NEW DELHI: Bengaluru, Hyderabad, and Pune have seen maximum rental hikes in the first nine months of calendar year 2023. According to consultancy firm Anarock, residential rentals in Bengaluru’s prominent areas soared by over 30% in the first nine months of 2023 (9M 2023).
The consultant’s latest finding says that a standard 2BHK flat of about 1,000 sq. ft. area in Bengaluru’s Whitefield saw rents grow by 31% in 9M 2023, followed by Sarjapur Road where rents for such homes rose by 27% in this period.
In hard numbers, the average monthly rent for a standard 2BHK home of 1,000 sq. ft. at Whitefield increased from Rs 24,600/month by 2022-end to Rs 28,500/month by September-end 2023. At Sarjapur Road, average monthly rents increased from Rs 24,000/month in 2022-end to Rs 30,500/month in September 2023.
Hyderabad witnessed a rental hike of up to 24% growth while in Pune the rental value growth was 17% during the nine-month period. Hyderabad’s Gachibowli saw rents zoom up from Rs 23,400 a month by 2022-end to Rs 29,000 a month by September-end this year while in Pune average rents surged from Rs 21,000 amonth by 2022-end to Rs 24,500 a month by September-end 2023.
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In other cities such as Delhi NCR, Mumbai, Chennai and Kolkata, rental growth was between 9% and 14%.
“We may now see rental values begin to stabilize in most cities in the ongoing quarter as renting usually remains low in the last quarter of the year…Rents will once again build up steam when renting picks in the January to March period as this is when Indians usually relocate for better job opportunities amid increased hiring in the new financial year,” said Anuj Puri, chairman of Anarock Group.