Navallur, Medavakam Among Top Rental Destinations In Chennai
As per Artha Yantra Corporation study, Chennai is the third-most expensive city which has seen a nine per cent increase in the residential property prices when compared to the previous year. The annual rental yield in Chennai has witnessed an increase of around 4.04 per cent. Even the demonetisation move has created liquidity crunch further creating a positive impact on the rental markets in Chennai.
MakaaniQ gives you top localities that are best for earning good rental returns:
A large number of migrants come to Chennai. This creates demand for apartments in different micro markets of Chennai. One such locality is Navallur. According to PropTiger DataLabs report, Navallur was the top performing locality of Chennai in 2016. The rental rates of apartments in Navallur increased from Rs 14 per sq ft to Rs 16 per sq ft over the period ranging from January 2016 to November 2016. This means that one can earn an additional income of Rs 2,000 for every 1,000 sq ft depending upon the kind of amenities and the exact location.
Perumbakkam, another top performing micro market of Chennai in 2016, has also witnessed an increase in the rental rates. The price per sq ft was Rs 10 in August 2016. This increased to Rs 14 per sq ft in October 2016. Purchasing an apartment in Perumbakkam is a great deal as it assures good rental returns. Moreover, the property prices in Perumbakkam has decreased over the last twelve months. Thus, this might be the perfect time for purchasing property in the locality.
As per the PropTiger DataLabs report, Sholinganallur was named amongst the top performing localities in 2016. In January 2016, the prices were Rs 15 per sq ft. This rose to Rs 18 per sq ft in November 2016. The property prices of apartments in Sholinganallur arose in the past twelve months. Considering the increase in the rental yield and the property prices over the last few months, Sholinganallur fits the bill as a profitable investment decision. Moreover, the detailed project report for Phase II of Chennai Metro Rail was recently submitted with the state government. This even adds to the growth prospects of the city's real estate.
In January 2016, the rental rates of apartments in Medavakkam were Rs 10 per sq ft. It increased to Rs 12 per sq ft in September 2016. The locality is well facilitated with water, electricity and other basic amenities. Furthermore, the government is taking measures to handle the natural calamities such as flood and cyclone in a better way. This will make the city a safer place to live creating a positive impact on the property prices in different localities of Chennai including Medavakkam.
In January 2016, the rental rates were Rs 11 per sq ft and this rose to Rs 13 per sq ft in September 2016. Along with this, the property prices of apartments in Pallikaranai witnessed an increase. This makes the locality a great investment bet. Along with this, the city is witnessing continuous growth in the number of jobs it is creating. This creates demand for rental apartments in localities such as Pallikaranai.