Monthly rent, demand for luxury homes on rise in Bengaluru since 2020: Report

Published on Sep 21, 2022 06:02 PM IST

Data from real estate firm Anarock said demand for luxury homes has shot up since 2020, while monthly rent has also increased.

Demand for luxury homes, both buying and renting, has also shot up post the second wave of the pandemic. (Getty Images/iStockphoto)
Demand for luxury homes, both buying and renting, has also shot up post the second wave of the pandemic. (Getty Images/iStockphoto)
ByYamini C S | Edited by Chandrashekar Srinivasan

Data from real estate consultant Anarock said monthly rentals and demand for luxury residential properties have both risen in the last two years across seven major cities: Delhi-NCR, the Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune, news agency PTI reported.

Of these cities, Bengaluru - specifically the JP Nagar area - saw the highest capital appreciation (nine per cent), which meant average prices per square feet increased to 6,200 in 2022 from 5,698 in 2020.

Anarock Chairman Anuj Puri said consumer behaviour had altered as a tenant is more likely to lean to large-size homes after the second wave of the pandemic.

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Data indicated monthly rentals in Bengaluru's JP Nagar rose by 13 per cent to 52,000 in 2022 from 46,000 in 2020.

In Rajaji Nagar average monthly rentals rose 16 per cent to 65,000 in 2022 from 56,000 in 2020. Capital value grew five per cent to 13,900 per sq feet.

By comparison, rental growth was highest in Mumbai's Worli, which saw rents increasing from 2 lakh per month in 2020 to 2.35 lakh per month for luxury homes having a minimum of 2,000 square feet area. However, capital values saw a mere two per cent rise to 39,350 per square feet from 38,560.

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In Delhi-NCR, average monthly rentals in Golf Course Road shot up 11 per cent to 78,000 from 70,000 in 2020. Capital values only gained a mere three per cent from 13,150 to 13,500 per square feet.

In Chennai, average rentals in Anna Nagar were at 63,000 - up from 56,000 per month - while capital prices rose to 11,850 per sq feet from 11,300.

READ | Housing prices in Bengaluru up by 4% in April-June quarter: Report

Hyderabad's Jubilee Hills saw an average monthly rental of 62,000, which has increased 15 per cent since 2020, while capital value also appreciated to 7,400 from 6,950 per square feet.

(With PTI inputs)

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