Property Rates in Chennai: Important Trends in Chennai in 2024

Chennai, formerly known as Madras, is the capital of the Indian state – Tamil Nadu. Chennai, the state’s largest metropolis in terms of land and population, is located on the Bay of Bengal’s Coromandel Coast and is South India’s most important cultural, economic, and educational centre. The increased demand for property rent in Chennai is due to the great employment and educational opportunities that the city offers. 

The city of Chennai is connected to the Chennai district, which, along with its surrounding suburbs, forms the Chennai Metropolitan Region, the world’s 36th most populous urban area and one of India’s largest metropolitan economies. The entire Chennai Metropolitan Area’s economy is estimated to be worth between $78.6 and $86 billion (PPP GDP), putting it in the fourth to the sixth most productive metro area in India. All these facts contribute to the property rates in Chennai.

Property Rates in Chennai

Anna Nagar West Extension, Iyyappanthangal, T Nagar, and Alwarpet are just a handful of the popular residential areas in Chennai. There are several new launch projects in Chennai and a lot of affordable flats. You can also purchase plots and properties here while land prices in Chennai are increasing.

Read this article if you’re looking for a rental unit or attempting to figure out the possibilities for rental profits on an investment:

Apartment Configuration in Chennai

2BHK and 3BHK property rent in Chennai are almost equally popular. Compared to the capital market, homes for rent can generate more demand in a slow market. The cost of renting a property range from Rs 3,000 to Rs 1 lakh per month.

Affordable Properties on Rent

If you are looking at affordable property rent in Chennai within Rs 20,000 per month, in some areas, you may find 1 BHK, 2 BHK, and a few 3 BHK flats for rent. Some of the areas are Saligramam, Perumbakkam, Kilpauk, Avadi, Kelambakkam, Uthandi, Thoraipakkam, and Anna Nagar East. You could also look for 1 RK, 1 BHK property for under Rs 10,000 per month in Triplicane, Kodambakkam, Nallambakkam, Guduvancheri, and East Tambaram. In Chennai, affordable rental properties are in high demand, particularly among single working professionals and migrant students.

Top Localities for Rent in Chennai

Localities become popular for various reasons, including a large supply, high demand, closeness to job centres, and so on. Thiyagaraya Nagar, Purasaiwakkam, Alwarpet, and Choolaimedu are prominent areas with a good liveability quotient and lifestyle. 

In these Chennai neighbourhoods, you can discover 1 RK, 1 BHK, 2 BHK, 3 BHK, and large Villas at a great price as property rates in Chennai in 2023 are favourable to the buyers. 

Fully Furnished Rental Homes

Some renters prefer completely furnished residences, even slightly more expensive than unfurnished or semi-furnished homes. It assists them in reducing the stress of moving furniture and fixtures. High-end properties for rent may be found on Boat Club Road, Uthandi, Vettuvankeni, Injambakkam, and Adyar, among other places. For example, in Anna Nagar West, Velachery, Padur, and East Tambaram, you can find affordable villas and independent residences as the land value in Chennai in these localities is lower than Mylapore and R. A. Puram.
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Luxury Properties on Rent

Nungambakkam, Boat Club, T Nagar, Uthandi, Greenways Road, Alwarpet, Kilpauk, Vettuvankeni, Egmore, and Neelankarai are just a few of the areas where you may find luxury houses for rent in Chennai. The property rent in Chennai for luxury properties in this area costs more than Rs 1 lakh per month.

Villas / Independent Properties on Rent

In Chennai, you may rent villas and independent homes for a nice stay. Corporate offices frequently rent villas to lodge their ex-pats and employees as they’re affordable. As a result, folks wishing to make a good living from renting can rely on such apartments as the 1 cent land price in Chennai is favourable to the buyers. One such famous destination is Neelankarai, which has beach homes.

Rental Yield in Chennai

In Chennai, the rental yield is 3.99%. Therefore, renting residential homes can help you recoup 3.99% of the property cost on average, though this varies by location and property type. Many real estate investors are predicting a higher property rent in Chennai in the coming years as the industry recovers from the ongoing pandemic.

Chennai Flat Rate / Chennai Apartment Cost

Average flat rates in Chennai:

• 1BHK- Rs. 39 L
• 2BHK- Rs. 75 L
• 3BHK- Rs. 1.4 crores
• 4BHK- Rs. 3.1 crores

Here is a tabulation of property rates in Chennai’s top 15 localities for 2020 and 2021 and the growth rate in the cost. The price is given as a 1 square feet rate in Chennai.

Locality Name	Buy Rates
	Price Range (Rs. per sq. ft.)
	2021	2020	Avg. Y/Y growth rate
Porur	Rs. 4,378 – 5,568/sq. ft.	Rs. 4,048 – 5,168/sq. ft.	2.68%
Sholinganallur	Rs. 4,718 – 5,652/sq. ft.	Rs. 4,018 – 5,052/sq. ft.	7.02%
Adyar	Rs. 8,670 – 11,730/sq. ft.	Rs. 9,350 – 12,400/sq. ft.	-9%
Alwarpet	Rs. 14,068 – 17,212/sq. ft.	Rs. 14,068 – 17,212/sq. ft.	Constant
Nesapakkam	Rs. 4,802 – 5,695/sq. ft.	Rs. 4,302 – 5,005/sq. ft.	6%
Anna Nagar	Rs. 7,012 – 9,818/sq. ft.	Rs. 7,402 – 10,400/sq. ft.	-4.33%
Indira Nagar	Rs. 10,328 – 11,730/sq. ft.	Rs. 10,328 – 11,730/sq. ft.	Constant
Thoraipakkam	Rs. 4,888 – 7,012/sq. ft.	Rs. 4,888 – 7,012/sq. ft.	Constant
Kovilambakkam	Rs. 4,165 – 5,185/sq. ft.	Rs. 3,750 – 4,880/sq. ft.	4%
Urapakkam	Rs. 2,848 – 3,655/sq. ft.	Rs. 2,848 – 3,655/sq. ft.	Constant
Madipakkam	Rs. 4,292 – 5,270/sq. ft.	Rs. 3,890 – 4,000/sq. ft.	5%
Velachery	Rs. 5,355 – 7,182/sq. ft.	Rs. 4,900 – 6,682/sq. ft.	8%
Maduravoyal	Rs. 4,675 – 5,652/sq. ft.	Rs. 4,275 – 5,152/sq. ft.	-3%
Arcot Road	Rs. 5,950 – 6,970/sq. ft.	Rs. 5,950 – 6,970/sq. ft.	Constant
Besant Nagar	Rs. 10,072 – 13,005/sq. ft.	Rs. 9,072 – 12,105/sq. ft.	-13%

Plot / Land Rates in Chennai

The average land’s government square feet cost in Chennai is Rs. ₹4446/sq. ft
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Here is a tabulation of land/ plot rate in Chennai’s top 15 localities for 2020 and 2021, and the growth rate in area wise land rates in Chennai. The price is mentioned per land value in Chennai area wise 2023:

Locality Name	Buy Rates
	Price Range (Rs. per sq. yd.)
	2021	2020	Avg. Y/Y growth rate
Pozhichalur	Rs. 18,742 – 22,950/sq. yd.	Rs. 16,242 – 20,650/sq. yd.	13.04%
Sholinganallur	Rs. 34,042 – 39,780/sq. yd.	Rs. 34,042 – 39,780/sq. yd.	Constant
Adyar	Rs. 1,35,405 – 1,59,502/sq. yd.	Rs. 1,35,405 – 1,59,502/sq. yd.	Constant
Alwarpet	Rs. 1,67,152 – 2,21,468/sq. yd.	Rs. 1,62,152 – 2,14,400/sq. yd.	4.32%
Nedungundram	Rs. 24,480 – 26,775/sq. yd.	Rs. 19,480 – 22,775/sq. yd.	10.64%
Anna Nagar	Rs. 1,39,612 – 1,71,360/sq. yd.	Rs. 1,39,612 – 1,71,360/sq. yd.	Constant
Iyyappanthangal	Rs. 34,042 – 41,310/sq. yd.	Rs. 31,042 – 38,310/sq. yd.	5.21%
Thoraipakkam	Rs. 39,780 – 52,402/sq. yd.	Rs. 37,980 – 50,000/sq. yd.	2.68%
Kovilambakkam	Rs. 34,042 – 40,162/sq. yd.	Rs. 34,042 – 40,162/sq. yd.	Constant
Uthandi	Rs. 39,780 – 43,222/sq. yd.	Rs. 36,780 – 40,200/sq. yd.	3.85%
Madipakkam	Rs. 32,130 – 41,310/sq. yd.	Rs. 29,030 – 39,010/sq. yd.	8-9%
Velachery	Rs. 63,878 – 73,440/sq. yd.	Rs. 63,878 – 73,440/sq. yd.	Constant
Maduravoyal	Rs. 42,458 – 53,168/sq. yd.	Rs. 38,050 – 49,060/sq. yd.	12-13%
Arcot Road	Rs. 69,998 – 87,975/sq. yd.	Rs. 67,998 – 85,975/sq. yd.	3-7%
Besant Nagar	Rs. 1,48,792 – 1,81,305/sq. yd.	Rs. 1,48,792 – 1,81,305/sq. yd.	Constant

The land rate in Chennai mentioned here is a rough estimation and may vary.
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House Rates in Chennai (Independent)

The average Price for independent house rates in Chennai are as follows:

• 1BHK- Rs. 41 L
• 2BHK- Rs. 82 L
• 3BHK- Rs. 2.9 crores
• 4BHK- Rs. 4.64 crores

Here is a tabulation of real estate prices in Chennai for the top 15 localities for 2020 and 2021, and the growth rate in the cost. The property prices in Chennai are given as per the current square feet rate in Chennai.

Locality Name	Buy Rates
	Price Range (Rs. per sq. ft.)
	2021	2020	Avg. Y/Y growth rate
Porur	Rs. 3,952 – 4,802/sq. ft.	Rs. 3,952 – 4,802/sq. ft.	Constant
Sithalapakkam	Rs. 3,655 – 4,080/sq. ft.	Rs. 3,855 – 3,980/sq. ft.	-5%
Adyar	Rs. 7,098 – 8,755/sq. ft.	Rs. 7,790 – 9,555/sq. ft.	-9.43%
Arcot Road	Rs. 4,972 – 6,672/sq. ft.	Rs. 4,972 – 6,672/sq. ft.	Constant
Ashok Nagar	Rs. 5,695 – 7,480/sq. ft.	Rs. 5,295 – 7,080/sq. ft.	3.52%
Anna Nagar	Rs. 8,075 – 10,200/sq. ft.	Rs. 8,390 – 9,200/sq. ft.	-1.36%
Iyyappanthangal	Rs. 3,952 – 4,888/sq. ft.	Rs. 3,952 – 4,888/sq. ft.	Constant
Thoraipakkam	Rs. 3,740 – 5,015/sq. ft.	Rs. 3,540 – 5,015/sq. ft.	0.92%
Kovur	Rs. 3,442 – 4,080/sq. ft.	Rs. 3,142 – 3,880/sq. ft.	2.27%
Urapakkam	Rs. 2,762 – 3,570/sq. ft.	Rs. 2,362 – 3,170/sq. ft.	6.85%
Madipakkam	Rs. 4,292 – 5,058/sq. ft.	Rs. 4,292 – 5,058/sq. ft.	Constant
Velachery	Rs. 4,972 – 6,502/sq. ft.	Rs. 4,370 – 6,002/sq. ft.	7.44%
Madipakkam	Rs. 4,292 – 5,058/sq. ft.	Rs. 4,002 – 4,858/sq. ft.	3.77%
Ambattur	Rs. 3,740 – 4,888/sq. ft.	Rs. 3,240 – 4,388/sq. ft.	14.13%
Besant Nagar	Rs. 9,138 – 12,750/sq. ft.	Rs. 9,138 – 12,750/sq. ft.	Constant

Property Rent in Chennai

Now we will take a look at average flat rents in Chennai. We will discuss all kinds of apartments rent in Chennai like 2 BHK, 3 BHK, 1 BHK, and 1 RK.
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2 BHK Rent in Chennai

The average 2 BHK rent in Chennai is Rs.19,200. Because of the city’s growth potential, NRIs living in other nations are eager to invest, and there is a sizable migrant workforce in the area. As a result, even though the capital market may be rebounding, demand for rental homes is high. Here we have tabulated the property rent in Chennai’s top 15 localities for 2020 and 2021, and the growth rate in the rent.

Locality Name	Average Rental Rates
	2 BHK
2021(Rs)	2020 (Rs)	Avg. Growth Rate Y/Y
Avadi	10,000	10,750	Constant
Medavakkam	12,000	11,500	Constant
Ambattur	14,000	12,750	– 3-7%
Porur	15,000	13,000	10-14%
Kolathur	14,500	14,500	Constant
Madipakkam	15,000	13,500	10-12%
Chengalpattu	67,000	64,750	3-7%
Velachery	16,000	15,000	5-8%
Navallur	17,000	14,500	10-20%
Padur	12,500	8,500	15-25%
Thaiyur	7,500	11,000	– 10-20%
Thiruvanmiyur	18,500	18,700	Constant
T Nagar	27,000	22,500	10-17%
Adyar	22,000	24,000	– 5-8%
Anna Nagar	20,000	16,000	15-25%

3 BHK Rent in Chennai

The average 3 BHK rent in Chennai is Rs. 27,533. The city has garnered widespread recognition from both residents and NRIs as a result of the presence of numerous famous educational institutions, jobs, and investment opportunities. Here we have tabulated the property rates in Chennai’s top 15 localities for 2020 and 2021, and the growth rate in the rent.

Locality Name	Average Rental Rates
	3 BHK
2021(Rs)	2020 (Rs)	Avg. Growth Rate Y/Y
Avadi	14,000	11,000	10-17%
Medavakkam	17,000	17,800	Constant
Ambattur	18,000	27,500	– 30-35
Porur	23,000	20,125	10-12%
Kolathur	20,500	13,000	20-25%
Madipakkam	23,700	24,050	Constant
Chengalpattu	15,000	14,300	Constant
Velachery	25,000	22,500	10-12%
Navallur	28,000	15,500	25-35%
Padur	21,500	26,000	– 25-28%
Thaiyur	10,500	17,000	– 35%
Thiruvanmiyur	43,500	48,875	15-25%
T Nagar	50,000	35,000	– 25-35%
Adyar	44,000	52,500	– 15-25%
Anna Nagar	60,000	70,000	– 10-15

1 BHK Rent in Chennai

The average 1 BHK rent in Chennai is Rs. 9,967. Here we have tabulated the flat rent rates in Chennai’s top 15 localities for 2020 and 2021 and the growth rate in the rent.

Locality Name	Average Rental Rates
	1 BHK
2021(Rs)	2020 (Rs)	Avg. Growth Rate Y/Y
Avadi	7,000	6,500	Constant
Medavakkam	9,500	7,750	5-15%
Ambattur	7,000	6,500	Constant
Porur	8,000	8,050	Constant
Kolathur	7,500	9,500	– 17-20%
Madipakkam	8,500	8,400	Constant
Chengalpattu	7,000	6,850	1-6%
Velachery	10,000	7,850	– 17-25%
Navallur	9,000	6,500	35%
Padur	10,500	12,750	– 13-18%
Thaiyur	8,000	8,700	Constant
Thiruvanmiyur	12,500	11,250	5%
T Nagar	16,000	11,350	22-30%
Adyar	15,000	11,250	18-24%
Anna Nagar	14,000	14,000	Constant

1 RK Rent in Chennai

The 1 RK rent in Chennai is Rs. 8,567. Here we have tabulated the flat rent rates in Chennai’s top 15 localities for 2020 and 2021 and the growth rate in the rent according to property trends in Chennai.

Locality Name	Average Rental Rates
	1 RK
2021(Rs)	2020 (Rs)	Growth Rate Y/Y
Avadi	6,000	5,500	Constant
Medavakkam	7,500	6,750	10%
Ambattur	6,500	6,000	Constant
Porur	8,000	7,750	2-6%
Kolathur	7,500	7,500	Constant
Madipakkam	7,500	7,000	5-10%
Chengalpattu	6,500	6,000	5-10%
Velachery	8,000	7,000	10-16%
Navallur	8,000	5,000	25-30%
Padur	9,500	10,250	-10%
Thaiyur	7,500	8,000	Constant
Thiruvanmiyur	10,500	9,000	– 5-10%
T Nagar	12,000	8,750	– 10-26%
Adyar	11,500	10,000	10-16%
Anna Nagar	12,000	11,000	5-10%

Factors that Affect Property Rates in Chennai

Here are the key factors that affect property rates in Chennai:

1. Location: The location of a property is the most significant factor that determines its rate. Prime locations with good connectivity, proximity to key business districts, and social infrastructure command higher rates compared to suburban areas with limited amenities.

2. Property Type: The type of property also influences its rate. Apartments and flats are the most common property types in Chennai’s real estate market, and their rates vary depending on the size, amenities, and location. Independent houses, villas, and bungalows are relatively more expensive due to their larger size and exclusivity.

3. Amenities: The amenities and facilities provided by a property also impact its rate. Properties with premium amenities such as swimming pools, gyms, and clubhouse command higher rates compared to those without these facilities.

4. Demand and Supply: The demand and supply of properties in a particular location also affect their rates. In areas with high demand and limited supply, the rates are likely to be higher, while in areas with low demand and excess supply, the rates are likely to be lower.

5. Infrastructure Development: The development of infrastructure such as roads, metro, and airports also influences property rates in the Chennai real estate market. Areas with good connectivity and proximity to key infrastructure projects are likely to see higher rates in the long run.

Keep in mind that Chennai’s property market is dominated by the residential segment, accounting for around 70% of the total market share. The commercial and retail segments are also growing steadily, driven by the expansion of the IT and manufacturing sectors in the city.

As per the current real estate price trends in Chennai, property rates in Chennai have grown quite well in some areas while some recorded a decline. Chennai has developed a niche for itself among India’s southern cities for its IT/ITes, manufacturing, and industrial sectors, which provide jobs for many people in and around the city.

However, to get the best deals at Chennai real estate prices, you have to buy property in Chennai at the right time and for the right price. If you need help from a professional to help you get the best Chennai property rates, you will surely find appropriate help at Nobroker. Please leave a comment below this article; our executive will be in touch with you shortly.

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