Housing rent in Bengaluru rise by more than 30% this year; Whitefield sees highest growth in nine-month
₹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". Also read: Tax implications for non-residents selling ancestral property in India Besides Bengaluru, housing rents have soared in other metropolitan cities including Hyderabad, Pune, Delhi and Mumbai.
Hyderabad and Pune, the other two IT/ITeS hubs in the country, have also emerged as rental growth hotspots. As per the Anarock report, Hyderabad saw up to 24% growth in this period. In the hi-tech city, the average rents stood at ₹24,600 per month by 2022-end; by the end of September 2023, the rent hiked to ₹28,500 per month - a 16% growth in the nine-months period.
NRI contributions to Indian real estate surge over 5 years, to reach 20% by 2025 Rent in Gachibowli zoomed up up by 24% in the same period – from ₹23,400 per month by 2022-end to ₹29,000/month by September-end this year. In Pune's Hinjewadi micro-market recorded a rental value growth of 17% in the last nine months. Here, the average rents were ₹21,000/month by 2022-end and ₹24,500/month by September-end 2023.
Mumbai’s real estate registrations surge during festive season In Delhi-NCR, the areas where rent has soared in between January and September are Sohna Road in Gurugram (rental values up by 11%), Sector-150 in Noida (13% growth) and Dwarka in Delhi (14% growth). In Mumbai, the top two markets to see rental value rise were Chembur and Mulund, which saw 14% and 9% growth, respectively between January and September 2023. In Chennai's Pallavaram and Perambur, housing rentals saw 12% and 9% growth, respectively during the same period.
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