Rent an apartment/house if you can’t afford to buy one.’
If you agree with the above argument and believe that renting an apartment or house costs less, you might want to reconsider your ideology. Selective pockets in Chennai are demanding monthly rent that can no longer be termed as affordable. Take a look!
Poes Garden
One of the coveted addresses of Chennai, Poes Garden, is home to who’s who of the city. Rental values of available apartments range from Rs 1-2 lakh per month with covered area varying from 2000-4000 sq ft.
Though the basic facilities remain more or less the same, the property value is high only because of the desirable pin code. Living in the locality means sharing neighbourhood with celebrities such as Dr. Jayalalithaa and Rajnikanth.
MRC Nagar
MRC Nagar is another locality where renting a property is expensive. The area is located on the Adyar creek and offers a sea-view to its residents. Monthly rent can easily reach up to Rs 1.5 lakh for a 3 or 4BHK apartment sized 2000 sq ft.
Facilities being offered in these properties include private terrace or garden, power back up, parking, jogging park, security, rain water harvesting, air conditioning, etc.
Alwarpet
Renting a 3BHK apartment in Alwarpet having 4500 sq ft covered area can cost you about Rs 2.5 lakh per month while residential houses having 2500-4000 sq ft covered area are being leased out for Rs 1.5-2 lakh per month.
The area itself is well-developed in terms of social and physical infrastructure. It shares neighbourhood with other premium localities of the city. Alwarpet is surrounded by localities such as Tenyamet, T Nagar and Nandanam. Like the neighbouring Poes Garden, Alwarpet is also home to famous celebrities such as Kamal Hasan, MK Stalin, etc.
Raja Annamalai Puram
Raja Annamalai Puram also has a stock of premium on-lease properties. The rental value of such properties range from Rs 70,000 to Rs 1.5 lakh per month with covered area varying from 2000-2500 sq ft. It is situated on the banks of Adyar river and Adyar creek and most of the apartments demanding high price are either river or creek facing.
Additional charges:
Besides monthly rent, in some of properties you will also have to pay monthly maintenance charge and security deposit (refundable).
Ankit Sharma is a part of the Magicbricks- Content & Research team and reports on the emerging property trends and the latest updates of the realty sector.
Source: times of india/ magic bricks