Apartments in Perumbakkam have been enjoying good rental occupation. Placed strategically on OMR, the IT corridor of Chennai, the area has seen quick developments in the past five years. Once home to small scale farmers raising vegetables on the land surrounding the Perumbakkam lake, today it’s the ideal place of residence for many of Chennai’s visiting population.
Rental housing makes sure that completed unsold houses stay in the market. It can be said that apartments in Perumbakkam and many other areas benefit tremendously from the rental market. According to local real estate agents, rental prices of apartments in OMR generally have risen and Perumbakkam specifically has become a rental hotspot. There are many factors contributing to it. Let’s have a look at some of the prime ones.
Proximity to IT hubs:
Though OMR is lined with Tech parks and offices of IT giants along the entire stretch, it has two prime points: The Velachery-Taramani junction in the northern end of OMR and Siruseri at the southern end. Perumbakkam is placed almost in the middle of both the pivotal points. It takes about half an hour for a resident of an apartment in Perumbakkam to reach Siruseri and about 40 minutes to reach Taramani. No wonder, most of the residents in the area are IT professionals.
Employment opportunities surrounding Perumbakkam:
What makes it more special for apartments in Perumbakkam is the fact that the area is surrounded by development and places of employment on all sides. The Sholinganallur main road which continues to GST road as the Velachery-Tambaram road to reach Tambaram passes horizontally to the North of Perumbakkam. It houses Global Hospitals which is a 21-acre facility with a majority of international patients getting treatment. To the west of Perumbakkam is Medavakkam which has risen as a commercial hub. To the East, as well, is the IT corridor. Thus Perumbakkam is surrounded by employment opportunities bringing in migrating residents.
Perumbakkam is well connected to all prime areas of Southern Chennai. People from the area can easily access places in the GST Road such as Tambaram, Perungalathur, and Guduvanchery through the Velachery – Tambaram Main road. OMR connects Perumbakkam to other main areas such as Guindy, Anna Salai etc. It is also well connected to the East Coast Road through the Sholinganallur main road giving easy access to areas such as Thiruvanmiyur and Adyar.
Educational Institutions in the area:
Perumbakkam is one of the nearest residential area for students of Sathyabama University, Jeppiar and St.Joseph’s College of Engineering. It is also close to other colleges such as Hindustan University, KCG College of Engineering and Chettinad Medical College which are in the OMR. Thus a majority of occupants of apartments in Perumbakkam is college students.
All these factors together have created a sort of interest amongst investors for apartments in Perumbakkam. It must also be noted that rental revenue over an investment in the area is quite high. According to real estate agents, it is due to the fact that residents are predominantly people from outside Chennai. Most of the apartments in Perumbakkam are occupied by bachelors who are able to share and pay a considerably higher rent to stay in a place close to their place of work.