Apr 26, 2014

Chennai: Earn Rs 3-3.6 lakh annual rent in Chetpet

Located at the city centre of Chennai, Chetpet is undoubtedly one of the most aspirational residential destinations. While one has to spend a high amount to own a property here, the locality holds the potential to pay back as rental returns in a small time frame. For instance, if you buy a 2BHK apartment, it would today cost between Rs 80 lakh to Rs 1 crore. But, if put it on rent, it would pay back Rs 3-3.6 lakh every year.
As per the data with Magicbricks.com, the locality majorly offers 3BHK units which cost anywhere between Rs 1.5-3 crore. Sized between 1500 and 2500 sq ft, the units are rented for almost Rs 45,000-55,000 per month, making it Rs 5.5-6.6 lakh per year.
So why does the locality command such high values? “Chetpet is a prime location in Chennai. It houses several businessmen operating from Egmore, Nungambakkam or Anna Salai (Mount Road), all high-end locations of the city. It has always had a high status-quo and is a much aspired locality and thus unaffordable for many middle-income homebuyers,” says Moinuddin of Smart Home Realty.
“The property values in Chetpet range between Rs 8,000-10,000 per sq ft. Its well-built transport system and commercial establishments make it a sought after location for rental properties, which are a good source of income for those who own a home here,” he adds.
Connectivity
The locality is connected to the city by a planned rail and road network. While it falls just along the Poonamallee High Road, it also consists of a railway junction of its own. In addition to these, Chetpet is soon going to be connected by the Chennai Metro which will have a station at Kilpauk Medical College, about 2km from the locality.
Bhava Swaroop of Hanu Reddy Realty says, “The locality enjoys a good social infrastructure adding to its livability. There are several educational institutions, healthcare centres and recreational zones present in its vicinity. Being an old area, the location does grapple with unplanned developments and traffic woes. However, buyers prefer this location for its proximity to major commercial destinations.”
With this, it is evident that an investment involving high sums of money could also reap good returns, given you invest in the right location.
Shradha Goyal, Magicbricks.com Bureau
Source:
http://content.magicbricks.com/industry-news/chennai-real-estate-news/chennai-earn-rs-3-3-6-lakh-annual-rent-in-chetpet/66458.html

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