Housing rents soar 30% in top cities, Bengaluru leads with 31% surge. ANAROCK's data unveils a dynamic rental landscape.
In the first nine months of 2023, housing rents skyrocketed by over 30% across major cities, with Bengaluru, Hyderabad, and Pune leading the surge, reveals ANAROCK Research. In Bengaluru's Whitfield, the rent for a standard 2BHK flat grew by 31%, reaching Rs. 28,500 per month from Rs. 24,600 by September 2023. Hyderabad's key areas experienced up to 24% growth, with Hitech City and Gachibowli witnessing substantial increases.
Pune's Hiniewadi and Wagholi micro-markets recorded rental growth of 17% and 18%, respectively, over the last nine months. ANAROCK Group Chairman Anuj Puri suggests potential stabilisation in rental values in the ongoing quarter, anticipating a resurgence from January to March. In the National Capital Region (NCR), Sohna Road, Gurugram, led with an 11% rental increase, followed by Noida's Sector-150 (13%) and Delhi's Dwarka (14%).
Mumbai Metropolitan Region (MMR) saw Chembur and Mulund as the top two markets with 14% and 9% rental growth, respectively. Kolkata's EM Bypass and Rajarhat marked 14% and 9% growth. Among the top seven cities, Bengaluru boasts the highest rental yield at 4.a35% as of September 2023, followed closely by Mumbai at 4.05%.
The surge in rental values reflects the real estate landscape, with experts anticipating potential stabilisation in the coming months.
Posted By
Ruchi Mane
info@houssed.com
Ruchi Mane is the Senior Editor at Houssed, leading the platform’s real estate news coverage. She tracks trends in India’s luxury property market while overseeing editorial strategy, PR outreach, and social media communication.