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

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.

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.

This photograph taken on September 21, 2022 shows the construction site of a coastal road project in Mumbai. (AFP)

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.

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.

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.