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Rental market: Waiting for an upswing

May 31 2014, 13:20 IST
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In Mumbai, the decreasing demand and cost optimisation from corporations have prompted landlords to lower their rent expectations. In Mumbai, the decreasing demand and cost optimisation from corporations have prompted landlords to lower their rent expectations.
SummaryDemand for premium homes in the rental segment has has weakened in past few quarters.

a lot of inventory in these projects is sold to investors, the supply of rental properties are expected to increase which may put further downward pressure on overall rentals in the coming quarters.

Contrary to the other markets, rents in Bangalore, Chennai, Kolkata and Pune increased in the range of 2-9 per cent quarter-on-quarter during Q2 2014. High demand has been observed in the mid-segment residential properties. Continued demand from the IT/ITeS sector employees kept upward pressure on rentals in almost all the micro markets.In Chennai, the demand for residential properties remained robust in locations like Boat Club, Adyar, Velachery, and GST Road owing to their close proximity to central locations and other micro markets. In Pune, demand remained upbeat in the main residential hubs including central areas of Boat Club Road, Camp and Deccan, as well as in eastern suburbs, such as Magarpatta, Hadapsar, and western areas namely Baner, Hinjewadi, Pashan and Wakad.

- Surabhi Arora

(The author is Associate Director, Colliers International)

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