New Delhi: According to Anarock, average monthly rents for residential properties have increased by 2-4 per cent in the quarter compared to the January-March period across seven major cities.
Real estate consultant Anarock said housing rent growth has moderated in the top seven cities - Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Pune, Hyderabad and Bengaluru - due to improvement in housing supply. The data is based on the average rent for a 2-BHK flat of 1,000 sq ft.
“The average residential rental prices in the key markets of these cities witnessed a quarterly growth of 2-4 per cent in Q2 (April-June) of 2024 compared to the previous quarter. Rents in these markets in Q1 2024 are expected to rise by 4- An increase of 9 percent was observed.percent quarter versus the fourth quarter of 2023,” the report said.
The average rent for a standard 1,000 sq ft 2-BHK apartment in Bengaluru's Whitefield rose by 4 per cent to Rs 35,000 per month in Q2 2024 from Rs 32,500 per month in January-March this year.
However, fares increased by 8 percent during January-March this year compared to the previous quarter.
“In India, the second quarter of most years typically sees a higher increase in rents than other quarters due to the start of the new academic year and employment of new employees. This year, the decline in rental values has been substantial in these areas. Coincides with the entry of new housing supply.Market,” said Santosh Kumar, vice-president, Anarock.
Anarock data shows that the top 7 cities are set to deliver 5.31 lakh new units in 2024, compared to 4.35 lakh units last year. This indicates a 22 percent annual increase in supplies this year if the delivery schedule holds true.
According to the data, the average rent in Noida's Sector 150 increased by just 4 per cent to Rs 25,000 per month in the April-June quarter from Rs 24,000 per month in January-March 2024. January-March 2024 as against October-December period of 2023.So far this quarter, Sohna Road and Dwarka have seen an increase of 3 per cent and 2 per cent in fares respectively.
The average house rent in MMR's key markets Chembur and Mulund increased by only 2 per cent compared to the previous quarter (Q1 2024). In January-March 2024, it increased by more than 4 percent compared to the fourth quarter of 2023.
Hyderabad's Hitech City and Gachibowli saw an increase of 3 per cent in average rents in April-June 2024 compared to the previous quarter. In January-March 2024, the quarterly average fare growth in these two markets was 5 percent.
Real estate consultant Anarock said housing rent growth has moderated in the top seven cities - Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Pune, Hyderabad and Bengaluru - due to improvement in housing supply. The data is based on the average rent for a 2-BHK flat of 1,000 sq ft.
“The average residential rental prices in the key markets of these cities witnessed a quarterly growth of 2-4 per cent in Q2 (April-June) of 2024 compared to the previous quarter. Rents in these markets in Q1 2024 are expected to rise by 4- An increase of 9 percent was observed.percent quarter versus the fourth quarter of 2023,” the report said.
The average rent for a standard 1,000 sq ft 2-BHK apartment in Bengaluru's Whitefield rose by 4 per cent to Rs 35,000 per month in Q2 2024 from Rs 32,500 per month in January-March this year.
However, fares increased by 8 percent during January-March this year compared to the previous quarter.
“In India, the second quarter of most years typically sees a higher increase in rents than other quarters due to the start of the new academic year and employment of new employees. This year, the decline in rental values has been substantial in these areas. Coincides with the entry of new housing supply.Market,” said Santosh Kumar, vice-president, Anarock.
Anarock data shows that the top 7 cities are set to deliver 5.31 lakh new units in 2024, compared to 4.35 lakh units last year. This indicates a 22 percent annual increase in supplies this year if the delivery schedule holds true.
According to the data, the average rent in Noida's Sector 150 increased by just 4 per cent to Rs 25,000 per month in the April-June quarter from Rs 24,000 per month in January-March 2024. January-March 2024 as against October-December period of 2023.So far this quarter, Sohna Road and Dwarka have seen an increase of 3 per cent and 2 per cent in fares respectively.
The average house rent in MMR's key markets Chembur and Mulund increased by only 2 per cent compared to the previous quarter (Q1 2024). In January-March 2024, it increased by more than 4 percent compared to the fourth quarter of 2023.
Hyderabad's Hitech City and Gachibowli saw an increase of 3 per cent in average rents in April-June 2024 compared to the previous quarter. In January-March 2024, the quarterly average fare growth in these two markets was 5 percent.
