Rise in rent has changed the face of the IT corridor. The people involved in the rental business are of the opinion that the demand for the rented dwellings has been on a steady rise in the Kazhakkoottam belt.
With the emergence of Technopark and a unit of Infosys also coming up, the number of people opting for houses on rent has increased considerably. Flats, villas and apartments stand the best chance of being given out on rent. Those who own a house here rent out their homes and move to a small flat or house in the suburbs.
‘’The common scene here has been that the residents rent a smaller house and let out their own houses for a higher rent. These people prefer the suburbs or the coastal areas near Kazhakkoottam where the rent is comparatively low,” said Rajeendran T, a middleman arranging houses on rent.
Apart from Kazhakkoottam, locations near Technopark and Infosys are also preferred localities. Waterfront residential areas attract the highest rental value. They come at a monthly rent anywhere between Rs 10,000 and Rs 15,000. Furnished houses get a higher rent. Commission for the brokers is half-a-months’ rent from the tenants.
“The average rent in Kazhakkoottam is something more than Rs 6,000. Flats and villas in the area are taken on rent by certain companies for their employees. Some use them as guest houses,” said Rajeesh Thampi, a flat broker.
‘’At Kazhakkoottam, a three-bedroom house could fetch up to Rs 10,000 a month, while such houses could be rented at slightly less when it comes to Kulathoor. The demand is basically for two or three-bedroom houses. Houses are constructed in such a pattern,” said Unnikrishnan, a house owner.
Agreements are generally written for a year, after which they are renewed, based on a revised rent. “The time period is being prescribed only for allowing the landlords to raise the rent after the contract period. Most of us have to search for a new place as the house owners will be always looking at a substantial hike in rent and would welcome newcomers,” said Aloshy George, a Technopark employee.
However, working women face many problems in taking an independent house on rent in the area.