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Average ​monthly rentals for luxury residential properties up 17-26 per cent across seven cities: Anarock

Housing rentals in key luxury markets saw better year-on-year growth between 2014-2020 than average capital prices in the same localities.

Published: 01st March 2021 08:01 PM  |   Last Updated: 01st March 2021 08:02 PM   |  A+A-

Residential Buildings

For representational purposes

By PTI

NEW DELHI: Average monthly rentals for luxury residential properties rose 17-26 per cent in the last six years across seven major cities while capital value has appreciated maximum by 15 per cent, according to property consultant Anarock.

Housing rentals in key luxury markets saw better year-on-year growth between 2014-2020 than average capital prices in the same localities, it added.

"The average rentals for a house of minimum 2,000 sq ft size in the top seven cities' key luxury hotspots rose anywhere between 17 per cent to 26 per cent in 2020, as compared to 2014. In the same period, average capital prices in these micro-markets saw a maximum rise of 15 per cent and some even saw a marginal dip," said Anuj Puri, Chairman - ANAROCK Property Consultants.

The average monthly rentals in Gurugram's Golf Course Road increased by 17 per cent in 2020 over 2014, while average property prices in the same period declined marginally from Rs 13,167 per sq ft in 2014 to Rs 13,150 per sq ft in 2020.

Among the top seven cities, Hyderabad's HITECH City saw the highest rental appreciation of 26 per cent between 2014 and 2020.

In the same period, average property prices saw a 12 per cent jump.

The data showed that from 2014 to 2020, rental prices in the top luxury markets saw consistent year-on-year growth averaging between 3-6 per cent annually, Puri said.

"In contrast, capital appreciation in this period either remained range-bound or varied each year. Some years saw a decent yearly rise, even as high as 7 per cent, while prices dropped by approx. - 5 per cent in other years - particularly in 2017, when many micro-markets saw capital prices plunge against the preceding year," he added.

In Bengaluru, the luxury residential hotspot JP Nagar saw average monthly rentals appreciate by 24 per cent in 2020 over 2014, while capital prices in the period rose by 8 per cent.

Likewise, Rajajinagar saw rental prices rise by 22 per cent, and capital prices by 15 per cent.

In Mumbai Metropolitan Region (MMR), luxury rentals in Tardeo rose 23 per cent in this period, while capital prices increased by 8 per cent.

Similarly, in Worli, the average monthly rentals for a minimum 2,000 sq.ft. area home rose by 21 per cent, while capital prices rose by 6 per cent.

In Delhi-NCR, rentals in luxury hotspot Golf Course Road increased 17 per cent while capital prices saw a meagre decline.

Golf Course Extension Road saw rentals increase by 18 per cent and capital prices by 7 per cent in this period.

In Chennai, luxury rentals in Anna Nagar rose 17 per cent in this period, while capital prices increased by 10 per cent.

Similarly, in Kotturpuram, the average monthly rentals rose by 19 per cent while capital prices rose by 7 per cent.

As per the Hyderabad data, the luxury residential hotspot Jubilee Hills saw monthly rentals appreciate by 15 per cent in 2020 over 2014, while capital prices in this period rose 10 per cent.

HITECH City saw the maximum rental price rise of 26 per cent, while capital prices increased by 12 per cent.

In Pune, the rentals in Koregaon Park rose 19 per cent in this period, while capital prices increased by 14 per cent.

Similarly, in Prabhat Road, the average monthly rentals rose by 23 per cent while capital prices rose by just 5 per cent.

In Kolkata, luxury home rentals in Alipore rose 20 per cent in 2020 against 2014, while capital prices increased by 13 per cent.

In Ballygunge, the average monthly rentals rose 19 per cent while capital prices rose by 13 per cent.



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