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8-18 % hike in rents of luxury houses in 7 Indian cities, check details

22/09/2022 at 6:25 PM

luxury homes major Indian cities Rents

New Delhi, Sept 22: The monthly rents of luxury houses across seven metro cities in India have risen by 8-18% in the last two years, real estate consultant Anarock said.

The cities are Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.

The agency stated that the demand for buying and renting luxury residential properties in the posh areas of these cities has substantially increased in the past couple of years.

“Most prominent luxury housing markets witnessed double-digit growth in rentals in the last two years,” said Anarock Chairman Anuj Puri.

“Pre-COVID, average 2-year luxury rental increases at a given time were largely single-digit, between 5-7 percent,” he added.

Puri said tenant preference has tilted towards large-size homes after the second wave of the pandemic.

As per official reports, Mumbai’s Worli saw the highest growth of 18% in the rents of luxury properties. for luxury homes with a minimum of 2,000 square feet area, the average rent in the area has increased from 2 lakh per month to 2.35 lakh per month.

Similarly, Bengaluru’s Rajaji Nagar witnessed a growth of 16% in the monthly rents of posh residential properties. The average rent rose from Rs 56,000 in 2020 to Rs 63,000 in current times.

In Chennai, average rentals in Anna Nagar rose 13 percent to Rs 63,000 from Rs 56,000 per month.

In Kolkata, luxury home rentals in Alipore rose 8 percent to Rs 65,000 in 2022 against Rs 60,000 per month in 2020.

Jubilee Hills in Hyderabad which is the luxury residential hotspot of the city saw a hike of 15 percent to Rs 62,000 in 2022.

At the same time rents of Luxury properties in the Delhi-NCR’s Golf Course Road increased by 11 percent to Rs 78,000 from Rs 70,000 in 2020.

In Pune, average rentals in Koregaon Park rose 14 percent to Rs 68,000 per month from Rs 59,500 per month in 2020.

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