If renting a property in Chennai is on your mind, try Velachery and Alwarpet. The PropIndex (Jan-Mar 2015) data- a report by Magicbricks shows that these two areas offer maximum of rental properties. The data shows that there are over 450 properties available in Velachery and about over 170 properties available ‘to-let’. What’s in store for consumers? Let’s find out –
Located in Central Chennai, the locality majorly offers 2, 3 and 4BHK units on rent. These are a mix of apartments and villas approximately sized between 1150 sq ft to 3500 sq ft. While the rental values of 2 and 3BHK units are anywhere between Rs 40,000- 90,000 monthly, a 4BHK unit can be rented for approximately over Rs 1 lakh.
“Since Alwarpet is one of the premium localities and offers up-market lifestyle amenities, the rents here are high. Being centrally located, it has good connectivity to all parts of Chennai, which keeps the rental market up,” says Bala Ganesh, an agent in the locality.
Chennai Central Railway Station and Chennai Airport is at 8 and 14 km distance from the locality respectively.
The available transport facilities such as buses, train and autos is relatively good. The upcoming Chennai metro will further better the transport medium.
“Shopping centers, malls and a nice spread of restaurants in Alwarpet constitute its social infrastructure,” Ganesh adds.
Located in South Chennai, Velachery offers affordable rental options as compared to Alwarpet. One can find 1, 2 and 3BHK unit options in the locality. These are available in the comparatively smaller sizes ranging approximately from 700 to 1500 sq ft. The rental value of a 1BHK unit is approximately between Rs 6,000-7,000, while for 2 and 3BHK units the monthly rent can be anywhere between Rs 10,000-20,000.
Velachery is considered to be a safe place to stay on rent as it has its own police station and mostly all major streets are well lit. The area houses gated communities which ensure proper sweeping, drainage and sewerage facilities
In terms of social infrastructure, the area offers both private and government schools and colleges are also found in abundance. The prestigious IIT Madras is present in the area. Hospitals, nursing homes, malls and restaurants are also present here.
“It is well connected to suburbs of South Chennai and Mount Road by Velachery Main Road. Roads like Taramani Link Road and Inner Ring Road are also nearby and helps to have an easy access to other parts of the city,” Ramesh Raj of Star Housing.
The Chennai International Airport near Meenambakkam is at 10.5 km distance. The Mass Rapid Transit System connects Velachery to the other areas. Plans of Monrail are also in the pipeline.
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Source: Times of India Chennai
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.
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