House rents shoot through the roof
The big story in recent years always has been how difficult it is buy a house in the city anymore. Little mention is made of how rents have practically rendered many areas unlivable. I don’t think it is possible to live in many areas like Adyar, Besant Nagar and Alwarpet if you are not into IT. Or you are a millionaire-businessman.
I like posh areas. I am sure every city has a few where no one except the very rich can live. But when rents in South Chennai shoot like the roof overnight like the way they have, we really have to stop and ask the question why?
At the end of the day I think the answer is that this city doesn’t expand to accommodate its shooting population. If the suburbs had developed at a pace they should have, they would surely accommodate millions of people. If infrastructure like news roads and public transport is developed, rents surely can plateau.
I recently rented a house in Triplcane. I doubt if the house is over 500 sq feet. Two rooms, a kitchen and a bathroom. I pay Rs 5,000. I know for a fact that this is way too high. But when I asked around during my house hunt, I found that rates had uniformly shot up. So have the number of months of rent taken as advance. I paid Rs 50,000 as advance. I hope not everyone is having to do this sort of a thing. I do hope it doesn’t get insane.