Housing rent in Bengaluru rise by more than 30% this year; Whitefield sees highest growth in nine-month

Rents for a standard 2BHK apartment of 1,000 sq ft area (approx) in Bengaluru’s White Park rose by 31% between January-September this year, followed by Sarjapur Road where rents rose by 27% in the same period.

“The average monthly rent for a standard 2BHK house of 1,000 sq ft at White Park has increased from ₹24,600 per month by 2022-end to ₹28,500 per month by September-end 2023. At Sarjapur Road, average monthly rents increased from ₹24,000 per month in 2022-end to ₹30,500 per month in September 2023″.

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Apart from Bengaluru, housing rents have increased in other metropolitan cities including Hyderabad, Pune, Delhi and Mumbai. Hyderabad and Pune, the two other IT/ITeS hubs in the country, have also emerged as rental growth spots.

According to the Anarock report, Hyderabad grew by up to 24% in this period. In the high-tech city, average rents stood at ₹24,600 per month by the end of 2022; by the end of September 2023, the rent was raised to ₹28,500 per month – 16% growth in the nine month period.

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Rent in Gachibowli increased by 24% in the same period – oh ₹23,400 per month by 2022-end to ₹29,000/month by the end of September this year.

Pune’s micro-market of Hinjewadi has recorded a rental value growth of 17% over the past nine months. Here, the average rents were ₹21,000/month by the end of 2022 and ₹24,500/month by the end of September 2023.

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In Delhi-NCR, the areas where rent increased between January and September were Sohna Road in Gurugram (rental values ​​up 11%), Sector-150 in Noida (13% growth) and Dwarka in Delhi (14% growth ).

In Mumbai, Chembur and Mulund were the top two markets to see an increase in rental value, which saw growth of 14% and 9%, respectively between January and September 2023. In Chennai’s Pallavaram and Perambur, housing rents saw growth 12% and 9%, respectively. during the same period. Kolkata’s top two markets for high rental value growth in nine months were EM Bypass and Rajarhat, which saw growth of 14% and 9%, respectively.

It is noteworthy that the annual Republic from capital invested in real estate has never been attractive. However, with rental demand rising in the wake of the Covid-19 pandemic in 2022, there has been a significant shift of investors back into the housing market, the Anarock report claimed.

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“After a near-terminal downturn during the first and second waves of Covid-19, residential rentals have been one of the most remarkable recovery stories in the post-pandemic housing sector. 7 best cities,” said Anuj Puri, Chairman – ANAROCK Group.

Among the top metro cities in the country, Bengaluru has the highest rental yield of 4.35% as of end-September 2023, followed by Mumbai with 4.05%.

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Pre-Covid in 2019, the rental yield in Bengaluru was 3.6% – the highest in that year.

In the coming months, the chairman of the Anarock Group expects the rent to increase. He said, “Rents will increase again as you pick up rentals in the January to March period as Indians tend to move for better job opportunities amid increased hiring in the new financial year”.

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Updated: 09 November 2023, 02:49 PM IST