Old Mahabalipuram Road is coming up as a new destination for rental apartments in Chennai.
Last year the cost of House rents in Chennai were up by about 10-20 per cent. But this year as the supply of houses are exceeding demands, rental values are subdued on the outskirts.
The demands for residential apartments in the prime locations are still high but the availability are less. But with the growing supply of apartments in the outskirts, the rental rates of apartments are decreasing.
New apartments are coming up rapidly in the Old Mahabalipuram Road. Many new apartments are available in the area with affordable price. And the rate of rent is also lower than the central areas of the city.
Large projects of several hundred apartments and township-size projects are in the final stages of completion and houses are being delivered.
Over 1,500 apartments of three bedrooms and total space of about 1,600-1,800 sq. ft are available for about Rs 20,000 to 25,000 a month.