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Business EconomyPosted at: Feb 13 2023 2:27PM


Top areas see up to 23 pc rental growth since 2019

Kolkata, Feb 13 (UNI) Average monthly residential rentals in the top 7 cities in both the luxury and the mid segment categories, were on a roll in 2022.
Latest Anarock data shows that the key residential rental hotspots saw up to 23 pc growth in average monthly rentals between 2019 and 2022. Noida’s Sector-150 remained on top with monthly rentals for a standard 1,000 sq. ft. flat at approx. INR 19,000/month, from INR 15,500/month in 2019.

Pune’s prominent micro-markets Hinjewadi and Wagholi saw average monthly rentals for a standard 1,000 sq. ft. home go up by 20 pc and 21 pc respectively in this period. Bengaluru’s Whitefield recorded approx. 18 pc average rental growth – from INR 19,000/month in 2019 to INR 22,500/month in 2022.

Prominent localities with high rental demand saw double-digit rental growth between 2019 and 2022, with Hyderabad being a notable exception. Key areas like Gachibowli and HITECH City recorded single-digit growth of 6 pc and 7 pc, respectively. Mulund in MMR also saw just 6 pc growth in residential rentals in this period.
“Rental demand increased 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. We still recall the death knell being rung for the rental market in 2020.”

As things stand now, rental demand will continue to head northward in 2023.

"The surge in rentals is driven by resurging demand on the back of most offices re-establishing normal in-office work," said Puri.
"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. As both property prices and interest rates continue to rise, the overall cost of property acquisition is increasing, leading to an increase in deferred property purchase decisions. Resultantly, they will seek rental homes," he said.

Also, with the new academic session imminent, more parents will look to locate the family close to schools, leading to further hikes in rental demand in the coming months, Puri added.
UNI BM KK
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