Even as housing rents proceed to soar throughout the highest 7 cities publish pandemic, IT/ITeS hubs similar to Bengaluru, Hyderabad, and Pune have seen up to a 31% rise in rental worth in the primary 9 months of 2023, in accordance to analysis information launched by actual property consulting agency Anarock Group.
In Bengaluru’s Whitefield, a customary 2BHK flat of roughly 1,000 sq. ft. space noticed rents develop by 31% adopted by Sarjapur Road the place rents for such houses rose by 27% throughout this era.
The common month-to-month lease for the standard 2BHK residence of 1,000 sq. ft. at Whitefield elevated from ₹24,600/month by 2022-end to ₹28,500/month by September-end 2023. At Sarjapur Road, common month-to-month rents elevated from ₹24,000/month in 2022-end to ₹30,500/month in September 2023, Anarock analysis stated.
As per the findings the subsequent two rental progress hotspots are additionally IT/ITeS hubs of Hyderabad and Pune,
Hyderabad witnessed the second-best rental worth progress with key markets in town seeing up to 24% progress in this era towards all outstanding localities in the highest 7 cities of India, Anarock stated..
In Hyderabad’s Hitech City, the common rents stood at ₹24,600/month by 2022-end; by the tip of Q3 2023, they elevated to ₹28,500/month — a 16% progress in the nine-months interval. Gachibowli noticed rents rising by 24% in the identical interval — from₹23,400/month by 2022-end to ₹29,000/month by September-end this yr.
“The third prominent city to see good rental values growth was Pune, where the Hinjewadi micro-market recorded a rental value growth of 17% in the last nine months. In that market the average rents were ₹21,000/month by 2022-end and ₹24,500/month by September-end 2023,” the agency stated.
Anuj Puri, Chairman, Anarock Group, stated, “After an almost terminal downturn during the first and second Covid-19 waves, residential rents are one of the most remarkable comeback stories of the post-pandemic housing sector.”
“The first nine months of 2023 saw housing rents soar by over 30% in the top 7 cities. Bengaluru, already in the limelight for its astronomic rental values post-COVID-19, continues to stand out among the top 7 cities,” he stated.
“The fact that the next two hotspots for rental values growth are also IT/ITeS-centric cities also underscores the fundamental strength of the Indian Infotech sector, despite belt-tightening moves in the industry,” he added.
