If you would like to live in a posh area but do not have sufficient funds to afford one, Alwarpet in Chennai is an excellent option for rental accommodation.
In fact in the Jul-Sep 2014 quarter the rental prices in the area witnessed a significant fall of almost 23 per cent for multi-storey apartments, compared to the same period in 2013. Subsequently, in the Oct-Dec 2014 quarter rental values picked up by about 15 per cent.
“There are two primary reasons that keep the rental market buoyant here – the location and the people,” says Senthil Kumar, a long-time resident of the area and a real estate broker. “Alwarpet, in addition to being located close to premium residential localities, has reaped benefit due to this proximity. This is in direct contrast to several neighbourhoods of up-market areas which are used as a first point of contact for construction debris, hoardings, booster generators et al.”
“Secondly, most of the upcoming projects are re-developed constructions of large sites (some even combined sites), originally inhabited by middle-class people, who today, are aiming at getting regular income,” adds Kumar.
In fact, Alwarpet has been the recipient of several focused facelifts in the past few years. Well planned layouts, relatively well-laid wide roads, presence of upmarket restaurants and lifestyle amenities have ensured of rendering this location as the most preferred for rental abodes.
“The locality is actually a mixed residential zone in Central Chennai, even though it is fast being classified as an upscale neighborhood of the city,” says J.Mahalakshmi, an architect who has re-developed several independent homes into builder floor apartments. “Property owners have generally been living here for decades now. Thus, the area has a good mix of middle income and HNIs.”
Alwarpet is connected to almost all major parts of the city, is near the Chennai Central Railway Station and is about 14 km from the airport.
What is available?
As per Magicbricks data, approximately 55 per cent of the available stock in Alwarpet comprises of builder floors, while about 35 per cent of the inventory is of multi-storey apartments. The rest comprise of independent houses and residential plots.
Currently, the rental values in the area hover around Rs 37,000 per month for a 2BHK with a carpet area of 1000-1200 sq ft. A 3BHK builder floor, on the other hand, commands a monthly rental of around Rs 40,000-45,000, complete with tree lined compound walls and large private sit-outs.
Source: Times of India /Kanchana Dwarakanath is an integrated communications professional with diverse experience in journalism & Marketing Communications. Her current focus areas include real estate, infrastructure, urban management and the skill development market.