Chennai’s rental market has seen a lot of growth in recent years. The major reason behind this is the presence of many IT companies and educational institutions due to which many people are flocking towards this state to have better future prospects. And that’s why a good portion of people prefers living on rent in Chennai.
So let’s check out various areas for rental accommodations which are best in terms of locality, infrastructural developments, social and physical surroundings:
Grand Southern Trunk (GST) corridor
The Grand Southern Trunk (GST) Road – the stretch between Perungalathur and Guduvanchery, is home to many working professionals as well as students. The corridor is full of residential complexes, educational institutions, and retail outlets. In coming future, the area is planned with many infrastructural developments like rail over bridges, bus terminus and elevated 8- lane corridor which will fuel up its connectivity to other southern cities of Tamil Nadu.
However, one can find a spacious 2 BHK apartment here at an average rate of 7500-12000 per month, while a 3 BHK rental residential unit will fall in the range 10,500-20,000.
Grand Northern Trunk (GNT) corridor
Adorned with container terminals, warehouses and other industrial units, this area is completely apart from GST corridor. The area is 10-km drive down the stretch from Madhavaram Bypass to Red Hills. Because of infrastructural developments, many leading industries are planning to set up their office base in this area.
As a result of this, many employees working in the industries can easily get more affordable rental housing, in the range of Rs 5,000-8,000 per month for 2-BHK flats and Rs 10,000-16,000 per month for 3-BHK apartments.
Old Mahabalipuram Road
Due to its proximity to various IT Business Park and SEZ’s, this area continues to be as one of the most preferred rental destinations for working professionals, especially in IT sector. Apart from this better connectivity and good residential amenities have attracted many bachelors and small families to stay on rent in this area.
One can find good rented options in areas like Shollinganallur, Perumbakkam, Perungudi, Siruseri, and Taramani. For example a 2BHK flat will fall in the range of Rs 12,500-18,000 per month; on the other hand, a 3 BHK house will cost 15,500-30,000 per month.
The west zone
Due to the high price of rented accommodations in the central Chennai, people are moving towards the west for better options. The area also has excellent connectivity to Central Chennai, Mount-Poonamallee Road, and Ambattur office districts and that’s why it is home to many IT employees as well as skilled workers. Many infrastructural developments like metro rail corridors and revival of the Maduravoyal Flyover are also expected in near future making the west more approachable.
Areas like Porur, Maduravoyal, Manapakkam, Thiruverkadu, and Poonamalle offers decent rented options in 2 and 3 BHK residential units, the cost of which falls between Rs 10,000-12,000 per month and 15,000-25,000 per month respectively.