The average monthly rentals for two-bedroom flats of 1,000 square feet area have risen by up to 23 per cent since 2019 across seven major cities, according to Anarock. The key residential rental hotspots saw up to 23 per cent growth in average monthly rentals between 2019 and 2022, the property consultant said in a report.
The consultant has taken average rent for standard 2BHK (2 bedroom) unit of 1,000 square feet area. Noida’s Sector-150 saw the highest 23 per cent increase in average rentals to about Rs 19,000 per month, from Rs 15,500 in 2019.
“Rental demand will increase substantially in 2022,” said Anuj Puri, Chairman, Anarock Group.
“With more companies calling their employees back to the office, including in the hybrid mode, rental demand is rising across the 7 top cities, after plummeting during the two worst Covid-19 waves,” he added.
The rental demand would continue to head northward in 2023, Puri said.
“Employees returning from their hometowns or other parts of the city tend to rent homes for at least the short-term, often to consider purchases at a later stage,” he observed.
As per the Anarock data, in Hyderabad, the average rent in Hitech City rose 7 per cent to Rs 24,600 in 2022 from 23,000 per month during 2019. Gachibowli saw a 6 per cent rise to Rs 23,400 from Rs 22,000 a month. In Delhi-NCR, the average rent in Sohna Road, Gurugram rose 14 per cent to Rs 28,500 from Rs 25,000 per month.
Dwarka in the national capital witnessed a 13 per cent increase in rent to Rs 22,000 from Rs 19,500. In the Mumbai Metropolitan Region (MMR), the average rent in Chembur rose 13 per cent to Rs 51,000 from Rs 45,000, while that in Mulund grew 6 per cent to Rs 41,000 from Rs 38,600 per month.
In Kolkata, the monthly rentals at EM Bypass grew by 16 per cent to Rs 22,000 from Rs 19,000, while those at Rajarhat increased by 11 per cent to Rs 16,500 from Rs 14,800.
As per the data, the average rental values in Bengaluru’s Sarjapur Road increased by 14 per cent to Rs 24,000 from Rs 21,000 per month.
Whitefield in Bengaluru saw an 18 per cent increase in rentals to Rs 22,500 from Rs 19,000.
In the Pune residential market, Hinjewadi saw a 20 per cent increase in the average rent to Rs 21,000 from Rs 17,500, and Wagholi witnessed a 21 per cent increase to Rs 17,000 from Rs 14,000.
The average rent in Chennai’s Perambur rose 13 per cent to Rs 18,000 in 2022 from Rs 16,000 per month in 2019.
At Pallavaram in Chennai, the rent grew 17 per cent to Rs 17,000 from Rs 14,500 per month in 2019.
Read all the Latest Business News here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
