Housing rent in gated communities in Bengaluru surges by 40%: Report
- Within listing on NoBroker.com, apartments in a gated society are inundated with tenant inquiries and are rented out at a rent appreciation of 25-40%.
The housing rent in silicon city's gated communities are on the rise, increasing by up to 40 per cent, citing high demand for apartments in gated residential societies, reported NoBroker.com.
In past two years, amid the COVID-19 pandemic and post pandemic tenure, Bangalore and Pune saw rapid urbanisation. With offices opening, employees are relocating to their work cities as work from home is discontinued. Now, the demand for houses for rent has risen, despite the factor that construction activity was muted for almost two years and people arriving in the city.
Within listing on NoBroker.com, apartments in a gated society are inundated with tenant inquiries and are rented out at a rent appreciation of 25-40 per cent.
“The overwhelming demand for apartments in gated communities in Bengaluru has come from professionals freshly out of college, professionals relocating from other cities to Bangalore, and professionals who had moved to their hometowns due to prolonged work from home and are now flocking back to Bangalore," NoBroker.com's CEO and Co- founder Amit Kumar Agarwal said.
"Gated societies have always been a preferred choice for most people due to the conveniences they offer. But given the fact that construction activity came to a grinding halt during Covid, the supply of new constructions has not matched up to the demand. Traditionally, rents increase by 7-8% in a year. But this year they have increased from anywhere between 15-40%,” he added.
The report says that listings in gated societies are in such high demand on the platform that almost all properties get rented out within 5-6 hours, especially those located in East Bengaluru or close to the IT corridor.
As per details, 3BHK apartments in Bellandur's Adarsh Palm Retreat with monthly rent in the range of ₹45,000-55,000 in 2021 are now attracting monthly rents of ₹65,000-75,000.
Similarly, 2BHK apartments in another gated society – Raheja Residency – in Koramangala are now attracting a monthly rent of ₹50,000-55,000, as opposed to the ₹35,000-40,000 that they fetched just a year ago.
Apart from this, areas such as the Outer Ring Road and Sarjapur Main Road have also registered a significant increase, growing to 4-5% as compared to the 2-3% that they secured before the pandemic.
“What is most interesting about this trend is that it is not a localised phenomenon but one that is playing out across all major cities in India. More and more urban residents now value their living experience over other considerations such as affordability.” Agarwal added.
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First Published:1 Nov 2022, 04:44 PM IST
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