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. It is noted that the 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.
Average monthly rent for 2,000 square feet apartments in selected luxury locations of these seven cities.
As per the data, Mumbai's Worli saw the highest rental growth of 18 percent to ₹2.35 lakh per month per apartment from ₹2 lakh per month in 2020 for luxury homes of 2,000 square feet area. Bengaluru's Rajaji Nagar witnessed the highest capital appreciation of 9 percent with the average price increasing to ₹6,200 per square foot in 2022 from ₹5,698 per square foot in 2020. "Most prominent luxury housing markets witnessed double-digit growth in rentals in the last two years,"
"Pre-COVID, average 2-year luxury rental increases at a given time were largely single-digit, between 5-7 percent," he added. tenant preference has tilted toward large-size homes after the second wave of the pandemic. As per the data, the average monthly rentals in JP Nagar, Bengaluru rose by 13 percent to ₹52,000 per apartment of 2,000 square feet area in 2022 as against ₹46,000 in 2020. Capital value increased 9 percent to ₹6,200 per square foot.
At Rajaji Nagar in Bengaluru, the average monthly rent rose by 16 percent to ₹65,000 for a 2,000 square feet area from ₹56,000 in 2020. The capital value grew 5 percent to ₹13,900 per square foot. In Chennai, the average monthly rent in Anna Nagar rose 13 percent to ₹63,000 for a 2,000 square feet luxury flat from ₹56,000. Capital prices increased by 5 percent to ₹11,850 per square foot from ₹11,300 per square foot.
Similarly, in Kotturpuram, the average monthly rent rose by 14 percent to ₹84,000 for 2,000 square feet flat from ₹74,000 in 2020. Capital prices rose by 4 percent to ₹14,000 per square foot.
Average monthly rent in the luxury residential hotspot Jubilee Hills, Hyderabad rose 15 percent to ₹62,000 for 2,000 square feet flat in 2022. Capital value appreciated 6 percent to ₹7,400 from ₹6,950 per square foot. HITECH City in Hyderabad saw an average monthly rent increase of 11 percent to ₹59,000 for 2,000 square feet each apartment. The increase in capital prices was 7 percent to ₹6,100 per square foot.
In Kolkata, the average rent in Alipore rose 8 percent to ₹65,000 for a 2,000 square feet apartment in 2022 against ₹60,000 per month in 2020. The capital prices increased by 4 percent to ₹13,500 per square foot.
At Ballygunge, the average monthly rent rose 10 percent to ₹97,000 for a 2,000 square feet area from ₹88,000, while the capital prices were up by 3 percent to ₹11,700 from ₹11,350 per square foot.
In MMR, the average monthly rent in Tardeo rose 15 percent to ₹3.1 lakh for a 2,000 square feet area from ₹2.7 lakh. The capital prices increased by only 3 percent to ₹43,000 from ₹41,862 per square foot in 2020. Worli, average rentals increased 18 percent to ₹2.35 lakh per month for 2,000 square feet flat 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, the average monthly rent in Golf Course Road increased by 11 percent to ₹78,000 for 2,000 square feet flat 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 the average monthly rent increase by 12 percent to ₹56,000 for 2,000 square feet flat. The capital prices rose 5 percent to ₹8,700 from ₹8,300 per square foot in 2020.
In Pune, the average monthly rent in Koregaon Park rose 14 percent to ₹68,000 for 2,000 square feet flat from ₹59,500 per month in 2020. The capital prices increased by 4 percent to ₹11,600 per square foot.