Chennai Q2: Rental Property Tracker
Salient Features:
- Out of the top 5 rental markets based on availability and rental yield, maximum were skewed towards the southern part while remaining in the western part of the city.
- Demand in localities such as Chromepet, Velachery and Old Mahabalipuram Road (OMR) is mainly influenced by the IT/ITeS professionals who prefer to live close to their work places.
- Moreover, both Chromepet and Velachery also boast of well-developed social infrastructure and good connectivity via Mass Rapid Transit System (MRTS).
- Consistent need of rental properties in Madipakkam is primarily attributed to its strategic location. Situated along 200-ft-wide road, the area lies in close proximity to the IT hubs on OMR.
- Interestingly, Porur and Medavakkam are two markets that have retained top position in
terms of both availability and rental yield. While the former is benefitting due to its strategic location and the presence of chemical and manufacturing industries, the latter is growing due to the proximity to important IT and commercial areas such as Velachery, OMR, Pallavaram and Tambaram. - Excellent connectivity, proximity to IT hubs and availability of well-developed infrastructure have made Poonamallee score positive on the rental graph of the city. Also, the area receives spill-over demand from nearby Anna Nagar and Porur, where rents have become unaffordable for many.
- Affordable property values have helped Thoraipakkam to get a slot in the top markets for rental yield. IT industry seems to be the X factor for the development of real estate in this part of the city.
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The purpose: 1) Help the consumer to understand availability of rental properties in the Chennai markets respectively. 2) Assist the consumer to understand the top markets for rental returns in the respective city. The data: The data is taken from listings done by builders/ brokers/ individuals to rent out their properties through CommonFloor.com from January-March, 2015.
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Disclaimer: The information provided in this Website is based on CommonFloor data which is collected from various publicly known sources viz, websites, documents and maps including CommonFloor’s proprietary data resources, and from the inputs of unidentified individuals. It ought to be considered as a guideline and not as absolutely certain. While care has been taken for groundwork, no responsibility is accepted for the accuracy of whole or any part. This information is absolute property of CommonFloor /maxHeap Technologies Private Limited. It should not be reproduced in any form, in part or whole, without prior written permission of CommonFloor. The information is provided on an “as is” and “as available” basis. CommonFloor expressly disclaim warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
