Perungudi entered in the PropIndex* list of top 10 preferred localities for rent during the Oct-Dec 2014 quarter. Stable rental values during the last three months in the area and spillover demand from nearby Thiruvanmiyur, Velachery, Palavakkam and Adyar has made Perungudi a prospective rental destination for the IT professionals employed in the region.
*PropIndex is an India Apartment Index report published quarterly by Magicbricks. Read here
The Rajiv Gandhi IT Expressway, popularly known as the ‘IT corridor’ is home to many IT/ITES companies. Perungudi along with areas such as Adyar, Thiruvanmiyur, Palavakkam, Kottivakkam, Thuraipakkam, etc. are the localities that form part of this ‘IT corridor’.
“Not only there is a high supply of rental properties even the rental values here are affordable when compared to neighbouring areas,” says Hari V of Bhoomi Estates, a broker firm. Rental values in the area start from Rs 8,000 per month for a 500-600 sq ft apartment while 3BHK units having 1500-1600 sq ft covered area are being leased out for 25,000 per month.
Rental values in Thiruvanmiyur, situated about 3km from Perungudi, range from Rs 10,000-85,000 per month for residential units having 600-2000 sq ft covered area. Getting hands on a rental property in Palvakkam, situated about 2km, is not only difficult but expensive as well. Rental values here range from Rs 12,000-50,000 per month.
Adyar, situated about 4km from the area is expensive as well. Rental values here start from Rs 8,000 per month and go upto Rs 1.3 lakh for residential units having 350-4000 sq ft covered area. “Migrant population working in the IT and software companies is dominant in the locality,” says Gopi Subramanian of RR Realties, a broker firm.
As to why prices are low here, Subramanian says that despite significant growth in both residential and commercial sector, the area is still struggling with poor infrastructure. “Region has gained importance only because of its location along the IT highway but it also needs to sustain this demand and the rising population,” he adds.
Currently, the area lacks in basic civic amenities such as waste and drainage system, piped potable water and internal roads. Tenants however have the option to live in gated communities which have sprung up in the area and offer amenities like water storage, power backup and security. Also, having your own vehicle can be beneficial as the local transport besides the Metropolitan Transport Corporation (MTC) services is not frequent.
Source: Times of India / Ankit Sharma writer with Magicbricks