Hitech City, Gachibowli most expensive for Hyd tenants: Report
Hyderabad saw an increase of 14.3% in average rents due to the swift reverse migration to cities for work-related opportunities, according to the Update.
By Amrutha Kosuru Published on 5 Aug 2022 3:00 AM GMT
Hyderabad: Indian rental housing demand (searches) grew 29.4% in the second quarter of 2022 (April to June), revealed Magicbricks' India Rental Housing Update. Meanwhile, Hyderabad's residential demand grew 42% in the second quarter while the supply increased to 9.4%.
The pan-India average rental witnessed a growth of 8.4% this quarter. At the same time, Hyderabad saw an increase of 14.3% in average rents due to the swift reverse migration to cities for work-related opportunities, according to the Update.
With offices reopening, the workforce is swiftly returning to the city, resulting in a sharp demand for rental properties. The current supply of rental units in Hyderabad is unable to keep up with the persistent demand. Several under-construction projects in the city have been delayed, the report said.
Tenants prefer spacious homes
According to the report, over 45% of tenants prefer 3BHKs followed by 40% who opt prefer 2BHKs. The 1,000-2,000 square feet unit size range was favored by 64% of the tenants.
The 3BHK configuration dominated the supply of rental properties from prime micro-markets.
Higher rents in Hitech, Gachibowli
The rent for 3BHK properties is the highest in Hitech City. The average rent for an apartment here is Rs. 30,000. The average rent in Gachibowli is Rs. 30,000 and in Banjara Hills, it is Rs. 28,000. According to the study, the least expensive 3BHKs can be found in Miyapur where the average rent is Rs. 17,000.
On the other hand, the average rent for 2 BHKs in the city range from Rs. 12,000-20,000. The average rent for 2BHKs is highest in Hitech City and Gachibowli at Rs. 20,000. The average rent in Kokapet and Madhapur is Rs. 19,000 and Rs, 18,000, respectively. Miyapur, Kukatpally, Manikonda, and Nallagandla are relatively more affordable where the average rent for a 2BHK is between Rs. 12,000-14,000.
Manikonda, Narsingi, Nallagandla, Miyapur, KPHB Colony, Kukatpally, Madhapur, and Kokapet are reportedly affordable areas, according to the MagicBricks report.
The above-quoted prices are only the unfurnished prices.
The report said the cumulative rental housing supply (listings) increased 3.0% this quarter across the 13 Indian cities mapped.
