Bengaluru brokers offer ‘house hunt packages’, employ field agents to deal with supply crunch

Rental prices have surged by up to 40% due to a lack of inventory. Brokers are now offering house hunt packages with pickup and drop facilities, as well as recreational tours, to help prospective tenants find suitable properties.

Edited By Aman Gupta
Updated28 Jul 2023
The sale of such ancestral flat (original asset) would be considered as a sale of long-term capital asset. (iStockphoto)
The sale of such ancestral flat (original asset) would be considered as a sale of long-term capital asset. (iStockphoto)

Rising rental prices in Bengaluru have led to new innovations by realtors, who have started offering house-hunting packages with pick-up and drop facilities to prospective tenants. The metropolis is witnessing a surge in rental prices for flats, possibly due to many companies ending work from home and a supply crunch.

According to a Moneycontrol report, rental properties in Bengaluru have gone up by as much as 40 per cent due to a lack of inventory. Brokers have now come up with unique ways to deal with the demand-supply mismatch by hiring field agents to look for available properties. These agents look for inventory in a few designated areas and compile a list.

Another major innovation brought in by the brokers is the launch of 'house hunt packages', which start at around 10,000 and offer tours to around 5-6 locations. It also comes with a pick-up and drop facility with many different cars like hatchbacks and sedans.

The Moneycontrol report quotes Sunil Singh, founder of Bengaluru-based Realty Corps, as saying that the package also includes 'recreational tours' to malls, eateries or other places as per the customer's preference.

Singh's Real Corp also offers pick-up and drop facility from the airport to hotels at a higher price point, specially tailored for the expats and corporate clients. He noted that the demand for his house-hunting package has picked up and many locals have also used his service for house hunting.

Sky high rent in Bengaluru: 

Rental prices in Bengaluru have once again skyrocketed due to a demand-supply gap. The report notes that a 2BHK apartment in a stand-alone building is available for around 35,000 to 38,000, which earlier went for around 25,000. Meanwhile, 2BHK flats in gated societies are not available for less than 50,000.

Moreover, 3BHK flats in prime areas of the city like Sarjapura, Indiranagar, HSR Layout are going for over 80,000. Prospective tenants are left to look at places like Begur or Hosur Road, where flats are still relatively cheaper at 15,000- 20,000, but this could change soon.



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