Eyeing Sholinganallur? The data with Magicbricks shows that the locality has registered a per cent rise in capital and rental values. The capital values rose at 9 per cent, whereas the rental values appreciated by 14 per cent. In Jan-Mar 2013, while the property prices in Sholinganallur stood at Rs 4000 per sq ft on an average, prices escalated to Rs 4550 by Jan-Mar 2014.
What determines the popularity of Sholinganallur in the real estate market?
Job market has lifted the locality’s realty market establishing it as a preferred rental and investment choice. With IT corridors in the vicinity, not only has the capital market witnessed a rise in values, but if you happen to be a house owner who is willing to let your house on rent, you can boast of being the resident of Chennai’s top yield earning locality!
If you put in Rs 34 lakh for a 1000 sq ft, 2BHK unit in the capital market, you would be happy to know that it can fetch you monthly rent anywhere between Rs 11,000-20,000 per month, depending on the exact location of your house!
Ravi Kumar, a city-based broker at Ravi Realty says, “A 1900 sq ft flat that is fully furnished and is ideally located can even command as much as Rs 75,000 per month. A house of this size asks for anywhere between Rs 60-90 lakh. If it is furnished, you can bank on it for good returns through rent.”
Prices
A 2BHK unit that covers an area of 950 sq ft can cost you Rs 32 lakh. Prices can go up to Rs 80 lakh for a 1600 sq ft unit. However, if you opt for a 3HK unit, prices range between Rs 37 lakh – Rs 1.7 crore. There are villas, residential houses and even plots for sale available here.
In Shollinganallur, residential houses, paying guest accommodations, builder floor apartments, multi-storey apartments, villas and even studio apartments are available on rent. You could take up a multi-storey apartment on rent within a price bracket of Rs 6000 per month to Rs 50,000 per month.
A majority of accommodations are up for rent within a budget of Rs 15,000 to Rs 25,000 per month. Most of these are 3BHK units that are semi furnished. 2BHK units are within the size range of 600 sq ft to 1200 sq ft. A 3BHK unit would range from anywhere between 850 to 2100 sq ft.
Sholliganallur assures as a promising locality for both investors and prospective tenants. The ideal location makes it easy for capital appreciation prospects as well as aids a good rental demand.
Why Sholinganallur?
Linked by the OMR Road and the East Coast Road to the other parts of the city, Sholinganallur’s geographic positioning seems to be the main attraction. Not only residential, Sholinganallur’s potential seems to be spurting into the commercial sector as well.
In terms of social and physical infrastructure, Sholinganallur boasts of reputed schools and colleges, hospitals, malls and eateries. Moreover, ECR beach, a recreational spot, is quite close to Sholinganallur.
Anand Vijayan, broker at Vidharbha Realty says, “The location advantage is immense and has a good scope of appreciation. Proximity to the job market has drawn an increasing number of people as buyers and tenants. Even tenants, who are single professionals in turn buy houses in the locality and settle here.”
However, Vijayan, who has previously let out his flat on rent also informs, “A flyover in the locality could be a good way to decongest the peak office traffic in the area. Traffic and parking becomes a problem at most times.”
The most opted commutation mediums are either the local buses or the auto rickshaws. Velachery Railway Station is the closest from Sholinganallur at a distance of approx 12 kilometres.
Source: Magicbricks.com Bureau / Times of India