Tenants prefers Perungudi

During Oct-Dec 2014 quarter Perungudi enter in the PropIndex list as one of the top ten preferred location.  Steady rental prices in this area during last three months and demand overflow from the nearby locations Thiruvanmiyur, Velachery, Palavakkam and Adyar has made Perungudi a potential rental destination for the IT professionals employed in the area.

The IT corridor The Rajiv Gandhi IT Expressway is popularly known and this is the home to many IT/ITES companies. Perungudi along with areas such as Adyar, Thiruvanmiyur, Palavakkam, Kottivakkam, Thuraipakkam,etc also forms the part of’ IT corridor’.

At Perungudi not alone vast rental properties are available, the other main thing the rental prices are affordable when compared to the neighbor areas. The rental price starts from Rs 8,000 per month for a 500-600 sq ft apartment whereas for 3 BHK having 1500-1600 sq ft covered area is being leased out for 25,000 per month.

The rental value in the nearby area Thiruvanmiyur which is situated 3km away from Perungudi ranges Rs 10,000-85,000/month for the house with the sqft 600-2000. The other nearby location Palvakkam which is located 2km away from Perungudi is also costly. A rental value here begins from Rs 12,000-50,000 per month.

The next is the most expensive area is Adyar situated 4 km from Perungudi . Rental values begin from Rs 8,000/month and goes upto Rs 1.3 lakh for residential units having 350-4000 sq ft covered area. The IT people came from the other cities and other states usually stay in Adyar.

Even though there is major growth in residential as well as commercial sector, the reason for the low rental price in this area is still it’s harassed with poor infrastructure. Province has expanded its growth only because of IT highway but still it needs to be raised in population and maintain the present demand.

Presently, Perungudi is lacking with basic facilities of drainage systems and wastage, Piped drinking water and domestic roads. However the tenants are having the option of living in gated community with the availability of all amenities such as water storage, power backup and security. Having own vehicle is beneficial for all individuals.

Other than Perungudi, Thirumudivakkam the place where industrial estate is present is also preferred location by tenants. Amarprakash Developers provides homes for sale as well as for rent at reasonable cost. Customers means tenants have no Amarprakash customer complaints regarding Maintenance or in amenities level.

Sales up in Chennai for leading builders Projects

Housing sales in Chennai drop by 16% and new launches go by 25% in the year 2014. The town has engrossed 20,960 units as against 24,444 units in year 2013. Whereas new launches across small markets from 24,850 units to 18,700 units in the year 2014.  The Moulivakkam building tragedy has additional crumpled the image of real estate segment resulting in a drop within the entire market sentiment for multistory projects, says Amarprakash Royal Castle review. This has additionally added new projects across the town that fell by 25 per cent over last year. However, sales at the leading builders’ projects in the same space haven’t been impacted.

While the property market remained subdued, a moderate 4% rise in costs continuing the momentum in sales throughout the last half of the previous year. The residential unsold stock touched 47,140 units as of December 2014, and 20 months is needed to clear the backlog. Among the small markets, West urban center has notched up the highest slot jointly of the most effective areas as a result of low costs and accessibility to employment corridors. Considerably, Alandur, a southern residential district has witnessed the very best increment at five per cent within the last 15 months. The railway line project looks to be the drive behind the increase in value.

In the overall share, North and Central urban center noted a big jump in project launches while Western region of the city remained steady. Going forward, estimates that new developments would drop by 20% within the half of this year. Sales could stay comparatively steady at 11,300 units throughout January-June this year recording a development of 14% on year by year. Capital values are expected to extend by 5% throughout constant period. Overall, economic indicators look to be positive however the impact on demand can take a small degree longer to percolate within the sector. Whereas 2014 are remembered as slow market in terms of business sentiment, this year is predicted to be a year of recovery resulting in market stabilization with better demand and stability. There are robust indications across the field with a spurt within the volume of enquiries among the realtors.

Moreover, the town is probably going to notice absorption of 2 million square measure workplace area throughout January-June this year. Also, the weighted average rental is probably going to increase by a nominal 10% on a year on year basis. The thumb rule in the business has it that for every one square measure of the work area.