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Rental Property in Chennai

Chennai is the fourth largest metro in India with at least 40 per cent of Tamil Nadu population based within the city limits. The capital city of Tamil Nadu, Chennai has a population of around 6.9 million. The shortage of ownership homes as per the need of the population has forced many to opt for rental property in Chennai. The city that is so rich in cultural heritage and historical significance has now emerged to be a modern and business destination that is making huge amount of Foreign Direct Investment to flow in India. The real estate market has also earned great prospects of growth and developments as the demand for rental homes in Chennai and the commercial rental property increased two-folds in just 4-year period. It is because of this reason that the real estate investors found it a profitable avenue to invest in the rental property market in Chennai. 

 

Rental market in Chennai

 
As the city emerged as a major center for outsourcing jobs and more and more BPO’s gained grounds, many tech professionals found Chennai to have a great career prospect. Construction became a sought after industry and the people availed houses on rent in Chennai as ownership homes were limited in numbers. There are different types of homes available on rent to the prospective tenants. From apartments, flats, independent homes, to condos. There is always a wide variety of options available according to one’s budget. 
 
The major developments in both the residential rental sector in Chennai and the commercial one has been noticed in the Old Mahabalipuram Road and its adjacent areas, many housing projects are underway and you can easily get hold of some affordable homes on rental basis. The commercial rental property market in Chennai is more vastly focused on the IT-sector that is already booming in the state.
 
It has been observed that more often the existing homes in Chennai are more highly priced in the rental property listing in Chennai. It is mostly for the traditional features that it has. While, the new housing projects like VGN Group Mugappair, Sree Foundations OMR IT Corridor, and Citilights Blessings offer housing and commercial space at low-rates if you book one while the complexes are still under construction.
 

Rental rates in Chennai

 
There is often a vast difference between the rental rates of independent homes and bungalows and even more the luxury apartments that cost up to Rs 1 lakh even on rental basis. There are homes available on quarterly rent basis and are called leased out apartments and complexes. There is a major contract with the landlord in this case. 
 
Rental property value in Chennai
 
Rental zones in Chennai Rents
Central Chennai Rs 16,000 onwards for 3 BHK flats
IT Corridor Chennai RS 7,500 for single-bedroom flat
North Chennai Rs 13,000 onwards for 2 BHK flats
South Chennai Rs 8,000-Rs 20,000
West Chennai Rs 7,000- Rs 22,000