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Bengaluru’s key areas saw residential rental values grow over 20 per cent Y-o-Y in Q1 2023, according to property consultant Anarock's analysis.
In its report, Anarock analysed monthly rents across prominent areas of the top 7 cities and found that Thanisandra Main Road and Marathahalli-ORR in Bengaluru recorded the highest residential rental values growth by 24 per cent each year-on-year in January-March quarter for a standard 2BHK home of 1,000 square feet area.
“When it comes to rental demand and zooming rents, Bengaluru currently stands out among the top 7 cities, with East and North Bengaluru the biggest blips on the rental radar map owing to the IT/ITeS belt there," said Prashant Thakur, Senior Director and Head-Research, Anarock Group.
As per the report, average monthly rentals for a standard 2BHK home of 1,000 square feet at Thanisandra Main Road increased from Rs 21,000/ per month in (January-March) Q1 of 2022 to Rs 26,000 per month in Q1 of 2023.
At Marathahalli-ORR, average monthly rentals increased from Rs 22,500 per month to Rs 28,000 per month in Q1 of 2023.
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Bengaluru's Whitefield saw the second-best rental rate growth with 21 per cent and Sarjapur Road comes third with 20 per cent in average monthly rent growth between Q1 2022 and Q1 2023.
“We anticipate residential rental values in the IT capital's prominent markets to rise further by anywhere between 5-12 per cent in 2023, depending on the location, property, builder type, and other aspects," Thakur added.
The report showed that Pune’s three standout markets with high rental growth between Q1 2022 and Q1 2023 are Hinjewadi, Baner and Wagholi, which witnessed rental value growth of 19 per cent, 15 per cent and 13 per cent, respectively.
In Chennai, the top three markets to witness high rental values growth are Pallavaram, Perambur and Oragadam, with rents growing by 16 per cent, 10 per cent and 11 per cent respectively.
Anarock found that in NCR, the top three markets were Sohna Road in Gurugram with 13 per cent growth in rental values, Sector-150 in Noida with 15 per cent growth and Dwarka in Delhi records a rental value growth of 10 per cent.
In MMR, the top three markets for rental value growth were Chembur, Ghodbunder Road (Thane), and Mulund, which saw 17 per cent, 14 per cent and 14 per cent growth, respectively.
Kolkata’s top three markets with high rental value growth between Q1 2022 and Q1 2023 were EM Bypass, Joka and Rajarhat, where rents rose by 13 per cent, 11 per cent and 10 per cent, respectively.
In Hyderabad, the top three markets were HITECH City and Kondapur, which saw rental values increase by 12 per cent each, and Gachibowli with 11 per cent growth.
