Excellent options along the OMR have made these places much sought after by tenants in.
The rental real estate market of Chennai seems to be positive at present with a rise in rental values followed by good returns. If you are one of the home owners in Chennai finding it difficult to sell, why not put your apartment on rent to get regular returns.
A few months ago, the residential real estate segment of the city faced some challenges. However, in recent times, many localities have witnessed a rise of 1-8 percent in the rental values, as per Magicbricks data.
“There have been a number of enquiries but the transactions do not really match up to what is seen now in the rental market. People are more interested in leasing homes. This could be because of a desire for high standard of living, which attracts buyers towards luxury homes. Since the price of such homes might be out of reach for many, people are opting to rent those homes,” says Arasu Kumar, consultant, Prescient Realty.
As per Magicbricks data, some areas offering the highest rental returns in the city are Padur, Thorapakkamm and Sholinganallur.
Padur
The locality is popular among buyers due to its proximity to the Old Mahabalipuram Road (OMR), which directly connects with the IT corridor. It also gives easy access to the Siruseri IT Park, Kelambakkam and Sholinganallur. It is also well connected to Urapakkam and Tambaram.
“The locality majorly draws attention from the IT professionals and engineering students of the nearby colleges. These tenants look for fully furnished accommodation and three to four people share the rent,” says Muthu Vasant, a city-based broker. Planned social infrastructure, renowned colleges and proximity to the IT corridor makes Padur a selfsufficient locality.
Sholinganallur
Located in south Chennai, Sholinganallur is another preferred location among tenants. One reason for the area being preferred is availability of all types of property builder floor apartments, residential houses, villas to multi storey apartments. Connectivity to other key areas and the IT presence makes Sholinganallur a one-stop destination among Chennaiites. The ECR (East Coast Road) Link Road and Velachery Main Road connect it to the eastern and western parts of Chennai.The locality enjoys vicinity to various IT Parks, housing top software firms such as Wipro, HCL Infosys and TCS.
Thoraipakkam
The locality is strategically located on the OMR and is one of the preferred localities in the city. Factors such as availability of ready-to-move-in housing options, sound social infrastructure and good connectivity make it a preferred area. Thoraipakkam offers a decent standard of living with affordable homes when compared to the central part of the city. The area is located along the OMR, which ensures quick and prompt connectivity to all key locations.The Chennai International Airport is hardly 20 minutes away via the Pallavaram-Thuraipakkam Road.
Sneha Sharon Mammen, Times Property, Magicbricks Bureau/ Chennai