HomeMoneyRents are rising. How much prices are up in Mumbai, Pune, Bangalore,...

Rents are rising. How much prices are up in Mumbai, Pune, Bangalore, Delhi

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Anarock data has taken the average monthly rent for 2,000 square feet apartment in selected luxury locations of these seven cities.

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

Bengaluru’s Rajaji Nagar witnessed the highest capital appreciation of 9 per cent with average price increasing to 6,200 per square feet in 2022 from 5,698 per square feet 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 average monthly rentals in JP Nagar, Bengaluru rose by 13 per cent to 52,000 per apartment of 2,000 square feet area in 2022 as against 46,000 in 2020. Capital value increased 9 per cent to 6,200 per square feet.

At Rajaji Nagar in Bengaluru, the average monthly rent rose by 16 per cent to 65,000 for 2,000 square feet area from 56,000 in 2020. The capital value grew 5 per cent to 13,900 per square feet.

In Chennai, average monthly rent in Anna Nagar rose 13 per cent to 63,000 for 2,000 square feet luxury flat from 56,000. 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 rent rose by 14 per cent to 84,000 for 2,000 square feet flat from 74,000 in 2020. Capital prices rose by 4 per cent to 14,000 per square feet.

Average monthly rent in the luxury residential hotspot Jubilee Hills, Hyderabad rose 15 per cent to 62,000 for 2,000 square feet flat in 2022. Capital value appreciated 6 per cent to 7,400 from 6,950 per square feet.

HITECH City in Hyderabad saw an average monthly rent increase of 11 per cent to 59,000 for 2,000 square feet each apartment. Increase in capital prices was 7 per cent to 6,100 per square feet.

In Kolkata, the average rent in Alipore rose 8 per cent to 65,000 for 2,000 square feet apartment in 2022 against 60,000 per month in 2020. The capital prices increased by 4 per cent to 13,500 per square feet.

At Ballygunge, average monthly rent rose 10 per cent to 97,000 for 2,000 square feet area from 88,000, while the capital prices were up by 3 per cent to 11,700 from 11,350 per square feet.

In MMR, the average monthly rent in Tardeo rose 15 per cent to 3.1 lakh for 2,000 square feet area from 2.7 lakh. The 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 for 2,000 square feet flat 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 rent in Golf Course Road increased by 11 per cent to 78,000 for 2,000 square feet flat 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 average monthly rent increase by 12 per cent to 56,000 for 2,000 square feet flat. The capital prices rose 5 per cent to 8,700 from 8,300 per square feet in 2020.

In Pune, average monthly rent in Koregaon Park rose 14 per cent to 68,000 for 2,000 square feet flat from 59,500 per month in 2020. The capital prices increased by 4 per cent to 11,600 per square feet.

At Prabhat Road in Pune, average monthly rent rose by 8 per cent to 69,000 for 2,000 square feet flat. Capital prices rose by just 3 per cent to 12,900 per square feet. 

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