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Property Rates in Chennai: Important Trends in Chennai in 2024
Updated : May 8, 2024
Author :
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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.
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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 2024 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.
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
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.
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.
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.
FAQs
Answer - Chennai is the most affordable metropolitan city in 2024 with cost-effective housing, education and public transport as per the Chennai land price in 2024.
Answer - The average rental yield for 2BHK in Chennai is Rs. 19,500 and the 3BHK rent in Chennai is around Rs. 27,000.
Answer - Land cost in Chennai: The average rate per square foot for a compact 1BHK apartment in Chennai is between Rs. 3,000 to Rs. 6,700.
Answer - Porur, OMR (Old Mahabalipuram Road and Guduvancheri are the best areas for real estate investment in Chennai in 2024.
Answer - The average construction cost in Chennai is Rs. 1500/square foot to Rs. 4000/square foot for luxury constructions according to the per square feet rate in Chennai.
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