Chennai Q3 2015: Rental Property Tracker
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.
• Medavakkam clocked first position based on availability replacing Velachery that retained first slot for the last two quarters (Q1 & Q2). Surrounded by Velachery in the North, OMR in the South and Grand Southern Trunk Road in the South-West, this market provides swift connectivity to the major IT hubs of the city.
• Porur retained its second spot. Presence of IT giants such as IBM, iGate, HCL, Logica, Dell, among several others along with manufacturing and chemical industries catalyzes rental demand in the area. Moreover, proximity to the DLF IT Park and Chennai International Airport (12 km) has also helped the area climbed the realty growth ladder.
• Velachery and Chromepet secured third and fourth positions. Both the markets are mainly influenced by the IT/ITeS professionals who prefer to live close to their workplaces. Moreover, well-developed social infrastructure and good connectivity via Mass Rapid Transit System (MRTS) also attract tenants to the area.
• Fifth spot was clocked by Sholinganallur, which again is influenced by IT/ITeS.
• In terms of rental yield, it is interesting to note that except Poonamallee, other top four micro-market were new entrants in the list.
• Padur was the showstopper in terms of rental yield. Its proximity to the OMR, and accessibility to Sholinganallur, Siruseri IT Park and Kelambakkam via the OMR has made it a preferred rental destination among IT professionals.
• Oragadam secured second position on the list, which can be attributed to the relatively affordable capital values in the region.
• Influenced by the IT/ITeS, Siruseri and Perumbakkam clocked third and fourth slots. While the former boasts of SIPCOT IT Park, the latter enjoys good accessibility to IT hubs of Velachery, Sholinganallur and Thoraipakkam.
• Last but certainly not the least, Poonamallee secured fifth position on the list. 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.
The purpose
1) Help the consumer to understand availability of rental properties in Chennai.
2) Assist the consumer to understand the top markets for rental returns in the respective city. The data is taken from listings done by builders/ brokers/ individuals to rent out their properties through CommonFloor.com from Jul to Sept, 2015.
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.
