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Many houses lying vacant with no takers, rents to come down further in GCC


Posted on : 29/Jun/2020 10:19:32

Under normal circumstances, the localities like Teynampet, Alwarpet, and T. Nagar in Chennai would not have houses lying vacant for a long time. Things have changed now with Coronavirus infection spreading like fire across Chennai.

Currently, many houses in these above-said places have been lying vacant with no takers. The real estate brokers have pointed out that the house owners are willing to slash the rents in these places even further for the sake of getting tenants.

It was later explained by a real estate broker that some owners have reduced the rents by 10 to 20% but still, there were no takers for the houses. There are also few cases wherein the big houses even if the house owners agree the other tenants do not want anyone new to come and even inspect the houses. The real estate broker spoke about how a doctor approached him for a rental house and how other tenants objected when he took the doctor to the house.

He threw light on the presence of many houses that have been lying vacant in places like T. Nagar, Alwarpet, and Teynampet for a time of more than 3 months.

There are some house owners who have voluntarily reduced the rents for their tenants who have been with them for a long time. This has made many not to shift houses.

A Kodambakkam based house broker expressed his thoughts about the current situation. He mentioned how he has been in this field for 18 years and how earlier he used to get 10 to 15 calls per day from those looking to rent a house. He added that now post lockdown, he hardly gets one call in a week. He concluded that the lack of availability of transportation now in Chennai is creating issues for the people as the people were unable to move freely.
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