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 –
Alwarpet
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.
Velachery
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