The ones looking for an affordable home in Chennai would be glad
to know that the value of property in the affluent T Nagar area of Chennai has
dropped by 7 percent which makes it much affordable. However a drop in the
rates does not mean its sheen has been lost somewhere. Currently the square
feet rate of property in T Nagar is Rs 10,500. Even though the property prices
are dwindling in areas such as T Nagar, the prestige of the area is still
intact.
Price of Property
For a 1BHK flat in this area, you would have to pay around Rs 44
lakhs for a flat that measure 580 square feet. For 2BHK units, you would have
to pay between Rs 49 lakhs and Rs 1 crore here, for apartments which are sized
between 650 square feet and 1300 square feet. For bigger flats, you would have
to pay up between Rs 2 crores and Rs 6 crores. The size of these apartments is
around 3200 square feet. House for rent in Chennai too, the rates have
fallen. For residential houses, the
rates begin from Rs 50 lakhs and they can go up to Rs 6 crores almost. Most of
these accommodations are semi furnished.
In terms of investment perspective, higher is the investment
made, more is the return. You can earn almost Rs 1 lakh in rent in a month from
a 3BHK unit. For 2BHK unit, the rent that you may earn is around Rs 80,000 per
month. Even though 1 BHK units are few, they can bring in almost Rs 22,000 in a
month. The rate of capital keeps reducing every year although investors stand
to benefit. When thought from the middle term perspective, people’s disposable
income shall not fall and hence appreciation of price is certain. Moreover,
being centrally located, it commands more rent than what it should.
Amenities
T Nagar is a commercial place in the city and is comparable to
Connaught Place in Delhi and Linking Road in Mumbai. The strategic location is
enjoyed by the residents because of the closeness to work places, open spaces
such as Somasundaram Corporation grounds and Pannagal Park and educational
institutes along with scope of returns on investment. For commercial space for rent in Chennai and residential properties, T Nagar is ideal.
Because of the possibility of appreciation, the area has caught
the attention of many locals and NRIs who would want to invest in the area.
Because of the high yields on rent, the investment made would not go down the
drain. For those looking to invest for the next 5 years, the returns could be
as much as 3 times the amount invested. There can be a leap of almost 70
percent in the next five years. The area is very busy and houses the Usman Road
famous as Dubai of Chennai. The area has a number of jewellery stores, finance
and textile outlets which are crowd pullers.
Infrastructure
The Central Railway Station of Chennai is just 8 kilometres from
here while the airport is around 12 kilometres away. The area has taxis, buses
and autos plying in the area. Public transport connects various areas such as
Kodambakkam, Mylapore, Parrys, Tambaram and Avadi. However, there are quite a
few traffic snarls in the area because there is inadequate parking space
available here. Also the road requires frequent repairs especially during the
monsoons.
Major crimes such as burglary and theft are not there much because
the area is a busy one. Also, you do not need to travel much to buy essential
amenities because there are plenty of departmental stores and kirana shops.
Kodambakkam
Those who would want to rub shoulders with the movie stars of
Kollywood could get a property on Kodambakkam which houses the Gemini, AVM,
RedRock and Prasad film studios. Some of the localities that are here are
Vadapalani, Trustpuram and Vishwanathpuram. Fans of AR Rahman would be glad to
know that his AM Studio and Panchathaan Record Inn is located here.
Appreciation of Prices
For 2BHK apartments, the cost of an apartment is around Rs 55
lakhs and depending on the area it may increase to Rs 1.4 crores. The size of
such an apartment is between 950 sq. ft and 1250 sq. ft. For 3BHK apartments, the cost can increase to
Rs 1 crore to Rs 2.5 crores for apartments measuring 1000 sq. ft. to 2000 sq.
ft. Some of the apartments in Kodambakkam could take up two floors even.
Even though a number of multi-storeyed apartment buildings are
on the rise, villas and independent lease house in Chennai are more
popular here. Residential houses which are spacious enough can cost close to Rs
6 crores here. Residential plots too are much in demand.
If you would like to rent a 2BHK apartment in Chennai, you would have
to pay around Rs 30000 in a month whereas for a 3BHK unit it comes to around Rs
50,000 in a month. The area is becoming cosmopolitan because people from Andhra
Pradesh and Kerala area also buying apartments here along with Hindi speakers.
There is a chance of increase in property values because a lot of people prefer
to live in this locality. For an apartment that is priced between Rs 60 lakhs
and Rs 80 lakhs, you can reap double benefits on it within 5 years only.
Infrastructure
There are very good infrastructure facilities in Kodambakkam.
Those people looking for a peaceful locality which is prominent and accessible
from other areas, Kodambakkam is the answer. It is close to the commercial
areas of T Nagar and the area of Koyambedu. It has got everything that one
would want for daily living such as schools, transport, recreational areas and
colleges. It is a desirable neighbourhood because of the social and physical
infrastructure on offer. Because many Kollywood stars will be living close to
you, you can expect an assured capital increase.
The demand for rental apartments in this area is quite high.
Because of the convenience offered by the area, most people pick it. A lot of
people working in the OMR region prefer to stay here because of the transport
services. Also, recreational areas and shopping centres are quite popular here.
It keeps the rental market quite active here.
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