Indian Real Estate Forum - www.indianrealestateforum.com - View Single Post - Chennai houses are becoming vacant due to job cuts

chataara · 13-02-09

Friends,

Recently I am seeing 'To LET' boards in many localities.

Few months back I have seen boards with "To LET - For bachelors only".
yes. This is because of high rent they were able to give.
Most of the houses turned into mansions and let for the bachelors with IT tag.
Also, many house owners constructed 1st or 2nd floors to increase their rental income.
Now that hype is gone. Those who lost their job vacate their room and
go to their native place.
They dont have hope to find a new job.
This resulted in increasing vacant houses in many places.
House owners are panick to lose their inflated rental income.
Those who purchased flats on loan and let it for rent are not able
to get another person to let their flat for rent.
This is also i think will be one of the reason for the decrease in RE price.
Thanks
chataara

13-02-09	#1
chataara Member Join Date: Nov 2008 Posts: 286 Thanks: 0 Thanked 0 Times in 0 Posts	Chennai houses are becoming vacant due to job cuts Friends, Recently I am seeing 'To LET' boards in many localities. Few months back I have seen boards with "To LET - For bachelors only". yes. This is because of high rent they were able to give. Most of the houses turned into mansions and let for the bachelors with IT tag. Also, many house owners constructed 1st or 2nd floors to increase their rental income. Now that hype is gone. Those who lost their job vacate their room and go to their native place. They dont have hope to find a new job. This resulted in increasing vacant houses in many places. House owners are panick to lose their inflated rental income. Those who purchased flats on loan and let it for rent are not able to get another person to let their flat for rent. This is also i think will be one of the reason for the decrease in RE price. Thanks chataara