Rental flats in High demand-Ashok Nagar,vadapalani

This article is purely based on my personal experience. Recently i had a flat to rent out in Ashok Nagar and when i did post a advt in sulekha.com and magicbricks.com, i was overwhelmed by the number of responses for that advt. I got almost 50 emails showing interest in the apartment and this does not include direct calls to my cell number.

It is no wonder why this area is hotting up for rentals.Recently lot of IT parks sourrounding Ashoknagar started operating bringing in lot of migrant population in chennai. I observed that i got most of the calls from IT pros working in Olympia and few from Virtusa folks.Rental here is more than INR 9k for a 2 bed room apartment. It was a pleasant surprise for me.:)

Invest in city rather than outskirts:
I have no doubt that this would go up further down the line once the other IT parks including DLF starts full operation by early 2009 . So i was said before it is wise to invest your hard earned money in apartments in city rather than investing in new residential projects like Hiranandani palace gardens, Upscale,Purva Swanlake or mantri’s projects in OMR. I know many builders in and around Ashok Nagar, KK Nagar selling out projects before laying the foundation stone. Vadapalani is already getting attention after Big Bazaar and malls like Prestige Vijaya forum mall contruction started here.

Porur potential:
One area which is going to be hot is Porur once DLF IT park gets complete. I hear DLF has a capacity of around 60000 and there is hardly any major apartments complex nearby. If i had the money then i would have invested in ETA Jasmine court which i feel is a very good investment. It should appreciate and also fetch good rental values.

Gone are the days when Chennai was considered cheap to live and with demand / supply mismatch within the city, rental rates will only go upwards. If the budget does not allow you to go for new apartments, then always think of second hand homes.

If you like this article please comment.

10 Comments

  1. As usual, a very useful article Uday. But, don’t you think the apartments on OMR will really hot up once all the IT parks are contructed and functional. There are leisure projects like the Coromandel Mall and so on as well. However, my preference would still be staying within the city.

  2. revathi

    U also check out ongaia.com Real Estate Portal with concepts like Agent Network, Builder Joint Venture, Approved Plots. Really Ongaia.com is the one stop solution for all your realestate needs

  3. K Selvaraj

    Hi
    Wanted 1bhk room for 1 for rent in koyambedu, vadapalani, kk nagar, kodambakkam, saligramam nearby areas.

  4. T.R.Sankaran

    I have a 3 bed room flat at Krupa colony near ashok pillar carpet area of 1900 sq feet avialble for company lease for family occupation.

    Please call 9840429713

    TRSankaran
    lAND LINE 28272233

  5. syed rashid

    i want to purchase raja rajeshwari site in Bangalore, pls write me in detais( price, doc everything)

    thanks

  6. Hi Rashid.
    For what kind are you looking I mean whether its for commercial or residential purpose?? The area what you are looking is highly developed and you might have to pay more for purchasing in 1st or 2nd stage……If you want I can give some details of a person who is very much experienced (a retd employee of BEML nad resides in this area from past 20 yrs) in Rajarajeshwari nagar. Actually I bought a plot through this person in 2005. Also if you let me know the budget I can forward some site details as I was given by a friend who resides in this area….

  7. Antony

    Require a sngle bedroom apartment in Virugambakkam near to EB office. With reasonable rent.

  8. TS Iyer

    Available for Rent Spacious 2BHK pooja, work area, enclosed sit out, mini garden, open car parking, close to all facilities, behind PT Rajan Salai/100 ft road- calm & quite residential Area- First cum First serve basis. Family/Bachelors. Inquiries for Commercial purpose also considered-contact 9894206696

  9. TS Iyer

    Yes I Agree. Ashok Nagar one ground plot asking price is about Rs 2 crores. How can working class can afford to construct a house here

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