Where Can You Buy and Rent Property in Chennai?

Most people who invest in houses and apartments do so keeping in mind their budget. The joy of finding a home close to your work place and within your budget is inexplicable. If you are looking for an area in Chennai which is cheap enough for your budget and near your office, then do go through this write written.  A lot of these residential hubs are located near IT sectors and companies.

Within Rs 20 lakhs to Rs 50 lakhs

Medavakkam, Ambattur and Urapakkam are some of the areas to be considered in this budget. The proximity to the OMR in South Chennai is a big advantage for Urapakkam and hence you should consider it. The OMR has a number of IT companies located on it. Also, because it is a centre of employment, immigrant IT professionals also eye for flats and house for rent in Chennai here which has led to a sizeable demand.

Those eyeing property in Medavakkam for purchase would be glad to know that it is one of the 10 preferred areas of Chennai among tenants and buyers. Its proximity to the IT hubs, broad paved roads, improved connectivity via the Velachery-Tambaram Road and Pallavaram-Thorrapakkam Road makes it a lucrative area for home buyers. Also, the proposed monorail has made house buyers enthusiastic about this area as it would offer speedy and easy connectivity.

Medavakkam is also located close to suburbs which are developing such as Ottiyambakkam, Ponmar and Sithalapakkam. Shopping areas and transport and work places are located conveniently from this point. Ambattur is another area where people are choosing to stay for its affordability. However, a drawback of the area would be the bad condition of the roads. Keen interest has been taken by developers in the area and they have come up with newer projects. Land availability has also encouraged a lot of developers to start projects here.

Those with modest budgets can consider these areas.

Under Rs 20 lakhs 

 

If you want to buy property for the sake of investments, then you should start small. Areas such as Guduvancheri, Sriperumbudur, Oragadam and Thiruvallur should be considered for this purpose. Most buyers prefer to buy plots here. Located in the south western region, Guduvancheri is preferred because of its closeness to IT hubs, proximity to the OMR or Old Mahabalipuram Road and affordability. It is one of the biggest residential areas between Chengalpet and Tambaram. It attracts a lot of students because of its centres of higher education. The closeness to the National Highway 45 or NH 45, also known as the Great Southern Trunk Road also makes it a lucrative area to live in. It is one of the busiest roads in the south. The stretch is emerging economically primarily because of its closeness to a big SEZ corridor and connectivity through air, road and railways.

Even though plots are mostly demanded here, their supply falls short. Therefore, those who cannot afford to buy plots are opting for flats here. Already 13 projects for residential complexes have been started here. A lot of these projects are slated to be completed by 2015 end and shall be ready for possession.

Over the past 5 years, Guduvancheri has grown rapidly and should continue to grow at similar speeds because land prices are quite attractive for the middle income group.

Oragadam and Sriperumbudur: For the development scope offered by these localities, they have gained vastly as investment destinations. A lot of industries are willing to set up their base here. Since more numbers of industries are coming up here, buyers can expect an increase in jobs here. The emphasis of the 2014 budget has been on the upgrade of the Bangalore-Chennai Industrial Corridor which indicates a Peripheral Ring Road’s construction in Chennai may be implemented. The infrastructural project shall be attempting to associate important industrial areas of Thiruvallur, Sriperumbudur, SingaperumalKoil, Periyapalayam and Thamaraipakkam. NRI focus has been received by both Oragadam and Sriperumbudur as well.

These two areas also have FMCG, electronics, software and manufacturing companies which employ a lot of people. Another advantage of this area is the green field airport which is coming up. An aspect which requires attention still is the commercial side of Oragadam and Sriperumbudur. However, the social infrastructure required in the area is developing gradually. Colleges, schools, road and rail connectivity and hospitals are being constructed here. The price variation in the property shall come up based on whether there is plotted development that has been equipped with sewerage and drainage monitoring, close by parks, electricity supply and roads that have been laid out well.

If buying property in Chennai is not possible for you, you could always rent it! Properties worth Rs 2 to 3 crores may be rented for Rs 35,000 to Rs 60,000 in a month in Besant Nagar. The prices of property in this premium area start from Rs 90 lakhs and may go up to Rs 10 crores even. Those who want to live in a premium locality can opt to rent a flat here in case they can’t afford to buy it.

Among house for rent in Chennai, 3BHK flats in Besant Nagar which have a built up area of 1400 to 2300 sq. ft. may be rened for Rs 30,000 to Rs 60,000. Besant Nagar mostly has 3BHK configurations in supply.

Only HNI and upper middle class people can afford to buy residential properties in Besant Nagar because of the high capital values. However, renting is still an option for most upper-middle class and middle class people here. If you are looking for a smaller configuration, you can rent a 2BHK for Rs 25,000 to Rs 30,000 in a month here. The sizes of these apartments are between 750 sq. ft. and 1100 sq. ft. Capital values of such apartments are between Rs 90 lakhs to Rs 1.5 crores.

Aside from apartments, stand alone house for rent in Chennai Besant Nagar is also available. Mostly top ranking government officials own these properties and they are willing to rent it out to families. Most of the houses are of the size 600 to 2500 sq. ft. and their rent is between Rs 15,000 to Rs 65000 in a month. The capital value of houses in this area is around Rs 1.5 crores to Rs 12 crores and they cover an area of 700 to 4500 sq. ft.