Adyar, Thiruvanmiyur preferred rental destinations
Adyar and Thiruvanmiyur located in the southern part of Chennai were among the preferred property rental areas in the last six months. They are located at a distance of 2-3 km from each other.
According to the PropIndex (Jan-Mar 2014), the quarterly India Apartment by Magicbricks, these localities continued to maintain their position at the second and third slots in the top ten preferred rental localities of Chennai.
Rental Price Trends
The PropIndex report also indicates that consistent demand for rental properties in these areas has resulted in an increase of over five per cent in the average rental values in the said quarter as compared to the previous quarter.
Well planned layouts, wide roads, presence of schools, colleges and medical facilities continued to render these locations as preferred for rental accommodation.
Rental Options in Adyar
The locality offers equal number of options for lease in both single floor units and multi-storey apartments. However, multi-storey apartments are preferred over single floor units on account of the facilities that come along with these apartments.
Units of 3BHK in the multi-storey apartment’s category are in maximum supply followed by 2BHK units. However, there are limited options for people looking for 1 and 4BHK units on lease.
Apartments of 3BHK, mainly in sizes of 1,200-2,000 sq ft, are available for a monthly rent of Rs 30,000-60,000. For 2BHK units, the sizes range between 750-1300 sq ft, and one needs to shell out a monthly rental of Rs 18,000-36,000. Majority of these units are semi-furnished and offer facilities such as reserved parking, lift, security, rain water harvesting, power back-up etc.
Proximity to the IT zones such as TIDEL Park, ensure continued rental demand from high-end IT professionals. This has also given an impetus to investors to invest in Adyar. Limited supply for sale has kept up the property prices. The average sale value in the locality ranges within Rs 10,800-13,400 per sq ft.
Rental Options in Thiruvanmiyur
Thiruvanmiyur is well connected to the Old Mahabalipuram Road (OMR) at one end and the East Coast Road (ECR) at the other, resulting in high demand for property on lease. The locality offers maximum lease options in single floor units and multi-storey apartments primarily in the 2 and 3BHK configuration. Residential houses were the third most supplied category in the area. In the single floor units, 2BHK apartments were in maximum supply followed by 3BHK apartments.
Units of 2BHK are available for a monthly rent of Rs 10,000-25,000. On the other hand, 3BHK units command a premium with the average rent of Rs 28,000-40,000 per month. In the multi-storey apartment category, 3BHK units are the most supplied with a starting rent of Rs 20,000 per month, followed by 2BHK units. However, fully furnished units command a value of upto Rs 75,000 per month. These units come with all facilities such as air conditioners, modular kitchen, furniture and fitting works.
Both Adyar and Thiruvanmiyur expect to see consistent demand for properties in the future.
Source: Times Property, Chennai/MagicBricks.com Bureau