BWI: Sulekha.com releases Market Report on Housing Price Inflation in Chennai

Press release from Business Wire India
Source: Sulekha.com
Wednesday, June 01, 2011 02:25 PM IST (08:55 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Construction, Information technology, Real estate, Telecommunications; Technology
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Sulekha.com releases Market Report on Housing Price Inflation in Chennai


Chennai, Tamil Nadu, India, Wednesday, June 01, 2011 -- (Business Wire India) -- Sulekha.com, one of India's leading players in Local and Social Commerce, Online and on Mobile, today announced the results of a study undertaken on the increasing rental prices across Chennai. This study, an analysis of over 130,000 rental advertisements posted on Sulekha.com for apartments and houses in the city, indicates that house rents have increased by a (weighted) average of 13.5% across Chennai, with a sharp increase in 1BHK and 3BHK house rents.

The study covers advertisements (ads) posted by both individuals and brokers. It is a year-on-year analysis that compares 72,000 property ads for rent in JFM (January, February, March) 2011 with 62,900 ads in JFM 2010.

Key findings:

-- Rental prices for 1BHK (Bedroom, Hall and Kitchen) and 3BHK apartments/houses have increased by a significant 12% and 15% respectively in the last one year.
-- Rent for 2BHK apartments/houses has risen by a smaller number of 10%.
-- 3BHK apartments now cost an average of Rs 30,000 in 3 areas: Adyar, Alwarpet and Chetpet.
-- 2BHK apartments now cost an average of Rs 20,000 in the following areas: Anna Nagar, Kilpauk, T Nagar, Sholinganallur, Ashok Nagar, KK Nagar, Mylapore, Neelankarai, Besant Nagar and Puraswalkkam.
-- 1BHK apartments have seen a sharp increase of 30% to 40% in last one year in several areas: Perungudi, West Mambalam, Porur, Vadapalani, Nanganallur and Medavakkam.

Interesting to note:

-- 1BHK apartments have gone up sharply in Perungudi, West Mambalam and Vadapalani, but become cheaper in Kilpauk, Triplicane, Anna Nagar.
-- 2BHK apartments are available in the outskirts for sub Rs 10,000: Porur, Tambaram
-- 3BHK apartments are available in the outskirts for sub Rs 15,000: Madipakkam, Chromepet

Average rent in Chennai across all areas as of March 2011 is as follows:

-- 1BHK average rent - Rs 5,740 (increase of 12% over the year)
-- 2BHK average rent - Rs 10,080 (increase of 10% over the year)
-- 3BHK average rent - Rs 17,270 (increase of 15% over the year)

Commenting on the analysis, Satya Prabhakar, CEO of Sulekha.com says, "While there is widespread research on consumer product price inflation, very little data is available on housing price inflation. Hence Sulekha.com was motivated to undertake this study. The analysis indicates that individuals can save about 10% to 15% by interacting directly with landlords who list their apartments and houses, and also save the 1 month brokerage cost."

In the next few weeks, Sulekha.com will release similar city-specific reports on the housing price inflation in Delhi, Mumbai, Bangalore and Hyderabad.

Annexure: The complete report on Chennai Property Rentals

About Sulekha.com:

Sulekha.com is a global, interactive, mobile and internet platform for connecting Indians worldwide and serves them through a portfolio of industry-leading services. The company is headquartered in Chennai in India and Austin in North America. Sulekha.com has offices in Mumbai, Delhi, Hyderabad, Bangalore and New York. Please visit www.sulekha.com.


CONTACT DETAILS
Vijay Anand K, Sulekha.com, vijay@sulekha.net
Nikhila Kesavan, Brandmap Communications, +91 9840124036, nikhila@brandmap.in
Sonali Nahar, Brandmap Communications, +91 9884170706, sonali@brandmap.in

KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, CONSTRUCTION, IT, REAL ESTATE, TELECOMMUNICATIONS, TECHNOLOGY

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