E-Paper
Bengaluru real estate market: Is renting a flat in the IT city for less than ₹20,000 per month possible?
Despite rents having shot up by 30-40%, areas like Indiranagar and Koramangala have pockets where one can rent an apartment for less than ₹20,000 per month.
Despite rents in Bengaluru having shot through the roof, particularly in prime residential areas like Indiranagar and Koramangala, there are a few pockets where one can rent smaller housing units such as 1BHKs and studio apartments for less than ₹20,000 per month.
"While inventories are scarce, renting an apartment under ₹20,000 in Bengaluru is possible. But most of them will be smaller apartments with sizes varying from 300 to 500 sq ft of built-up area," Sunil Singh, director of Realty Corps, said.
Read More: Bengaluru real estate: Homebuyer approaches police after developer sells his flat to a new buyer
Options in North Bangalore
North Bengaluru has emerged as one of the fastest-growing real estate micro markets post-pandemic. The area has witnessed faster growth than the eastern IT corridor. Brokers said the infrastructure boost and its strategic location have doubled investments from NRIs and domestic investors.
Local brokers say that the key micro-markets, like Hennur Road, Jakkur, Yelahanka, and Hebbal, are the most promising locations for those scouting for rental accommodation.
"A 1BHK close place like Hennur is in demand now. However, people or students working or staying in north Bengaluru are beneficial as they are far from the city centre --- about 30 km," Singh said.
A 1BHK in a gated society in north Bengaluru would cost around ₹25,000, depending on the amenities available.
Read More: Bengaluru real estate: Where can you buy a property for under a crore in the IT city?
Rental options in prime areas such as Indiranagar or Koramangala
In prime areas like Indiranagar or Koramangala, the monthly rent for a 1BHK apartment of about 400-450 sq feet will be between ₹20,000 and ₹25,000, with fully furnished apartments going for ₹30,000 a month.
While there is a shortfall of rental supply in areas close to the IT corridors in the east and north, there is enough rental housing stock available on the outskirts in areas such as Hennur or Begur at rents as low as ₹15,000 per month.
"We saw a more than 30% surge in queries for 1BHK last year. Close to Indiranagar, we recently rented an apartment for ₹30,000 per month," said Kiran Kumar, vice president of Hanu Reddy Realty.
Studio apartments in South Bengaluru
Apartments are available for a rent of less than ₹20,000 per month in South Bengaluru areas such as Kanakapura Road and Mysore Road.
According to local brokers, "several rental options are available in old, gated societies on Kanakapura Road in the under ₹20,000 range. Also, we see a massive surge in demand for studio apartments in areas like BTM Layout and Koramangala," Singh said.
A typical studio apartment in Bengaluru is 300 sq ft to 400 sq ft. "We have rented studio apartments for as little as ₹20,000 and as high as ₹30,000 in areas like Indiranagar," Kumar said.
These often come with amenities such as a swimming pool and a gym.
