Hyderabad’s HITEC City, Gachibowli rentals jump 5% in Q1 2024
Similarly, Gachibowli saw rents increase from Rs 23,400 at the end of 2022 to Rs 30,500 by the end of 2023 and then to Rs 32,000 in Q1 2024.
Hyderabad: In a recent report by ANAROCK, Hyderabad’s rental market witnessed a notable surge in the first quarter of 2024, especially in prime localities like Hitec City and Gachibowli.
The average rents for standard 2 BHK 1,000 sq. ft. houses in these areas rose by 5 per cent each compared to the end of 2023. At the end of 2022, the average rent for a 2 BHK in Hitec City stood at Rs 24,600, which climbed to Rs 31,000 by the end of 2023 and further to Rs 32,500 in Q1 2024.
Similarly, Gachibowli saw rents increase from Rs 23,400 at the end of 2022 to Rs 30,500 by the end of 2023 and then to Rs 32,000 in Q1 2024.
The ANAROCK report highlighted that across the top seven cities in India, there was an average rental growth of 4-9 per cent in Q1 2024.
This surge is significant considering the typical annual increase ranges between 5-10 per cent, indicating a concerning trend of cost-of-living inflation for tenants. Santhosh Kumar, Vice Chairman of ANAROCK Group, commented on the trend, stating, “Going by the current momentum, there are no immediate prospects of the rental inflation trend slowing down.
In fact, it is expected to pick up in the next few quarters, as rental activity typically remains high in the first two quarters of as fiscal year.”
