Velachery - Best Destination for Rental Market
Velachery is situated very close to IIT Madras and it took the top spot in the rental market of Chennai. With better infrastructure, MRTS rail network, good bus transportation etc, the area is considered as the most sought after destination for the renters. In the middle quarter of 2014, the location noted a drop in rental values. When we look into the general review on Amarprakash builders, it revealed the list of top rental areas of Chennai in which Velachery topped first. Today, the average rental rate in this area is Rs.17 per sq.ft approx. There are 2 prime factors that make the location, the best rental destination: one is location and another one is demography.
Though Velachery is not located nearby prime residential areas, it is covered by a lot of greeneries and natural sceneries, so this becomes the reason for its popularity. Secondly, majority of the upcoming projects are recently constructed and are mostly inhabited by the middle income groups who get satisfied if getting a regular moderate income. Over the last few years, Velachery has been the area where the civic body is concentrating much on face-lifts. Another common reason for the high preference on this location is its well-planned layouts, presence of colleges, schools and medical colleges, wide roads and many more.
One of the prime factors for its popularity for rental market is its closeness to the OMR (Old Mahabalipuram Road). Another factor is the presence of several IT companies in the proximity. Today, the neighborhood is mostly occupied by 30% people working in IT sectors. Additionally, because of its vicinity to the city areas and well developed physical and social infrastructure, the residents have got a proper access to a few kilometers which have guaranteed the location with the radar of the middle income groups.