About 37 per cent of tenants in Chennai were looking for residential houses during Oct-Dec 2014 quarter, according to PropIndex, an India Apartment Index report by Magicbricks. A significant rise of 9 per cent has been noted in the demand for independent homes in the last three months.
During the same period, West Chennai, among all zones, witnessed the maximum supply of rented residential houses with localities such as Porur, Ramapuram and Poonamalle leading the list. Take a look at what is being offered in these localities:
Porur, known for its chemical industries and manufacturing plants, is fast becoming an IT hub of Chennai. Companies such as L&T, HCL, IBM, Dell, iGate, Logica, Barclays and several others have set base in the nearby DLF IT Park while TCG IT Park and Jayanth Tech Park are currently being developed.
Rental values in the locality start from Rs 6,000 per month for a 1BHK house and go upto Rs 20,000 per month for a 3BHK villa.
The area is situated at the key junction of Mount-Poonamallee Road, Arcot Road and the Chennai Bypass Road. It is also just 12 km from the Chennai International Airport. “Developing IT Special Economic Zones (SEZs) in the nearby region and the recent arrival of small companies make the area a favorable option for the workforce, primarily from these companies and industries,” says Usha Sekar of Hi Tech Foundations, a broker firm.
Porur’s neighboring locality Ramapuram also offers several leased residential houses. Here, rental values vary from Rs 6,000-18,000 per month for 1-3BHK units. The area being situated along the Mount- Poonamallee Road shares the same neighborhood as that of Porur.
A resident of the locality, Venkatesh says, “Ramapuram takes advantage of being a developing locality within the city limits. It is close to several IT Parks and city center areas such as T Nagar, Vadapalani and Guindy. The area is packed with good schools.”
Poonamalle, situated along the Outer Ring Road (ORR), is comparatively affordable than Porur and Ramapuram. The locality offers 1BHK houses on a starting rent of Rs 5,000 per month while 3BHK bungalows are being leased for Rs 12,000 per month.
With ORR Phase -1 becoming functional in September 2014, several projects and townships have come up in the vicinity while schools and colleges are already present. “The area is rapidly developing and is very near the proposed Greenfield Airport. It is surrounded by renowned schools,” says Hemanand, a resident of the locality.
So, if you are looking to rent a house in Chennai, you know where to start your search.
Source: Times of India Chennai /Ankit Sharma is a real estate writer with Magicbricks having a knack for property trends and latest updates on the sector.