The development of IT corridor is influencing the rise of rentals in South Chennai and its premium localities. It is almost a dream to find an affordable housing for rent in favored localities and rental rates are sky rocketing. The news report by the author brings out the trend in house rentals in Chennai. According to this report the premium localities in south Chennai including Beasant Nagar and Kotturpuram there is a 30 per cent increase in an year. The author has noted that the adjacent localities also show rentals double in a couple of years. Even the premium residential hubs like Anna Nagar and Ashok Nagar are in demand since IT companies offer pick up and drop facilities. Rentals in places like Santhome, Boat Club road, Harrington Road are most expensive to live on. Though Velachery is in close proximity to IT corridor the place is not expensive. Ambattur is also finding its place in the preferred list since few IT firms set up units at Industrial Estate
The professional bachelors of IT sector are willing to shell out large amount of money for accommodation. The land lords demand to pay 10 months rent as deposit (advance) and also enforce 10 per cent increase in rent annually.
The rise in rentals
The Hindu, May 27, 2008, Page 3