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Property Rentals: Time For The Ride With New Concepts
Posted by Pradeep Sadanapalli | June 10, 2007 | 167 views
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Loading ...The influx of highly paid IT professionals ended up shooting the prices so high that it has nudged the middle class and others to the suburbs, writes T. Lalith Singh.
It was bound to happen. As the real estate went for an upward swing a couple of years back and property prices skyrocketed, the trend had rentals too riding the crest. And the changing scenario had newer concepts in rentals and lease entering and coupled with levels of affordability levels rising sharply, a tenant now finds gaping holes marking his monthly budget.
Though the rentals were a bit slow in taking-off, they did not shoot up immediately in the wake of real estate boom, the rise has been quite unprecedented in last one year. The influx of highly paid software professionals ended up shooting the prices so high that it had nudged the middle class and others who cannot really afford them, into certain pockets of the city and suburbs.
The race to acquire properties in the form of apartments and the sudden emergence of glitzy housing options all along the city and suburbs has also brought into existence certain addresses that are more sought after. While the Madhapur-Kondapur-Gachibowli belt takes the cake away with the rentals shooting up to Rs.35 lakh per month for furnished accommodation, others such as Kukatpally-Miyapur and Masab Tank-Toli Chowk are fast on their heels.
A typical two-bed room accommodation in Madhapur zone, the most preferred one these days, comes in the range of Rs. 12,000 to Rs. 15,000 per month, semi-furnished in Rs.15,000 to Rs.18,000 while a fully furnished 3-bed room is commanding a price range of around Rs.30,000 to Rs. 35,000 per month.
The zones which were in high demand for residential purposes till few years back, such as Narayanguda, Barkatpura, Chikkadpally and Tarnaka, though losing some sheen to other emerging spots have started picking up. In particular, Narayanguda and Himayathangar are ahead of others in these parts of the city given their identification as educational zone.
“There are number of educational institutions here and since many prefer to locate around them, the rentals are on rise,” says Ranganath, of R.K.Estates. The going rental in Narayanguda and Himayathangar is put around Rs.7,000 to Rs.12,000 per month.
The rental agents feel that Tarnaka and Habshiguda registered a limited growth and failed to join the big race due to certain constraints. Except for GE and science institutions that line-up here, there have not been much development to boast of and this gets reflected in the rentals. Also, the distance from software belt that ring Hitech is cited as another factor. The agents catering the area put rentals here as between Rs.4,000 to Rs.6,000 at Habshiguda and Rs.5,000 and above at Tarnaka.
The spinal road originating at the JNTU campus seems to have worked wonders for Kukatpally and surrounding areas. The road that ends right in front of Cyber Towers and cuts distance and time in reaching here from many parts of the city, has resulted in a good boost to the rentals. A two-bed room housing, either in the form of a flat or partitioned accommodation, which was available for Rs. 3,000 is now being offered for a price that is anywhere between Rs.7,000 to Rs.12,000.
Similar trends are on witness at Chandanagar, Toli Chowk, Dargah on one side and Bharatnagar, Erragadda and Vivekanandanagar on the other, points out another agent.
While the semi-furnished occupancy is made available with cupboards, wardrobes, geysers, the furnished type comes with all the trappings of a comfortable living including dining table, sofas, electrical appliances and kitchen paraphernalia.
The deposits at the time of occupancy too vary according to the facilities offered and the same is going up multi-fold.
No more two month advance, now the trend of six to 12 months is catching up in some pockets, it is pointed out.
SOURCES:
The Hindu
Topics: Real Estate |
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