Localities Where You Can Rent Properties in Chennai

Chennai is a booming city because of the growing IT and automobiles sector in the city. The city is known as the Detroit of Asia because it produces roughly 40 percent cars for the whole country and a lot of it is exported as well. The OMR is one of the areas where demand for rental and ownership properties is at its peak. There are several other areas in Chennai that you can explore if you are looking for house for rent in Chennai. These areas also offer good apartments on rent at reasonable rates with lots of amenities.

Besant Nagar 

Those wanting to live in this posh locality can easily rent an apartment for Rs 30,000 to Rs 60,000 in this area. The worth of such a property would be around Rs 3 crores and its size would be between 1400 and 2300 sq. ft.The style of the apartments would be 3BHK which is most common here. To buy an apartment here, you would have to spend anything between Rs 90 lakhs and Rs 10 crores. The steep price is certainly unaffordable for most and hence they can opt to stay in a rented accommodation here.

The capital values of apartments and houses in this area are very high which is why HNIs and upper middle income individuals can stay here. This is one of the reasons why most middle class and upper middle class people wanting to stay here opt for rental properties rather than purchased ones.

If you want smaller apartments, you could opt for a 2BHK one which can be rented for Rs 25,000 to Rs 30,000. The size of such an apartment would be around 750 sq. ft. to 1100sq. ft. For such an area, the capital values would be around Rs 0.9 crores to Rs 1.5 crores.

Apart from flats, residential houses can also be rented here. High ranking government officials usually own such kinds of properties. Owners prefer to give out this house for rent in Chennai to families. Sales of such stand alone houses are very rare although their availability as rental property is quite high. The rent for properties between 600 sq. ft. and 2500 sq. ft. is around Rs 15000 to Rs 70000. The capital values of houses which are between 700 sq. ft. and 4,500 sq. ft. is between Rs 1 crore to Rs 13 crores.

The kind of people who rent apartments and houses in Besant Nagar are locals and individuals wanting to live in premium localities. IT professionals who work on offices in OMR or Old Mahabalipuram Road also prefer to rent apartments here.

Why opt for Besant Nagar

Since 1970, Besant Nagar came into prominence as Tamil Nadu Housing Board created it. The area has lesser traffic, wider roads and much scenic beauty. The area is also close to Eliot’s Beach and has a magnificent sea view. These factors contribute to the popularity of the area.

The Eliot’s Beach is one of the longest beaches in Chennai as it measures 2 to 3kms in length. The localities close by also have beaches but they are quite crowded and small. Therefore, those wanting a locality close to the beach prefer Besant Nagar.

Besant Nagar is in proximity to both the East Coast Road or ECR and Old Mahabalipuram Road. The area is also connected to Sardar Patel Road via Besant Avenue Road. This linkage also helps to connect Besant Nagar with the Railway Station and International Airport. As it is a premium and old area, Besant Nagar also enjoys high civic and social infrastructure.

Tambaram

Even though it is a very old locality of Chennai, Tambaram is one of the most preferred areas in Chennai for buying homes. Because of high demand, there has been a steady increase in property prices. The appreciation in capital values of Tambaram has been around 15 percent in the past year and around 22 percent in the past couple of years.

What has put Tambaram on the popularity list is its regular upgrade in civic and social infrastructure. The Municipal Corporation of Tambaram has undertaken newer initiatives which not only improve the condition of the area but also act as examples for other municipalities. Some such initiatives include the UGS or Underground Sewage program for cleaning the locality. To solve the problem of water logging, concrete roads are being constructed over sewages.

BINS, a first time programme for solid waste management has been started in 5 places. The municipality has plans of installing them in more than 150 other areas in the neighbourhood in the coming future. These BINS are semi-submersible which solves the problem of garbage in the area. Residents have started separating the wastes themselves and are putting them in the different bins in order to make the work of municipality workers easier. For capturing public behaviour and efficiency, CCTV cameras have been put up in two places. Bio digesters, Namma toilets along with community kitchens are some of the other initiatives undertaken by the municipality. These projects are all interlinked to one another. For taking care of sanitation issues in slum localities, public toilets were started which have bio-digesters installed underneath them. These bio digesters convert the waste into methane gas which is then piped to community kitchens for feeding 300 families.

Residents of Tambaram have shown full support to these initiatives and these have contributed positively to the locality’s popularity.

Scenario of Real Estate

Along with the improvement in civic infrastructure, there are several reputed IT companies and educational institutes present here. These enjoy easy rail and road connectivity with other parts of the city and this has led to an increased demand here.

High Net Worth Individuals or HNIs, Non Residential Indians or NRIs and IT professionals are the largest demanders of properties in this area. The demand comes from both end users and investors.

Apart from buyers, medium and big developers are also concentrating on the area because of the increasing demand. For now, more than 40 projects have come up which are in different stages of construction. Tambaram is around 27kms from the city centre and is located on the Trichy-Chennai Highway. The Chennai Suburban Railway Network passes through this area, making it one of the busiest.