With each passing day, Bengaluru is becoming the home of 80% of the techies of the country, who are flying into the city from around different states. Owing to this, there is a mad rush over the rentals in and around the city.
So, they are moving away from the IT corridors to the city outskirts where rentals are affordable. The brokers are saying that the rental fees around the IT corridors like Whitefield has come down by at least 15-20% year on year.
Recently, a couple, both working in the IT field, in south-east Bengaluru's Sarjapura, decided to move from the prime Sarjapura area into the outskirts, about 5 km away. They mentioned that, they found a 3BHK for about Rs.38,000 rent in the outskirts whereas the rent for 2BHKs in Sarjapura area starts from Rs.35,000-40,000.
The eastern IT corridor includes areas like Whitefield, Hoodi, Outer Ring Road, and Sarjapur Road among others and on the other side,few areas in the outskirts of the city like Varthur, Kundalahalli and Channasandra are quite affordable for rentals.
During mid-2023, the real-estate sector in Bengaluru witnessed a rental hike of about 20-40% in prime IT corridors. A report by property consultant Cushman and Wakefield, unveiled that, on July 3, said nearly 8,850 units of total inventories were launched in Bengaluru in Q1 2024, a 14% YoY growth, with Whitefield accounting for almost 35%.
Real estate consulting platform Anarock stated that, Bengaluru will see about 51,685 units being delivered in 2024, against approximately 52,565 units in 2023.
Report says that, in Budigere, an outskirt of Whitefield, the owner recently dropped the monthly rent from Rs.45,000 for a 2BHK to Rs.35,000.
One of the broker in the city said,"On July 9, we closed a 2BHK rental deal at Mysore Road for Rs.30,000 per month from Rs. 40,000 that the owner was quoting. We believe that, over the next quarter, Bengaluru will see a major correction in the rental market. We anticipate as much as Rs. 20,000."
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