Chennai House Rentals Skyrocketed !
"Where are you working" is the first question you will have to answer to the house owner if you are looking for rental house in Chennai. Land lords prefer to let out their properties only to IT professionals who can fork out a big sum as monthly rent as they earn bulk pay packages. In these days house owners do not bother to rent out their properties to bachelors who are IT professionals. In cities like Chennai having conservative background, it is so surprising to see a batch of bachelors living in residential apartments. The reason is house owners can get more rent from bachelor occupants than families. As these guys share and pay the rent, each one does not bother to pay upto Rs.2500/- for a 2BHK house that can be comfortably occupied by four. The house owner gets a lump sum of Rs.10000/- per month against Rs.6000/- or 7000/- that he might get if he lents out the flat for a family.
An year ago, a 2BHK house was available for rent at Rs.4000/- per month. Now this standard has sunstantially risen to Rs.6000/- levels. Interestingly we are not able to see any "Tolet" board in the city as the houses getting vacated are immediatly occupied by the next tenant.
The surprise is not over. Get ready to experience the next shock if you are looking for residential property for rent in Chennai. While house owners hike the rent almost double that what it was an year ago, they are not ready to take anything less than 10 months rent as advance. An advance of upto Rs.1.00 lakh is a dream sum for middle class families who are not part of IT glory in the city. Worst scenario is that house owners asking such middle class families to vacate to replace them with IT professionals.
While common people like us do not have any say on such inequalities, law should be made enforceable against such undue demands made by house owners. Let's wait and see who is going to bell the cat !Labels: chennai-cost-of-living, chennai-rental
posted by Chennai Talk @ Sunday, February 10, 2008
2 Comments:
True. I scouting for a house in and around kodambakkam. I saw an advt in the hindu newspaper stating house for rent near valluvar kottam for Rs.7000/-. Lake area being a posh location I thought is a best bet. But when I landed there it is actually a dirty lane and the house advertised is at the end, no parking space for even two wheeler. Even the steps leading to the house in first floor is not proper. The entire house is criss corss that each room is in triangle or trapezium in shape !! Total area is not more than 500 sft. I am shocked to hear the rent for this house is 7000/- House owners are minting money in Chennai. If you have a flat in the city you can give it for rent and live in the ourskirts. You need not have any other source of income!! Chennai shines?!?!?!
Varadarajan
Accountant.
There is also a big bunch of people, the brokers who are making things worse. They manipulate the owners with visions of making bigger rents and deposits. They talk a deal with the owners for a price and then quote a higher price for the prospective renters. If the renter doesn't know tamil, the brokers feel more comfortable to cheat them. The common person needs to be more demanding and should avoid brokers where possible.
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