Buying a new house. Real estate agent giving a home keychain to a buyer. Modern flat style vector illustration isolated on white background.
House rents have increased marginally in eight major cities across the country. Real estate consultant Anarock has revealed that the rent has increased by 2 to 4 percent in the April-June quarter as compared to the January-March quarter. It analysed that rents did not increase much because of a slight improvement in the supply of rental houses.
If you invest in the Q4 of 2023, property prices will rise by 4 to 9% in Q1 2024. If you invest in Q1, prices will only increase by 2 to 4% in Q2. In Bangalore’s Whitefield, the average rent for a 2 BHK apartment increased from Rs. 32,500 in January-March to Rs. 35,000 in April-June. Therefore, if you invest in Q4 2023, property prices will increase by 8% in Q1 2024. In Hyderabad’s Hi-Tech City and Gachibowli, rents rose by 3% in Q2 2024. However, only a 5% increase in rent in Q1 2024 here is noteworthy. “In India, a trimester of growth indicates an increase in rent in the second quarter only.
The new academic year and the arrival of newcomers are the reasons. Therefore, this year’s rent for housing is also likely to increase,” said Anarock Vice Chairman Santosh Kumar. In 2023, 4.35 lakh new units were introduced in the seven largest cities in the country, while in 2024, 5.31 lakh units were introduced. This year’s annual rise in rates was 22 percent.
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