Rents have increased drastically in India’s Silicon City.
High demand for houses in areas with increased metro connectivity.
Looking for an apartment for rent in Bengaluru, known as the Silicon City of India? Then, you must know this. Currently, the rental rates in Bengaluru are skyrocketing. Rents are usually high in Bengaluru. But now, the rents have increased by 20 percent to 30 percent in the last few months. Bengaluru’s rent inflation has surpassed that of Singapore alone. After COVID, many companies removed the work-from-home policy and asked their employees to return to Bengaluru. As a result, the demand for rental houses has increased. Four or five people are competing for one house, and the recent government decision to increase the property tax in Bengaluru has caused a huge increase in rents. Bengaluru rent inflation is higher than Singapore and Dubai rent inflation. It is 29 percent in Singapore, 20 percent in Dubai, and 30 percent in some parts of Bengaluru. It is expected that this year, between January and March, they are likely to increase more.
The rents in the areas along the metro corridors have also increased sharply. Here, rent inflation has increased by 15 percent to 18 percent. With the re-opening of offices in Bengaluru in full swing, the demand for properties around IT parks and office hubs has increased manifold. Also, the demand for houses in their surrounding areas has increased with the new metro car being fully available. The rental demand is also increasing in areas that have good metro connectivity despite not being in close proximity to IT offices. A 2-bedroom apartment near the Indiranagar Metro Corridor was available for Rs. 30,000 per month. Now its rent has increased to Rs. 45,000. The rent of a 5-bedroom independent bungalow in the same area has increased to Rs. 3 lakh. Last year, it was Rs. 1.9 lakh. In a gated community in the same area, the rent of a 3-bedroom flat was Rs. 70,000 last year, but now it is between Rs. 80,000 and Rs. 1 lakh. A single-bedroom apartment without car parking used to cost Rs 10,000. Now it has increased to Rs 22,000. Also, it is noteworthy that the rent of a 3-bedroom villa in Whitefield, which was between Rs. 50,000 and Rs. 70,000, is now between Rs. 50,000 and Rs. 2 lakh. There is no scope for bargaining in areas where the demand for rental houses is high. Locals revealed that deals are closing very quickly.
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