Gachibowli, Hitec City rents skyrocket by double digits
The housing rental market in Hyderabad is witnessing a surge, with the latest Anarock Research data revealing growth in key localities.
Hyderabad: The housing rental market in Hyderabad is witnessing a surge, with the latest Anarock Research data revealing growth in key localities.
In the first nine months of 2023, a standard 2BHK flat of approximately 1,000 sft in Gachibowli experienced a 24 per cent spike in rents, making it a hotbed for property seekers. Following closely behind, Hitec City saw 16 per cent rise in rents for similar homes during this period.
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In the realm of hard numbers, Hitec City witnessed average rents climbing from Rs. 24,600/month at the end of 2022 to Rs 28,500/month by September 2023. Meanwhile, Gachibowli showcased even more remarkable figures, with rents catapulting from Rs 23,400/month at the close of 2022 to Rs 29,000/month by September 2023.
Anuj Puri, Chairman of the Anarock Group, said, “After an almost terminal downturn during the first and second Covid-19 waves, residential rents are one of the most remarkable comeback stories of the post-pandemic housing sector. The first nine months of 2023 saw housing rents soar by over 30 per cent in the top seven cities.”
Bengaluru, already in the limelight for its astronomical rental values post-Covid-19, continues to stand out among the top seven cities. Puri highlighted the fundamental strength of the Indian Infotech sector, noting that Hyderabad and Pune, the next two hotspots for rental value growth, are also IT/ITeS-centric cities.
Despite the current surge, he suggests a possible stabilization of rental values in the ongoing quarter, attributing it to the traditional dip in renting activity during the last quarter of the year.
He anticipates another surge in rents in the upcoming January to March period, a time when Indians typically relocate for better job opportunities amid increased hiring in the new financial year.
Housing rental growth in first nine months (9M 2023):
* Rents soar across the top seven cities led by IT/ITeS hubs
* Bengaluru, Hyderabad, and Pune lead the table
* Hyderabad witness 2nd-best rental value growth
* Key markets in the city seeing up to 24% growth in this period
* Bengaluru hotspots like Whitefield & Sarjapur Road see 31% & 27% growth
* Hyderabad’s Gachibowli & Hitec City see 24% & 16% growth
Hyderabad – Average rent for standard 2BHK unit of 1,000 sft (Rs/month):
Micromarket 2022-end 9M 2023 % change
Hitec City 24,600 28,500 16
Gachibowli 23,400 29,000 24
(Source: Anarock Research)
