CHENNAI: Finding a house for rent at an affordable rate is becoming increasingly difficult in this booming metropolis with real-estate brokers ruling the roost and imposing their terms.
Full-time brokerage agencies have gained monopoly over part-time brokers in the city and its outskirts which have witnessed several Information Technology companies, industries and auto giants setting up their facilities in the last few years.
Middle class families, who find it difficult to afford even a small house within the city limits, point fingers at the brokers accusing them of earning huge profits without investment, hard work or even taxes.
Small brokers say the increasing rents are due to the emergence of full-time agencies, who are controlling house brokerage operations throughout the city. However, big agencies blame it on the IT boom and economic growth. But, no one denies that the house rents are spiralling.
“At this rate, poor and middle class families will have no place in the city anymore,” said Selvi, who is searching for a rented house for the last six months in Vadapalani area of the city. She had joined a school as a teacher here.
“My family members have gone through every street and lane in the area. They did not find a single `to let’ board, which used to be very common till five years ago.”
“Brokers are in charge of every house and they are increasing the rent by 25 to 50 per cent in addition to demanding high commission,” she lamented.
Source: Economic Times
Popularity: 5% [?]