I see many owners disappointed when they find out that their rent will not cover their mortgage. Real estate prices in Chennai has gone up so much that if you buy a home today, your rent will not cover your standard 70% mortgage.
For a 60 lakh flat on OMR, with a rent of 15k, the yield is within the 3 to 4% bracket, which pales in comparison to bank interest rate, but it is still decent for this asset class, when you account for asset growth.
Here is an opinion from Knight Frank India in The Economic Times stating typical yield on properties
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