Rental Guidelines Chennai

I did little analysis on the current rental rates in Chennai. While its a know fact that rental have almost doubled in most of the areas in Chennai, Scouting a comfortable as well as affordable house in booming Chennai is easy task now a days. Rental market is ruled by real estate brokers both full time and part time and one of the main reasons for increase in rents is attributed to IT BOOM and in general Indian economic growth.

House owners have now days started quoting rental prices in terms of per sq ft. This was usually done for Commercial rentals but now this is kind of norm for residential rentals.

Sensing the demand for furnished apartments, Owners after investing a petty sum on home furnishing have almost doubled the rent in prime areas. A 1100 sq ft fully furnished apartment in Anna Nagar, Adyar, Ashok Nagar is quoted at Rs 15000 while a unfurnished house would be quoted anywhere between Rs 10000 to Rs 11500.

A realistic guideline for rentals in and around Chennai is summarized below.

    Ambattur – 2 BHK 4000 -5500 3 BHK 5500 – 6500
    Anna Nagar – Running rate here is any where between Rs 9 per sq ft to Rs 15 per sq ft. Rent Increases if its furnished or if its a independent bungalow or house.
    Shenoy Nagar – Rs 7 to Rs 10 per sq ft
    Ashok Nagar – Rs 9 to Rs 15 per sq ft.
    KK Nagar – Rs 7 to Rs 12 per sq ft
    Vadapalani – Rs 5 to Rs 8 per sq ft.
    Nesapakkam – Rs 4 to Rs Rs 6 per sq ft.
    Adyar / Besant Nagar – Starts with minimum Rs 10 per sqft and can reach upto Rs 18 per sq ft for apartments. Independent bungalows starts minimum Rs 25000 per month.
    Thiruvanmiyur – Rs 7 to Rs 12 per sq ft
    OMR – Rs 7 to Rs 8 if unfurnished and upto Rs 10 if furnished.
    Velachery – Rs 9 per sq ft minimum for any apartment in Bye pass road or Apartment of Ceebros,KG,SIS,RealValue etc. Can go upto 12. Interior areas fetch Rs 4 to Rs 4 per sq ft.

Rents increases furthur with high maintenance cost, and usual 10 months advance and brokers fee if any.This article is for those numerous folks who are still thinking if this is the right time to invest in a house.I hope by now you must be thinking of buying an apartment for your own right. Is it not?. How about a apartment for Rs 26 Lakhs?

Good Luck. If you like this article, please comment.

1 Comment

  1. Ganapathy

    This article is good and very useful. If you can tell the rental cost in and around Tambaram, it would be very useful.

    Thanks

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