Gurugram: Rents in India’s thirteen largest cities rose sharply, up 16 percent year-on-year in the March quarter. Among these cities, Greater Noida, Gurugram, and Bengaluru have emerged as leaders, with massive rental growth. According to data released by real estate platform MagicBricks, rents in Greater Noida skyrocketed by 32.1 percent, making it a prime location for many tech professionals and corporate professionals, followed closely by Gurugram and Bengaluru with spikes of 24.5 per cent and 23.7 per cent respectively.

Meanwhile, on the other hand, rents rose by 2.8 per cent during the January-March period, seeing a rise of 1.6 per cent increase recorded between October and December 2023. The market segment was dominated by accommodation rentals ranging from Rs 10,000 to Rs 30,000 per month, according to data from the preferences of over 20 lakh consumers.

Furthermore, it should also be noted that Chennai, Navi Mumbai, and Noida emerged as leaders in quarterly mortgage demand. But supply failed to keep pace with rising demand, mainly due to the rapid absorption of available rental properties, increasing only marginally by 1.8 per cent quarter-on-quarter.

To sum up and bring it all together, housing supply rose more than 16 per cent quarter-on-quarter in March of this year. Chennai recorded an impressive quarterly growth of nearly 25 percent, followed by Navi Mumbai and Noida with reported growth of 20.1 per cent and 19.2 per cent respectively.

Rising rents in these cities highlight the urgent need for interventions to ensure affordable housing for residents, especially looking at the constantly rising demands.

QOSHE - '16 per cent hike in rent across 13 major cities,' NCR on top! - Harsh Trivedi
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'16 per cent hike in rent across 13 major cities,' NCR on top!

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09.05.2024

Gurugram: Rents in India’s thirteen largest cities rose sharply, up 16 percent year-on-year in the March quarter. Among these cities, Greater Noida, Gurugram, and Bengaluru have emerged as leaders, with massive rental growth. According to data released by real estate platform MagicBricks, rents in Greater Noida skyrocketed by 32.1 percent, making it a prime location for many tech professionals and........

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