Rents In 13 Major Cities Grow 22.4% In July-sept | Delhi News … – Times of India

2 minutes, 0 seconds Read

New Delhi: Rents across 13 major cities in India grew 22.4% year-on-year in July-September quarter on the back of growing demand from millennials, according to the flagship rental index released by India’s leading real estate platform Magicbricks.
On a quarterly basis, rents increased by 4.6% during July-September. Thane, Gurgaon, Greater Noida, Noida and Hyderabad recorded the highest appreciation in rent among cities compared to last year, the data showed.
While rents in Thane saw a steep 57.3% y-o-y increase during the period, Gurgaon registered a 41% y-o-y increase in rents. Millennials (age 18-34 years) constituted about 67% of rental demand across these cities, showed the data, which has been collated after analysing the preferences and behaviour of more than two crore customers using the platform.
About 41% of tenants preferred mid-segment rentals ranging between Rs 10,000-30,000 per month. The market, is dominated by semi-furnished units accounting for 52.7% of the demand and 48.7% of the supply.
“Surge in rents reflects a confluence of factors — economic growth, urbanisation, and return to office by companies. High demand, coupled with limited supply has propelled rents, highlighting evolving landscape of real estate market. As businesses reinstate in-office work, the need for housing closer to workplaces has intensified, especially for millennials. However, notable is the slowdown in rent appreciation from the previous quarter, hinting at an expected deceleration in growth over the upcoming quarters as well,” said Sudhir Pai, CEO at Magicbricks.
We also published the following articles recently

Traffic police cracks the whip on illegally rented vehicles
Goa police traffic cell launches campaign to curb unauthorised rentals of private bikes and cars, apprehending multiple offenders; legal action taken against vehicles misused for rentals; drive executed diligently without disrupting law-abiding tourists; comprehensive figures yet to be compiled; primary focus on raising awareness.
Hyd tops office leasing activity this quarter riding on soaring demand
Hyderabad recorded the highest office space absorption among the top six cities at 3.7 million sq ft during Q3 2023, with a 270% jump in office leasing compared to Q3 2022. The city’s growth can be attributed to robust physical infrastructure development, affordable rentals, favourable government policies, and a diversified economic base. Hyderabad’s average rentals are 24% lower than Bengaluru and 48% cheaper than Mumbai. The IT/ITeS sector dominated office leasing, with the BFSI sector and flexible spaces also contributing. Hyderabad’s share in office space absorption rose to 23% while Bengaluru’s share fell to 23%. The three southern IT hubs accounted for 58% of total office leasing transactions in the top six markets.

This post was originally published on 3rd party site mentioned on the title of this site

Similar Posts

    Your Interest
    Your Interest List is emptyReturn to Buying