The realty market has been showing growth in terms of both commercial and residential flats in Chennai. Many areas in Chennai have witnessed consistent growth in the value of property which is happy news for the buyers and owners of properties in Chennai.
Sholinganallur is one such area which has seen a consistent positive trend in terms of appreciation and rapid growth. Apart from buyers, investors also look out to Sholinganallur as the rental rates have increased by nearly 14 percent in this area. Since it is close to IT companies, the demand for rental houses are always on high demand. In the Jan-Mar 2015 quarter, Sholinganallur clocked a gross yield of 4.11 per cent, meaning a property investment of Rs 46 lakh in the locality fetched an annual income of Rs 1.92 lakh, one of the highest in the city.
The rapid growth of Sholinganallur can be attributed to the presence of Technology Business Parks and Special Economic Zones (SEZ) in the vicinity. The area has good infrastructure at close proximity and so the residents need not travel far for entertainment zones, schools, colleges, eateries etc. The job market in this area has a good flow and this will ensure that there is sufficient activity of people either renting homes or buying their own homes. Sholinganallur offers a variety of housing options ranging from builder-floor flats to multi-storey apartments to independent houses. The main benefit of buying houses in this area is that they can either be owned or be rented out because there is huge demand for rental houses in this area. A 2BHK apartment of 650-1,200 sq ft covered area is available for Rs 27-65 lakh and can easily be rented out for Rs 12,000-18,000 per month. The value of 3BHK flats having 1400-2500 sq ft covered area varies from Rs 48 lakh to Rs 1 crore which when put on rent can earn you Rs 16,000-35,000 per month.
