The Hindu Business Line : Residential rentals in Chennai go up

Residential rentals in Chennai have risen by 10 to 15 per cent in the last nine months, more so in South Chennai, driven by the concentration of information technology parks and offices in this upmarket area, according to real estate sources.

The rent in areas such as Besant Nagar, Thiruvanmiyur, Adyar in South Chennai is about Rs 15 per sq ft. Mr N. Ananthanarayanan, Associate Director, Trammell Crow Meghraj, international property consultants, said that there is a rent differential of 7 to 10 per cent between South Chennai and parts of the city such as Anna Nagar and Kilpauk. Rental value at upmarket locations like Boat Club road is about Rs 58 per sq ft.

He said Chennai is likely to face housing shortage for the next three years considering the large number of new IT and ITES projects that have been announced.

This has resulted in a number of people moving into Chennai. The shortage is especially so at the premium-end where top management, often expatriates, require far more amenities than what are provided. Most of the developers have announced projects for the premium end of the market, which would be ready only in about 30 to 36 months' time, Mr Ananthanarayanan said.

Realtors say that a majority of house-owners have not yet understood what the premium clients require.

Landlords are still talking about lawns, electric fittings, woodwork, attached bathrooms, vitrified tiles and servants' quarters, said a realtor. Today the top-end customers' wants are much more, he said.

The items at the top of the list are 24x7 power back up, modular kitchens and bathrooms with shower cubicles, good water (hot and cold-water mixers) and high water pressure. "We advise house owners to install a stabiliser because there is a lot of power fluctuation," said Ms Kalpana Murthy, Vice-President, Global Adjustments.

Ms Murthy said that most expatriates are particular that houses and apartments are painted tastefully, more often than not, in light colours. The woodwork too is preferred to be light-coloured.

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