If you think you have outgrown your home, this might be the right time for you to move into a bigger house in Chennai. The city has witnessed an oversupply of 22 per cent for 3BHK units in the Oct-Dec 2014 quarter, according to PropIndex, an India Apartment Index report by Magicbricks. During the same period, 1 and 2BHK units were either low in supply or at par with demand.
Localities such as Velachery, Thiruvanmiyur and Nungambakkam have the highest supply of 3BHK units. These localities are also among the top ten preferred localities for rent in Chennai, as per the current PropIndex (Oct-Dec 2014).
Velachery
Velachery is one of the prime residential neighborhoods connecting the IT corridor along OMR and GST Road to the Central Business District of the city. Rental values of 3BHK units in the locality range from Rs 11,000-35,000 per month with covered area varying from 1000-1500 sq ft. Both independent houses and apartments are available on lease here.
However, Subramanian R of Lancor Realty Limited, a broker firm says, “It is the flats that are mostly taken on rent here, as most of them are part of gated communities and give a better sense of security to families.” The area can be a viable option for bachelors looking for a bigger rented home, to live in groups.
Thiruvanmiyur
Situated at the threshold of the East Coast Road and along the Rajiv Gandhi IT Expressway, Thiruvanmiyur offers 3BHK units in the price range of Rs 25,000-85,000 per month. Sizes vary from 1300-2500 sq ft. The locality is preferred by professionals working in the Tidel IT Park and nearby areas.
It is one of the well developed localities of South Chennai with presence of schools, colleges, hospitals and shopping complexes. Those looking for a house or apartment overlooking the sea or the beach can opt for this locality.
Alwarpet
Alwarpet, situated between the Boat Club and Poes Garden, is one of the most sought after addresses in Chennai. “The area is home to several NRIs and the elite of the city,” says Yuvaram, a resident of the locality.
Though buying a house or an apartment in the area is expensive, living on rent can still be possible. Rental values of 3BHK units in the locality start from Rs 40,000 per month and go upto Rs 1.5 lakh per month, with covered area varying from 1600-2500 sq ft.
So, if you are planning to rent a bigger home in Chennai, these might be good areas to start your search!
Source: Times of India /Ankit Sharma Magicbricks