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Buying a House in Chennai turn into a Prohibitive Choice
Scouting a comfortable as well as affordable house in booming Chennai is no better than an uphill climb with property prices reaching the skyline in the city. Full time real estate agents have captured the market and have kicked out part time brokers here.
The task to buy a home has become more troublesome for middle class families who are blaming brokers to earn large profits without investment and taxes.
Contrary to this, small brokers are pointing fingers accusing full time agencies, who are controlling house brokerage operations throughout the city.
Now, these agencies hold IT boom and economic growth responsible for soaring property prices. Such a trend has created a tense situation for poor and middle class who are trying to buy house in some specific locations. Vadapalani is such an area in Chennai.
Brokers are in charge of every house and they have increased the rents by 25% to 50% in wake of increasing demand for rented residential property in Chennai.
House brokers are being touted as excellent bargainers in Chennai. They are known to settle the rents for far better and advanced amounts, says a house owner in the area. However, this is the case throughout the city, with slight variations in rates.
Big brokers along with local representatives are controlling the entire city. This has pushed the rents to a great extent, as these brokers fix the property prices for a particular area which is almost under their control.
Those in a lookout for rented houses are left with no other option than to accept the prices fixed by the agency. Experts see factors like increasing population, economic growth, and lack of houses leading to soaring rentals.
News Published Under: Chennai | 1 Comment »
I am looking for a house for rent or sale in Vadapalani area. But no luck so far. I have been searching maakan, 99acres and indiaproperty for houses but nothing comes within my budget.
Makaan.com was the worst though. they have listed properties that have been sold months ago and some of their numbers are wrong and they connect to frustrated souls who are also looking for houses like myself.
Indiaproperty and 99 are ok. Atleast I get genuine sells in IP rather than unsuspecting individuals