Average monthly rent of luxury homes up 8-18% in last 2 years in top 7 cities

Average monthly rentals in posh residential colonies across seven major cities rose 8-18 percent in the last two years while capital value appreciated by 2-9 percent, according to Anarock.

Real estate consultant Anarock noted that demand for luxury residential properties — for buying and renting — in upscale colonies has increased across the seven cities namely Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, and Pune.

As per the data, Mumbai’s Worli saw the highest rental growth of 18 percent to 2.35 lakh per month from 2 lakh per month in 2020 for luxury homes of a minimum of 2,000 square feet area.

Bengaluru’s Rajaji Nagar witnessed the highest capital appreciation of 9 percent with average prices increasing to 6,200 per square foot in 2022 from 5,698 per sq ft in 2020.

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

“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 the data, the monthly rentals in luxury residential hotspot JP Nagar, Bengaluru rose by 13 percent to 52,000 in 2022 from 46,000 in 2020. Capital value increased 9 percent to 6,200 per square foot.

At Rajaji Nagar in Bengaluru, the average monthly rentals rose by 16 percent to 65,000 from 56,000 in 2020. Capital value grew 5 percent to 139,00 per square foot.

In Chennai, average rentals in Anna Nagar rose 13 percent to 63,000 from 56,000 per month. Capital prices increased by 5 percent to 11,850 per square foot from 11,300 per square foot.

Similarly, in Kotturpuram, the average monthly rentals rose by 14 percent to 84, 000 from 74,000 in 2020. Capital prices rose by 4 percent to 14,000 per square foot.

Average monthly rentals in the luxury residential hotspot Jubilee Hills, Hyderabad rose 15 percent to 62,000 in 2022. Capital value appreciated 6 percent to 7,400 from 6,950 per square foot.

HITECH City in Hyderabad saw an average rental increase of 11 percent to 59,000. The increase in capital prices was 7 percent to 6,100 per sq ft.

In Kolkata, luxury home rentals in Alipore rose 8 percent to 65,000 in 2022 against 60,000 per month in 2020. Capital prices increased by 4 percent to 13, 500 per square foot.

At Ballygunge, average monthly rentals rose 10 percent to 97,000 from 88,000, while capital prices were up by 3 percent to 11,700 from 11,350 per square feet.

In MMR, average monthly rentals in Tardeo rose 15 percent to 3.1 lakh from 2.7 lakh. Capital prices increased by only 3 percent to 43,000 from 41,862 per square foot in 2020.

In Worli, average rentals increased 18 percent to 2.35 lakh per month from 2 lakh per month in 2020. Capital values saw a mere 2 percent rise to 39,350 per square foot from 38,560..

In Delhi-NCR, average monthly rentals in Golf Course Road increased by 11 percent to 78,000 from 70,000 in 2020. Capital values saw a mere 3 percent rise to 13,500 from 13,150 per square foot.

Likewise, Golf Course Extension Road saw monthly rentals increase by 12 percent to 56,000. Capital prices rose 5 percent to 8,700 from 8,300 per square foot in 2020.

In Pune, average rentals in Koregaon Park rose 14 percent to 68,000 per month from 59,500 per month in 2020. Capital prices increased by 4 percent to 11,600 per sq ft.

At Prabhat Road in Pune, average monthly rentals rose by 8 percent to 69,000. Capital prices rose by just 3 percent to 12,900 per square foot.

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