the look out for lavish apartments in Chennai can opt for Teynampet and Kodambakkam.

Market trends indicate that the flats for sale in Chennai has seen an enormous appreciation in several localities, Outer Ring Road(ORR) being one of them. As per data, real estate prices have seen a whopping appreciation of about 300% in ORR localities, over the last three years. Connecting roads like GST, GWT, CTH, and GNT, this transport corridor has resulted in the escalation of property prices in the localities covered under it. The rates have escalated in areas like Mannivakkam, Kundrathur, and Perungalathur. As and when the construction gets completed, the demand for residential houses at ORR is expected to increase appreciably.

In spite of these positive developments, real estate Chennai has also suffered a few setbacks lately. The Construction of a residential area that comprised creating 396 apartments at Poonamallee has been stalled, as per the order by Supreme Court. “If planning permission is granted, dwelling units would come up, which would definitely add to the population of the area”, says acting Chief Justice R.K.Agrawal. Another thing that is the cause of concern is the number of unsold inventories in the city. There are about 40,000 residential dwellings that have no buyers yet.

The construction of a 9 km Eastern Bypass Road to alleviate traffic congestion on GST and Treachery Road is going on in full swing. Once that comes to its completion, the commuters shall have the option to leave aside the Tammara road while traveling. Right now, the demolition of the already-built structures is going on. The residents shall have to wait and see how the things turn out to be.

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