How much rents have gone up in CY23?

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The average monthly rent for 1,000 sq ft two bed room flats has risen 9-31 per cent across seven major cities in the first nine months of this year, with maximum appreciation in Bengaluru, according to Anarock. Real estate consultant Anarock data showed that housing rents continue to soar across seven major cities, led by leading IT/ITeS hubs Bengaluru, Hyderabad, and Pune.

A standard 2BHK flat of 1,000 sq ft in Bengaluru’s Whitefield saw rents grow 31 per cent in the first nine months of this year, followed by Sarjapur Road, where rents for such homes rose 27 per cent. The average monthly rent for a standard 2BHK home of 1,000 sq ft at Whitefield increased from Rs 24,600 per month by 2022-end to Rs 28,500 a month by September-end.

At Sarjapur Road, average monthly rents increased from Rs 24,000/month in 2022-end to Rs 30,500 a month in September.

“After an almost terminal downturn during the first and second Covid-19 waves, residential rents are one of the most remarkable comeback stories of the post-pandemic housing sector,” Anarock Chairman Anuj Puri said.

The first nine months this year saw housing rents soar by over 30 per cent in the top seven cities, he added. “Bengaluru, already in the limelight for its astronomic rental values post-Covid-19, continues to stand out among the top seven cities. The fact that the next two hotspots for rental values growth are also IT/ITeS-centric cities also underscores the fundamental strength of the Indian infotech sector, despite belt-tightening moves in the industry,” Puri said.

In Hyderabad, the average rents in HITECH city stood at Rs 24,600 per month by 2022-end and rose to Rs 28,500 per month, a 16 per cent growth.

Gachibowli saw rents zoom 24 per cent in the same period, from Rs 23,400 per month by 2022-end to Rs 29,000 per month by September-end.

Anarock data showed that Pune’s Hinjewadi micro-market recorded a rental value growth of 17 per cent during the period under review to Rs 24,500 per month from Rs 21,000.

At Wagholi in Pune, rents rose 18 per cent to Rs 20,000 from Rs 17,000 a month.

In Chennai, the top markets to witness high rental value growth are Pallavaram and Perambur, which saw 12 per cent and 9 per cent rise, respectively.

Across Delhi-NCR, the top three markets were Sohna Road in Gurugram (rental values up 11 per cent), Sector 150 in Noida (13 per cent) and Dwarka in Delhi (14 per cent).

In Mumbai Metropolitan Region (MMR), the top two markets to see rental value increases were Chembur and Mulund, at 14 per cent and 9 per cent, respectively.

Kolkata’s top two markets for high rental value growth were EM Bypass and Rajarhat, which saw rents rising by 14 per cent and 9 per cent, respectively.

With input from agencies.