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

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

Published on: Sep 21, 2022, 18:02:49 IST

By Yamini C S | Edited by Chandrashekar Srinivasan

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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.

Demand for luxury homes, both buying and renting, has also shot up post the second wave of the pandemic. (Getty Images/iStockphoto)

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.

READ | Bengaluru in top APAC cities for sustainable commercial real estate

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)

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More