Mumbai's luxury home rent in Tardeo is 4x more than that in Delhi's Golf Course Rd
- The average monthly rent in Worli for a 2,000 sq. ft. area has risen from ₹2 lakh to ₹2.35 lakh per month in 2 years.
- The second most expensive is Bengaluru’s Rajaji Nagar, which witnessed a 16% jump in the same period from ₹56,000 in 2020 to ₹65,000 in 2022.
- The capital appreciation in the top luxury housing markets remained between 2% to 9% in the last two years.
AdvertisementThe monthly rent of a luxury home spread across 2,000 sq. ft in Mumbai’s Tardeo area is at ₹3.1 lakh, as per a report by real estate consultant Anarock.
In the last two years, the rents in this micro market have gone up by 15%. However, the highest rental growth for such properties is seen in Mumbai’s Worli area – which was at 18%. The average rent here is cheaper than Tardeo as it’s around ₹2.35 lakh a month.
"Most prominent luxury housing markets witnessed double-digit growth in rentals in the last two years. Pre-Covid, average 2-year luxury rental increases at a given time were largely single-digit, between 5-7%,” Anuj Puri, chairman at Anarock group.
Delhi luxury homes are cheaper than Kolkata, Chennai
It’s also to be noted that luxury home rentals in Mumbai’s Tardeo is over four times more than the same in Delhi’s Golf Course Road – at ₹78,000. In fact, Kolkata’s Ballygunge and Chennai’s Kotturpuram are much costlier than Delhi.
Another area which saw high rental appreciation was Bengaluru’s Rajaji Nagar, which witnessed a 16% jump in the same period.
“Residential rental demand skyrocketed across the top cities in 2022 with schools reopening classrooms and most companies calling employees back to offices,” said Puri.
Average monthly rentals for 2,000 sq. ft. area in top seven cities:
Source: ANAROCK Research
|City||Micro market||Avg. rent in 2020 per month (in ₹)||Avg. rent in 2022 per month (in ₹)||Overall increase percentage|
|NCR||Golf Course Ext. Rd||50,000||56,000||12%|
|NCR||Golf Course Rd||70,000||78,000||11%|
Luxury hotspots in India
The capital appreciation in the top luxury housing markets remained between 2-9% in the last two years.
Bangalore’s JP Nagar also saw the maximum capital increase – at 9% in 2022, compared to 2020. This was followed by Hyderabad’s HiTech City and Jubilee Hills, which saw 7% and 6% capital appreciation respectively.
MMR’s Worli saw the lowest rise in capital prices at just 2%.
The luxury residential market has been on an upswing post the pandemic, with its overall sales share growing to 14% in the first half of 2022. The demand for rental luxury has also been soaring, which has resulted in a hike in the average monthly rentals, Anarock said.
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