Average monthly rent of luxury homes up 8-18% in last 2 years in top 7 cities

Published on Sep 21, 2022 02:18 PM IST

As per the data, Mumbai's Worli saw the highest rental growth of 18 per cent to ₹2.35 lakh per month from ₹2 lakh per month in 2020 for luxury homes of minimum 2,000 square feet area.

This photograph taken on September 21, 2022 shows the construction site of a coastal road project in Mumbai.(AFP)
This photograph taken on September 21, 2022 shows the construction site of a coastal road project in Mumbai.(AFP)
PTI | | Posted by Yagya Sharma

Average monthly rentals in posh residential colonies across seven major cities rose 8-18 per cent in last two years while capital value appreciated by 2-9 per cent, according to Anarock.

Real estate consultant Anarock noted that demand for luxury residential properties -- for buying and renting -- in upscale colonies has increased across the seven cities namely Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.

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As per the data, Mumbai's Worli saw the highest rental growth of 18 per cent to 2.35 lakh per month from 2 lakh per month in 2020 for luxury homes of minimum 2,000 square feet area.

Bengaluru's Rajaji Nagar witnessed the highest capital appreciation of 9 per cent with average prices increasing to 6,200 per square feet in 2022 from 5,698 per sq ft in 2020.

"Most prominent luxury housing markets witnessed double-digit growth in rentals in the last two years," Anarock Chairman Anuj Puri said.

"Pre-COVID, average 2-year luxury rental increases at a given time were largely single-digit, between 5-7 per cent," he added.

Puri said tenant preference has tilted towards large-size homes after the second wave of the pandemic.

As per the data, the monthly rentals in luxury residential hotspot JP Nagar, Bengaluru rose by 13 per cent to 52,000 in 2022 from 46,000 in 2020. Capital value increased 9 per cent to 6,200 per square feet.

At Rajaji Nagar in Bengaluru, the average monthly rentals rose by 16 per cent to 65,000 from 56,000 in 2020. Capital value grew 5 per cent to 139,00 per square feet.

In Chennai, average rentals in Anna Nagar rose 13 per cent to 63,000 from 56,000 per month. Capital prices increased by 5 per cent to 11,850 per square feet from 11,300 per square feet.

Similarly, in Kotturpuram, the average monthly rentals rose by 14 per cent to 84, 000 from 74,000 in 2020. Capital prices rose by 4 per cent to 14,000 per square feet.

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Average monthly rentals in the luxury residential hotspot Jubilee Hills, Hyderabad rose 15 per cent to 62,000 in 2022. Capital value appreciated 6 per cent to 7,400 from 6,950 per square feet.

HITECH City in Hyderabad saw an average rental increase of 11 per cent to 59,000. Increase in capital prices was 7 per cent to 6,100 per sq ft.

In Kolkata , luxury home rentals in Alipore rose 8 per cent to 65,000 in 2022 against 60,000 per month in 2020. Capital prices increased by 4 per cent to 13, 500 per square feet.

At Ballygunge, average monthly rentals rose 10 per cent to 97,000 from 88,000, while capital prices were up by 3 per cent to 11,700 from 11,350 per square feet.

In MMR, average monthly rentals in Tardeo rose 15 per cent to 3.1 lakh from 2.7 lakh. Capital prices increased by only 3 per cent to 43,000 from 41,862 per square feet in 2020.

In Worli, average rentals increased 18 per cent to 2.35 lakh per month from 2 lakh per month in 2020. Capital values saw a mere 2 per cent rise to 39,350 per square feet from 38,560..

In Delhi-NCR, average monthly rentals in Golf Course Road increased by 11 per cent to 78,000 from 70,000 in 2020. Capital values saw a mere 3 per cent rise to 13,500 from 13,150 per square feet.

Likewise, Golf Course Extension Road saw monthly rentals increase by 12 per cent to 56,000. Capital prices rose 5 per cent to 8,700 from 8,300 per square feet in 2020.

In Pune, average rentals in Koregaon Park rose 14 per cent to 68,000 per month from 59,500 per month in 2020. Capital prices increased by 4 per cent to 11,600 per sq ft.

At Prabhat Road in Pune, average monthly rentals rose by 8 per cent to 69,000. Capital prices rose by just 3 per cent to 12,900 per square feet.

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