With things returning to normalcy after the pandemic, Bengaluru is witnessing a large influx of employees returning to the city to resume their work from office. However, this has created a sentiment of frenzy in the city’s real estate landscape.
Owing to this, there has been a sharp jump of 25-40% in rental prices across the market, creating a mismatched demand and supply of real estate inventory. Because of this, Bengaluru has become the top Indian city with a rent yield of 3.9%. People are finding it quite difficult to find a place to live as per their requirements. Here are some comparative stats of the rents:
- A 1 BHK apartment that was easily available between INR 10,000- INR 14,000 previously is now available for INR 20,000 (approx figure).
- A 2 BHK, PREVIOUSLY offered for INR 25,000 (approx), is now available between INR 35,000 – INR 40,000.
- And the rental rates for 3 BHK houses have crossed INR 80,000.
Not just this, the house-hunting process is also taking a toll on the people searching for a home. Travelling to and fro in cabs and autos further burns a hole in their pockets. Owing to this, many tenants are being forced to move to suburbs like Begur, or to areas situated in close proximity to Hosur Road.
With these things ongoing in the market, the local brokers have started arranging ‘house hunt packages’ for prospective tenants. They have also started hiring field executives to scout the currently available properties for them.
For instance, a company in Bengaluru that goes by the name Realty Corps runs an orientation programme for people on the lookout for good rental properties.
These packages start from INR 10,000 and include pick-up and drop-off facilities for the customers. The package also includes recreational tours across prime locations in areas with amenities like malls, schools, healthcare facilities, etc. It also has corporate packages where pick-up and drop-off facilities are offered from the airport to the hotels.
Will the rental prices keep on soaring high, or will there be a relief for the working class? Only time will tell.
