North and east Bengaluru have witnessed most appreciation of up to 24 per cent in common month-to-month lease for a 1,000-square toes two-bedroom residence in the final one 12 months amongst seven main cities, in accordance to property guide Anarock.
In its report launched on Thursday, actual property guide Anarock mentioned that Thanisandra Main Road and Marathahalli-ORR in Bengaluru recorded highest residential rental progress of 24 per cent every year-on-year in January-March interval for an ordinary 2BHK residence of 1,000 sq. toes space.
Whitefield and Sarajpur in Bengaluru had been at second and third positions with 21 per cent and 20 per cent progress, respectively, in rental between January-March 2022 and January-March 2023.
The guide mentioned that areas in east and north Bengaluru have seen a spurt in rental demand.
Bengaluru at present has the best rental yield of 4.1 per cent amongst all main cities, adopted by Mumbai with 3.9 per cent.
Prashant Thakur, Sr Director & Head – Research, Anarock Group, mentioned, “When it comes to rental demand and zooming rents, Bengaluru at present stands out among the many prime 7 cities, with east and north Bengaluru the most important blips on the rental radar map owing to the IT/ITeS belt there.” Abhishek Tripathi, co-founder, Settl, said: “In a place like Bangalore during the pandemic, huge capital was deployed into hiring talent, especially in the IT sector and startups. During the same time, due to labour shortage, the increase in building supply was restricted and when the lockdown restrictions were removed and offices started to open up, people started moving to tier-I cities and settling down.” “This disparity has created a housing disaster, particularly in tier 1 cities in Bangalore. Hence, the rise in lease is a results of these multifarious elements,” Tripathi mentioned.
As per the report, average monthly rentals for a standard 2BHK home of 1,000 sq ft at Thanisandra Main Road increased from Rs 21,000 per month in Q1 (January-March) 2022 to Rs 26,000/month in Q1, 2023.
At Marathahalli-ORR, average monthly rentals increased from Rs 22,500/month last year to Rs 28,000/month in Q1 2023.
The data showed that Pune’s three standout markets with high rental growth between Q1 2022 and Q1 2023 are Hinjewadi, Baner and Wagholi, which witnessed rental value growth of 19 per cent, 15 per cent and 13 per cent, respectively.
In Chennai, the top 3 markets to witness high rental values growth are Pallavaram, Perambur and Oragadam, with rents in this period growing by 16 per cent, 10 per cent and 11 per cent respectively.
In NCR, the top three markets were Sohna Road in Gurugram (rental values increased by 13 per cent), Sector-150 in Noida (15 per cent growth) and Dwarka in Delhi with a rental value growth of 10 per cent.
In MMR, the top three markets for rental value growth were Chembur, Ghodbunder Road (Thane) and Mulund, which saw 17 per cent, 14 per cent and 14 per cent growth, respectively.
Kolkata’s top three markets with high rental value growth between Q1 2022 and Q1 2023 were EM Bypass, Joka and Rajarhat, where rents rose by 13 per cent, 11 per cent and 10 per cent, respectively.
In Hyderabad, the top three markets were HITECH City and Kondapur, which saw rental values increase by 12 per cent each, and Gachibowli with 11 per cent growth.
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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)
