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Rental Property in Raipur

The city experienced a boom in rental property in Raipur as the place became popular being declared the capital of newly carved state of Chhatisgarh, previously a part of Madhya Pradesh. Largely an industrial state, Raipur is well-connected to major cities like Kolkata, and towns such as Durgapur, Asansol, and even the state of Jharkhand. Its business deals are spread far and wide across the country and most people find it interesting to stay in Raipur. It can be thus safely assumed that rental accommodations in Raipur gained grounds with the stabilization of steel plants, metal processing units, and iron ore processing that added a significant revenue to the state’s Gross Domestic Product.

 
As more and more people began to consider Raipur as a viable place of living, the demand for housing was triggered. Construction then was minimal and people found an extreme shortage in terms of proper housing and shelter. The existing homes then began to attract tenants who initially were ready to pay much more than the desired rate for rental houses in Raipur. The industrial laborers and contractors were the first takers. 
 
Soon the town began to flourish in the year 2005, when many more construction projects in the housing sector were taken up. This provided a further boost to the renters who found the flats to be cheaper and having all modern facilities. Professionals and engineers who moved to Raipur on contract assignments with a particular plant would easily avail the rented homes in Raipur. That eventually saved them from purchasing an ownership home in Raipur after spending a minimum of Rs 6 lakhs. 
 

Rental market in Raipur

 
It has been observed that the economical developments in Raipur especially contributed in making the real estate market strong and demanding. The contractors and real estate brokers also started earning more after the rental property in Raipur emerged as a profitable segment within the housing and commercial market in Raipur. 
 
On the commercial front as well, the rented office space in Raipur is in demand among the small businessmen and traders like retail outlets, hardware shops, and telecom servicing centers. However, the mall culture in Raipur is also developing with companies preferring to open outlets here. As many commercial complexes are still under construction, these dealers again find the rented commercial complexes in Raipur to be a viable option. 
 
The prospective areas that are popular among tenants seeking 2 BHK and 3 BHK apartments are
 
Raipur Airport Road
 
 Flats in these areas are highly priced and rental rates are up to Rs 20,000 per month.
 
Shailendra Nagar
 
Independent homes are equally expensive in this area and the rents vary from Rs 18,000- Rs 40,000. 
 
Tatibandh
 
Two BHK apartments here have a minimum rent of Rs 6,000. 
 
Deendayal Upadhyay Nagar
 
Rents vary from Rs 7,000 onwards and up to Rs 15,000.
 
GE Road, Raipur
 
Independent homes with 3- 4 BHK are available on rent from Rs 15,000 thousand onwards.