Bangalore Rental Market

By: Amitabh Kumar

With Bangalore continuing to be a major IT hub, the real estate Bangalore has got a major push especially its commercial properties. The absorption figure in the city has reached new high of 14.2 million sq ft. It is believed to be the highest among other metros in the country.

Rentals in Bangalore are also going through the roof. The hike has mainly come on the back of increasing demand for both commercial and residential properties in the city. Rents in Central Business District (CBD) have shot up to Rs 65 per sq ft per month, with a sharp appreciation owing to the lack of supply. 70% of the total commercial properties in Bangalore have been bought by Knowledge based companies.

As far as residential properties in Bangalore, present and future demand seems to have driven from IT professionals. However, this is also one of the leading reasons for the revival of demand for quality accommodation.

Any common property buyer will see at a ready project or the one which is about to complete before committing purchase. In Bangalore, there is a high preference for spacious two and three bedroom flats in the 1,000-1,200 sq ft and 1,500 sq ft -1,800 sq ft.

Also, there is a surge for row houses in Bangalore. They offer the comforts of both independent houses along with the advantages of community living. Seeing such benefits coming on hand, no smart buyer will mind paying an extra cost for such an exclusive house.

However, rentals in some locations in Bangalore have been stable. These are the areas such as Lavelle Road, Cunningham Road, Indiranagar, Jayanagar, Koramangala. Here, rentals increased by 3% versus 6 months ago and capital values have increased between 3%-11%.

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