Chennai’s real estate market is a lucrative option to invest in and the capital gets appreciated at an exponential rate. The real estate market at Chennai has not seen any major phases of turbulence and keeps growing at a consistent yet steady rate. Chennai’s real estate value is expected to grow at a rate of 7-10% year over year which guarantees better returns for people investing in it right now. If you are investing in a property but do not wish to move into the place, renting it will be the wisest and a sensible decision. Renting your apartment will provide you with monetary returns every month and also puts your vacant apartment to great use. But which areas in Chennai provide the best rental returns? What factors determine the rental charge? Team Urban Tree lists out 5 areas which offer high rental returns in Chennai.
Medavakkam is located to the west of Sholinganallur and is easily accessible via the OMR road. The average price/sq.ft at Medavakkam comes close to 4700 rupees and the place is just 4.5 kms. away from the ELCOT SEZ Park. The IT park also acts as a great leverage and influences the property prices at Medavakkam.
Average rent for a 2BHK: 10420 / month
Average Sale Price Appreciation: 7% / year
Perungudi is located in the OMR corridor and is rapidly developing as a real estate hotspot. Since Perungudi is also near IT establishments, the place is a preferred area for IT professionals and software engineers to avoid traffic while commuting to office. The area is well connected with other major places of the city and is located at a distance of 7.5 km from Guindy. The average price/sq.ft is at 6000 rupees and is expected to grow steadily.
Average rent for a 2BHK: 15122 / month
Average Sale Price Appreciation: 11.1% / year
The price/sq.ft for properties at Thoraipakkam is approximately at 6000 rupees and the area is easily accessible via the Pallavaram-Thoraipakkam road. Located near to the DB Jain College, Thoraipakkam is becoming a hotspot for real estate investments and major construction companies have already started large-scale construction companies. The rental scenario at Thoraipakkam is growing with sheer intensity and is expected to grow at the same rate.
Average rent for a 2BHK: 15525 / month
Average Sale Price Appreciation: 2.6% / year
Porur has gained credibility as a major real estate center with many construction companies setting up residential projects at the place. The average price/sq.ft is around 5400 rupees and the area is well connected with major areas of the city via Arcot Road and the Mount-Poonamallee road connects Porur with Mount Road at one end and with Poonamallee at the other end.
Average rent for a 2BHK: 11494 / month
Average Sale Price Appreciation: 4.5% / year
Sholinganallur has widely developed with the giants of IT industry establishing their bases at the area. Increased job opportunities at the IT centers increased the demand of housing around these places and Sholinganallur’s real estate market witnessed tremendous growth of value. The average price/sq.ft is approximately 5400 rupees and the sale value appreciation is estimated to grow at a rate of 2.3% per year.
Average rent for a 2BHK: 14147 / month
Average Sale Price Appreciation: 2.3% / year
Are you on the search of a property to invest in? Do you believe that this is the right time to invest in real estate at Chennai? If so, Urban Tree Properties has the right answers for all your needs!
With world-class amenities and services, Urban Tree Homes are the epitome of perfection. For more details, Visit : www.urbantree.in.