Chennai
Influx of skilled professionals and continuous migration from rural to urban areas has necessitated the paramount need for rental housing in and around Chennai. At present proximity to educational institutions, healthcare facilities and connectivity to transport corridors are major factors that drive demand for rental housing in the vibrant Chennai. The preference is for gated community projects with the increasing concern for security and 24×7 maintenance.
A significant development is the surge in corporate demand for rental housing to curtail the attrition level. In fact a leading MNC curtailed the attrition level in Sriperumbudur industrial area arising due to housing problem faced by women employees by requesting a developer to build exclusive housing units in the nearby areas on the assurance that guaranteed long-term leasing commitment would be provided.
The CBD areas are high on demand list for rental accommodation and there is no dearth of tenants getting into it in a matter of days on notification. No wonder rentals are up by 8-10 per cent in a span of just one year. The city’s one of the growth corridors, GST road is gearing up to improve the housing stock in view of the increase in the number of people employed in Mahindra World City, Shriram Gateway, SRM group of educational institutions and other industrial clusters.
There has been a phenomenal demand for mid-range units particularly in the 2 BHK category fetching rentals anywhere between Rs 15,000 – Rs 25,000 per month, said Bala of Bhoomi Realty. This segment continues to grow in view of the influx of skilled manpower availability and the migration of people from other cities.
The city is now home to an estimated 7,000 expatriates mostly from the European countries. Their preference is for accommodation in Tiruvanmiyur, Adyar, Besant Nagar, Valmiki Nagar, ECR on the coastal areas in the vicinity of international schools. Demand exists for areas such as Alwarpet, Poes Garden and R.A. Puram or in proximity to clubs. Foreign consulates looking for posh bungalows for rentals in the range of Rs 2.5 lakh and above is also high due to inadequate availability of suitable units at choice locations.
Rentals range from Rs 1 lakh to Rs 1.25 lakh per month for luxury apartments and independent units built to international standards with a range of amenities on the coastal area overlooking the sea vary from Rs 3 lakh to Rs 4 lakh per month. Of course there are also properties available in the price range of Rs 1 lakh – Rs 4 lakh. Most of the lease arrangements are through corporates and renewable every year.
V Nagarajan, Property Consultant
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