Top Localities To Rent In Chennai
Unlike most cities where prices have seen a decline in the past three years, real estate in Chennai has become costlier over the years, even if marginally. According to a recent report by PropTiger DataLabs, property prices in the Tamil Nadu capital increased two per cent annually in the first quarter of the financial year 2017-18. Data show the average rate of property in the city currently stands at Rs 5,000 per square foot (sqft). Depending on the location, prices can go much higher.
Considering property is costly in this information technology hub and it may take a while before you are able to invest, you would prefer to rent an accommodation for the time being. What could be your top choices in that case? Let us help you with three options in different parts of the southern city that promise to provide you the best of everything.
Anna Nagar West Extension
Considering this is one of the localities in the city which tops the wish-list of most buyers, one has to pay double the city average to buy space here — average rate of property at Anna Nagar West Extension stands at Rs 10,800 per sqft. However, when compared to average rental rates in Chennai, renting an accommodation is cheaper in this locality that is flush with grand constructions. Average rentals in Chennai, data by Makaan.com show, currently stand at Rs 33,700 per month. In Anna Nagar West Extension, on the other hand, you have to pay a monthly rent of Rs 29,100. Data show currently there are 33 options in the locality that you could choose from. These are mostly 2BHK semi furnished units. Want to rent a property in Anna Nagar West Extension? Click here.
A well-developed locality in West Chennai, Iyappanthangal has been corporate biggies setting their shops here. However, the average rate of property in this suburban locality has remained lower than the prevailing average rates in Chennai. You have to pay Rs 4,900 per sqft to buy property in Iyappanthangal. However, renting is not equally affordable. An average monthly rent of Rs 35,600 has to be paid in case you are planning to stay here which is higher than the average monthly rental rates in Chennai. Because of the presence of jobs here, the locality has a flourishing rental market. You could currently pick from 20 options in the locality, data available with makaan.com show. These are mostly 2 and 3BHK furnished and semi-furnished units. Want to rent a property in Iyappanthangal? Click here.
Thiyagaraya Nagar, popularly known as T Nagar, is a locality in Chennai's suburb central. New developments by well-known developers have further added to the existing charm of this locality, as a result of which rates have not seen any downwards movement. Currently, you have to pay an average rate of Rs 16,000 per sqft to buy property in T Nagar which is much higher than the city average. Similarly, you have to shell out as much as Rs 60,000 a month to rent a property in this locality, again, much higher than the city average. In case you would love to enjoy all the luxuries that this locality in the heart of the city offers, you could pick from as many as 38 options at present. These are mostly 3BHK units furnished and semi furnished. Want to rent a property in T Nagar? Click here.