Finding out the best home for yourself

Ask the baby boomers in India, they would ‘tch-tch’ your decision of staying in a rented place. It’s always has been to buy your own place, and pay EMI instead of rent.

But this is no longer the truth for the Indian real estate market. Market studies have revealed that renting a house in Hyderabad, Ahmedabad and/or Kolkata is much cheaper and cost effective. Additionally, majority of demand for homes in India is from the middle class segment, whilst the developers are constructing the premium flats and apartments. To give you facts, currently, more than 69% of the unsold homes in Mumbai cost over Rs. 1 crore or more. This means unsold inventories and eventually crash of the real estate market in India. With buying safely out of option, here are few things that you can keep in mind when making the move to a new city and a new state:

• Getting a job: Before feverishly searching the online portals for accommodation, it is very important to get a steady job. The city is new, therefore, commute would always be a problem. For example, most people in Bangalore, like staying near to their work places mainly for the convenience of traveling. Therefore, before looking for a flat for rent in Bangalore, figure out the areas nearby your job location and then move in. 

• Looking for healthcare related services nearby: Most probably, you have moved in to a complete new state which has different weather from your home town. Additionally, you would be staying alone or in PG with strangers. The best thing to do is figure out nearby healthcare centres, hospitals, and clinics. For example, if you are looking for a home in Faridabad in the Delhi NCR region, make sure health facilities such as leading Hepatologist in Faridabad or General physician are nearby. And while you are at it, the house should be located at comfortable walking distance from the supermarket, the bazar, ATMs, clinics, etc. 

• Getting to know your own place: You have moved in a complete new city. Take some time to know the place. Don’t select the first flat that you see. The best way to understand whether the flat that you have chosen does not have any disturbing elements (like a noisy neighbor, bad neighborhood, etc.) is to visit the place at least twice (once in the broad daylight and another in the night) before taking the final call. 

• Strong bond with the owners of the flat: Once you have understood and done all of the above criteria, be sure to maintain a good rapport with the landlord. Under no circumstances should there be trust issues. They should be sure of handing over their property to you, and you should be able to take care of the place like your own. Ensure to ask your landlord about any additional costs that might be incurred before moving.

• Keep additional money: Lastly, keep some additional cash in hand. This is important as it is not only a new place, but you might need some last minute supplies.

Once you have followed this check list, you are ready to move in.

Finding homes can prove to be a taxing affair, especially if it’s the first time or to a city in which the majority of the population speaks a different language. Take the help of friends and colleagues who stay there and have some patience.


This is a guest post by Alvira Rehan

An insight on renting homes in Chennai

Chennai’s harbor development in the 18th century made it a hub for trade between Europe and India. This metropolitan city was the first one to have a widespread WI-Fi facility and conditional access system for cable television. Apart from these, there are many concepts and implementations that have first been made in Chennai.

The city has also developed as a center of real estate, all thanks to the programs launched by the Government to improve the city’s infrastructural projects. This article provides insights into the rental market of this crowded city.

In Chennai, the capital of Tamil Nadu state, there is a huge demand for 1 BHK flats. People prefer renting flats in areas like Sholinganallur, Old Mahabalipuram road, Adyar, Porur, Kelambakam, Velachery, and Medavakam. Being an old city, there are a number of options to choose from. The average price for renting a 1 BHK flat in this city is Rs. 7500.

Areas like Porur and Adyar offer high-end properties too. In porur, you can rent a luxury segment property in about Rs. 13500 and in Adyar about Rs. 16000 with median values lying at Rs. 12,000 and Rs. 15,000 respectively. You can also find budget accommodations in areas like Kelambakkam and Medavakkam where the average rates are around Rs. 6,500.

Apart from basic 1 BHK homes, you can also find 2 BHK luxury homes in Chennai. People who are planning to settle in the city can opt for 2 BHK flats. It is advisable to look for a two room home in areas like the Old Mahabalipuram road, Thoraipakkam, Sholinganallur, Velachery, and Perugundi. These areas may offer homes that are priced slightly above the average rate of Rs. 12000. Also, there is a lot of price variation seen in areas like Sholinganallur, Velachery, Perugundi and Chromepet. For affordable properties, you can go for areas like Chromepet, Medavakkam and Pallikarana.

People who are looking for 3 BHK luxury homes in Chennai should check out areas like Old Mahabalipuram road, Pudupakkam, Thoraipakkam, and Velachery. The best part is that most of the high localities have their price trends in line. The average price for a 3 BHK flat is Rs. 18000. Homes can be rented in areas like Pudupakkam, Pallikaranai, and Medavakkam at a slightly lower price. You will also find a number of options in the Thoraipakkam, Velachery, and Sholinganallur areas, but with a price range variation.

The rental market of Chennai has seen a lot of fluctuations in the recent years. If you inquire about the property rates in Chennai from any renter, you will surely get a high quotation. But that is the sad truth that the city offers properties at a high price.

Buying or renting properties in Chennai is surely expensive. And even if you are planning to rent luxury homes in Chennai, then you surely know they don’t come cheap. Renting homes in the neighborhood of the city center too is very expensive. Affordable houses to buy or rent are difficult to find in this city.

This is a guest post by Deepak Yewle