In Chennai, certain locations, such as Velachery, Adyar, Thiruvanmiyur, Medavakkam and Sholinganallur, are the most preferred areas for rental accommodation.
If you are looking for a rented accommodation in Chennai, the Magicbricks’ list of top ten localities for rent will give you an insight in to which locations to consider.
As per the data with Magicbricks, five localities – Velachery, Adyar, Thiruvanmiyur, Medavakkam and Sholinganallur – have remained on the top of the list of preferred localities for four quarters in a row.
In the present quarter Jan-Mar 2014, Velachery has topped the list followed by Adyar, Thiruvanmiyur, Medavakkam and Sholinganallur in the order. So, what makes these localities so popular as rental destinations? Proximity to IT hubs is a common thread in all localities. Let’s find out more.
Velachery
Velachery is preferred as a rental abode due to its proximity to the IT set ups along the OMR (Old Mahablipuram Road). The location has been on the top of the chart since the last four quarters. Well-planned residential layouts and established social and physical infrastructure have ensured continued demand for the locality.
Rental values in the locality vary from Rs 10,000-20,000 per month for a 900-1000-sq-ft 2BHK apartment. A 3BHK unit is available for Rs 25,000-40,000 per month.
Adyar
Adyar is one of the most centrally-located residential places in Chennai. Its proximity to OMR (around 5 km) makes it an ideal rental option for those who can afford the high rental values. A 3BHK sized around 1200-1800 sq ft is available for a monthly rent of Rs 25,000-40,000. A 2BHK, on the other hand, commands anywhere between Rs 20,000-25,000 per month, reveals data with Magicbricks.com.
Thiruvanmiyur
Being well-connected to both OMR and ECR (East Coast Road) is the prime advantage that Thiruvanmiyur enjoys and the reason for its popularity as a rental accommodation. The location offers both 2 and 3BHK units. A 3BHK apartment is more easily available. Rental values vary markedly from Rs 25,000-70,000 per month, as per Magicbricks. A 2BHK is available for Rs 15,000-25,000 per month approximately.
Medavakkam
Lying just off the OMR, Medavakkam is another preferred location for rental accommodations. Apart from its proximity to OMR, affordable rental values as compared to the other options, also makes Medavakkam an ideal choice.
A 3BHK is available for RS 10,000-15,000 per month while a 2BHK is 5000-10,000 per month.
Sholinganallur
Sholinnallur also rides on the affordability factor. Out of the top five locations, it is the only one that is situated along the OMR.
A 3BHK apartment sized around 1200-1700 sq ft is available for a monthly rent of Rs 15,000-20,000 per month. A 2BHK, on the other hand, commands a monthly rent of around Rs 10,000-15,000 per month.
Source: Times of India Real Estate