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Tamil Nadu
The rise in rentals
J. Malarvizhi
The changing character of rentals in the city has largely been dictated by the development of the IT Corridor. Residents in the city complain that it has become difficult to find affordable housing in favoured localities.
Close on the heels of this development, rentals in south Chennai sky-rocketed, pushing up rentals across the city.
Premium localities in the south, including Besant Nagar and Kotturpuram, have seen rentals go up by as much as 30 per cent in a year. School teacher Shireen recalls the difficulties she had in finding a house suitable for a small family for a rent of Rs. 7,000 in Adyar.
Localities that lie adjacent to premium streets have also seen rentals double in the past couple of years, as an increasing number of single professionals flocking to the city are willing to shell out large amounts for accommodation close to the work place.
Areas such as Velachery that have seen development due to their proximity to the IT Corridor, are yet to become as expensive.
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