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The Magicbricks report has indicated supply-demand mismatch as the supply of rental units increased only marginally by 1.8% quarter-on-quarter

Noida, Gurugram and Bengaluru witness highest increase in rent of 30% in March quarter: Report

<h2>The Magicbricks report has indicated supply-demand mismatch as the supply of rental units increased only marginally by 1.8% quarter-on-quarter</h2>

A new report by Magicbricks has revealed that rental prices in Noida, Gurugram and Bengaluru recorded the highest growth of about 30% in the March quarter. Meanwhile, rentals in 13 major Indian cities have surged by 16% year-on-year in the same quarter.&nbsp;
<h3>Hike in rent</h3>
Greater Noida witnessed the highest increase, with rents soaring by 32.1%. Gurugram and Bengaluru followed closely with growth rates of 24.5% and 23.7%, respectively. During the Jan-March period, the rents increased 2.8% sequentially following an increase of 1.6% between Oct and Dec 2023.
The report which surveyed over two crore customers further revealed that rental accommodation in the range of Rs 10,000 to Rs 30,000 per month was the most sought-after, accounting for 42% of the total demand. On a quarterly basis, cities including Chennai, Navi Mumbai and Noida led the rental demand.
Meanwhile, the supply of rental units increased only marginally by 1.8% quarter-on-quarter.&nbsp;
As per Abhishek Bhadra, Head of Research at Magicbricks, following the resumption of office operations, rents have gone up offering higher yields to the landlords.&nbsp;
"Prior to 2020, residential rental yields in India were averaging around 3 percent. However, since 2022, following the resumption of office operations, we've witnessed a notable surge in rental demand, consequently driving up rents and offering higher yields to landlords", said Abhishek Bhadra, Head of Research at Magicbricks.
He further mentioned that the upward trends in rentals will persist over the next few months.
"We anticipate this upward trend in rents to persist over the next few months, particularly as rental activity typically peaks in the first two quarters of the fiscal year. Notably, residential and IT hubs like Bengaluru, Gurugram, Hyderabad, and Noida have experienced significant increases in their rental yields, in line with our expectations", he added.
Also watch: <a href="https://www.editorji.com/business-news/personal-finance/housing-rents-soar-rentals-in-7-it-hubs-see-31-spike-bengaluru-tops-the-list-says-anarock-1699530896580">Housing rents soar: Rentals in 7 IT hubs see 31% spike; Bengaluru tops the list, says Anarock</a>

At 4.35% Bengaluru has the highest rental yield, as a standard 2 BHK  flat of 1,000 sqft area in Whitefield saw rent growth by 31% between January-September this year

Housing rents soar: Rentals in 7 IT hubs see 31% spike; Bengaluru tops the list, says Anarock

<h2>At 4.35% Bengaluru has the highest rental yield, as a standard 2 BHK &nbsp;flat of 1,000 sqft area in Whitefield saw rent growth by 31% between January-September this year</h2>

Rentals rise: The housing rents in Bengaluru's prominent areas like Whitefield has seen a whopping 31% rise in the past nine months in 2023. Infact, Anarock Property Consultants in its report has mentioned that the housing rents in the top 7 cities that host IT hubs have gone up significantly.&nbsp;
<h3>Bengaluru Housing Rent</h3>
While a standard 2BHK flat of 1,000 sqft area in Bengaluru's Whitefiled saw rents grow by 31% between January-September this year, the rent in Sarajpur Road rose by 27% in the same period.
"Average monthly rent for a standard 2BHK home of 1,000 sqft at Whitefield increased from ₹24,600 per month by 2022-end to ₹28,500 per month by September-end 2023. At Sarjapur Road, average monthly rents increased from ₹24,000 per month in 2022-end to ₹30,500 per month in September 2023", the report mentioned.
At 4.35%, Bengaluru has the highest rental yield as of Q3 2023-end among all major cities, followed by Mumbai with 4.05%
<h3>Rental Growth Hotspots</h3>
Cities including Hyderabad, Pune, Delhi and Mumbai also saw rise in rental value. As per the Anarock report, Hyderabad's HITECH City saw up to 24% growth in this period. By the end of 2022, the average rent of a 2BHK home of 1,000 sqft in the city stood at ₹24,600. The rent hiked 16% to ₹28,500 per month by the end of September 2023.
Meanwhile in Gachibowli the rent hiked by 24% in the same period &ndash; from ₹23,400 per month by 2022-end to ₹29,000/month by September-end this year.
Also Read: <a href="https://www.editorji.com/business-news/economy/navratri-2023-ignites-mumbai-property-boom-37-4-surge-in-registrations-1698225928743">Navratri 2023 ignites Mumbai property boom: 37.4% surge in registrations</a>
Similarly, in Pune's Hinjewadi the rental value grew 17% in the last nine months where the average rents were ₹21,000/month by 2022-end and ₹24,500/month by September-end 2023.
In Delhi-NCR, Sohna Road in Gurugram saw a hike of 11%, Sector-150 in Noida grew 13% and Delhi's Dwarka grew 14%.
In Mumbai, Chembur and Mulund saw 14% and 9% growth respectively between January and September 2023.
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