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The Hindu
20-05-2025
- Business
- The Hindu
Residential rentals soar high in Chennai
In recent years, the residential rental market in Chennai has experienced notable fluctuations, with prices soaring by 20-25% over the past two years. Certain areas have witnessed even steeper hikes, with rental rates escalating by as much as 25-30%. Gated communities and modern apartment complexes have also seen accelerated increase in rental prices, charging 7-8% more than their non-gated counterparts. Sanjay Chugh, director and city head, Chennai, Anarock Property Consultants Private Limited who has been tracking Chennai's real estate growth for several years now, said, 'Chennai's residential rental market has experienced significant growth since the last two years, particularly in mid-segment and suburban areas. In the third quarter of 2024, Chennai recorded the sharpest rental hike among major Indian cities, with rents soaring 22.2% quarter-on-quarter from ₹17.94 to ₹26.91 per square foot.' He added, 'The surge in rental prices is attributed to several factors, including a property tax hike, the end of widespread work-from-home arrangements, and the city's industrial growth.' 'Overall rent inflation in Chennai was 18% from 2022 to 2023. From 2023 to 2024, it was 8%. Abiramapuram, Nungambakkam, T Nagar, Alwarpet and Adyar are the prime locations in Chennai that have seen the highest rental growth,' said Saurabh Garg, co-founder and CBO of NoBroker. 'Localities such as Tiruvanmiyur, Perungudi, and Palavakkam have experienced the highest spike. Rents have gone up by approximately 9-11% in these areas,' he added. Adyar, Anna Nagar, T. Nagar, and Besant Nagar — These upscale neighbourhoods continue to command premium rents due to their established infrastructure, educational institutions, and lifestyle amenities, Mr. Chugh pointed out. According to Mr. Garg, 'The conclusion of widespread work-from-home policies has also compelled many employees to return to Chennai, increasing the demand for rental accommodations near workplaces.' In 2023, prime areas like T. Nagar, offered 1BHK (Bedroom, Hall, Kitchen) houses for rent between ₹8,000 and ₹12,000 per month. Now, the rent for a 1BHK in this area ranges from ₹15,000 to ₹20,000 per month, excluding car parking and maintenance charges. The cost of a 2BHK at prime locations in is anywhere between ₹25,000 and ₹60,000. Saravanan, a real estate agent said at Vadapalani, the cost of a 1BHK is anywhere from ₹15,000 to ₹20,000, while the cost of a 2BHK starts at ₹30,000. In gated communities, the rents are anywhere around ₹45,000 to over a lakh. 'If you're looking for a house near the metro line or Forum Mall, the rent tends to be quite high. However, if you're open to locations like Kodambakkam or the interior areas of Vadapalani, you can find more affordable options,' he said. Properties along Old Mahabalipuram Road and in Sholinganallur have experienced significant rental hikes, driven by the growing presence of IT firms, start-ups, and a rising student population in the area. A real estate agent in this area mentioned that, in the past, students preferred staying in hostels within college campuses or nearby. However, nowadays, many of them are choosing to rent individual houses or apartments with their friends. Ditto is the trend in Tambaram and Velachery zones. Rentals on OMR which were hovering around ₹15,000 to ₹20,000/month for a 1 BHK is now at ₹18,000 to ₹30,000/month. Mr. Chugh said that in Pallavaram rental values grew by 40%, while capital values rose by 18%. 'At Perambur, rental values increased by 33%, with capital appreciation at 18%. At Central Chennai: high-end rental values remained stable, ranging from ₹1,00,000 to ₹2,50,000 per month, with minimal year-on-year changes,' he said. ''The upward trajectory in Chennai's rental market is expected to continue, especially in suburban areas, due to ongoing infrastructure projects like metro rail expansions and the city's growing appeal as an IT and industrial hub. However, the high-end segment in central locations may see more stable rental values, given the already premium pricing. Apartments are witnessing the maximum demand from occupiers, followed by villas and independent houses,' he said. Real estate experts further said that the prices were only bound to increase more when the metro and other infrastructure projects in the city would be nearing completion.
Time of India
07-05-2025
- Business
- Time of India
Prestige Estates shares in focus after Rs 3,000 crore debut in NCR with The Prestige City
Live Events Prestige Estates share price target Prestige Estates share price performance Shares of Prestige Estates Projects are expected to remain in focus on Wednesday after the company clocked over Rs 3,000 crore in sales within a week of launching its first residential project in the National Capital Region (NCR). The project, The Prestige City , located in Indirapuram, sold 1,200 units during the initial launch marks the Bengaluru-based developer's debut in NCR's residential market. The company attributed the strong response to its brand equity, strategic location, and growing demand for premium residential communities in urban across 62.5 acres in Indirapuram Extension along National Highway 24, the current launch includes two phases—Oakwood and Mulberry—offering 3,421 homes across 19 towers.A third phase, Mayflower, is in the pipeline and will further expand the residential offering. The larger township will also feature a Forum Mall spanning 1.18 million sq ft, adding retail and entertainment options to the integrated development.'We are delighted with the overwhelming response to our first residential project in NCR. The year ahead is particularly exciting, with significant launches planned across Bengaluru, Chennai, Goa, NCR, Mumbai, and Hyderabad,' said Irfan Razack, Chairman and Managing Director, Prestige to Trendlyne data, the average target price for the stock is Rs 1,656, implying an upside of 24% from current levels. The consensus recommendation from 19 analysts remains a 'Buy'.On Tuesday, Prestige Estates shares closed 3.9% lower at Rs 1,330.70 on the BSE, while the benchmark Sensex declined 0.19%. The stock has fallen 20% year-to-date but has gained 172% over the past two years. Its current market capitalisation stands at Rs 57,317 crore.
Business Standard
06-05-2025
- Business
- Business Standard
Prestige Group receives overwhelming response to its first residential project in NCR
Prestige Group has announced a phenomenal response to its first residential launch in the NCR region, The Prestige City, Indirapuram, achieving sales of over Rs 3,000 crore across 1,200 units within a week of its launch. Spread across 62.5 acres in Indirapuram Extension on National Highway 24, The Prestige City, Indirapuram offers a world-class integrated living experience. The current launch covered two residential phases, Oakwood and Mulberry, featuring a total of 3,421 homes across 19 towers. An upcoming residential phase, Mayflower, will further expand the community, offering even more curated living options for discerning homebuyers. The development will also house a Forum Mall spanning 1.18 million square feet, bringing vibrant retail and entertainment experiences to the heart of the township. Speaking on the achievement, Irfan Razack, Chairman and Managing Director, Prestige Group, said: "We are delighted with the overwhelming response to our first residential project in NCR. It is a proud moment for Prestige Group, and a strong validation of the trust that homebuyers place in us. We look forward to launching many more landmark projects across NCR and continuing to build on this momentum. The year ahead is particularly exciting for us, with significant launches planned across Bengaluru, Chennai, Goa, NCR, Mumbai, and Hyderabad."
Business Upturn
06-05-2025
- Business
- Business Upturn
Prestige Group's NCR debut sees roaring success with Rs 3,000 crore in sales within a week
By News Desk Published on May 6, 2025, 16:26 IST Prestige Estates Projects Ltd. announced a landmark debut in the National Capital Region (NCR) with its residential launch The Prestige City, Indirapuram, clocking an impressive ₹3,000 crore in sales within just one week. The company sold over 1,200 units, marking a robust entry into the NCR residential market. Spread across 62.5 acres in Indirapuram Extension along NH-24, the project is part of a larger integrated township. The initial launch included two residential phases—Oakwood and Mulberry—featuring 3,421 homes across 19 towers. An additional phase, Mayflower, is expected to follow soon. The development also includes a Forum Mall of 1.18 million sq ft, aiming to deliver a comprehensive lifestyle experience. Chairman and Managing Director Irfan Razack termed the overwhelming response 'a proud moment' for the group, reinforcing buyer confidence in the Prestige brand. He added that the company has major launches lined up across Bengaluru, Chennai, Goa, Mumbai, Hyderabad, and NCR in the coming months. The strong performance reflects not only the brand's reputation but also a growing appetite among homebuyers for high-quality, integrated living spaces in urban India. News desk at
Time of India
30-04-2025
- Business
- Time of India
Prestige Group launches residential project in Ghaziabad
NEW DELHI: Prestige Group has launched the first phase of its residential project 'The Prestige City – Indirapuram' in Ghaziabad . The first phase called Oakwood and Mulberry- together represents a gross development value (GDV) of over ₹9,000 crore. Oakwood and Mulberry feature a combined 3,421 homes across 19 towers, offering a mix of 2 BHK, 3 BHK, 3 BHK + Home Office, and 4 BHK + Home Office residences, with unit sizes ranging from 1,681 sq ft to 6,026 sq ft. Irfan Razack , chairman and managing director of the company said, "We are thrilled to make our debut in the vibrant NCR residential market with The Prestige City – Indirapuram. It is only the beginning — we are deeply committed to expanding our presence in NCR." When the second phase 'Mayflower' is launched, it will take the total GDV of the entire residential development to ₹12,000 crore. Spread across 62.5 acres, the township will also have an integrated Forum Mall covering 1.18 million sq ft.
