Monthly rentals in two luxury hotspots of Kolkata – Alipore and Ballygunge – are higher than many prime spots in cities like Bengaluru, Hyderabad, Chennai and even Delhi-NCR and Pune. According to Anarock Research, the monthly rentals in Kolkata’s Alipore are around Rs 65,000 for a luxury house of 2000 square feet in 2022. Monthly rentals of luxury houses in Kolkata’s Ballygunge are approx. Rs 97,000. In both these locations, monthly rentals went up by 8% and 10% between 2020 and 2022.
Interestingly, monthly rentals of luxury houses in Hyderabad’s Jubilee Hills and HiTech City are Rs 62,000 and Rs 59,000 respectively. Similarly, monthly rentals in Bengaluru JP Nagar and Rajaji Nagar are Rs 52000 and Rs 65000 respectively.
The costliest luxury market is Mumbai with average monthly rentals of Rs 3.1 lakh in Tardeo and Rs 2.35 lakh in Worli. The most expensive luxury housing market is in Mumbai with an average monthly rental of Rs 3.1 lakh in Tardeo and Rs 2.35 lakh in Worli.
As per the report by Anarock Research, Mumbai’s Worli saw the highest rental growth of 18% in average rentals (for a min. 2,000 sq. ft. home) increased from Rs 2 lakh in 2020 to Rs 2.35 lakh in 2022. The second highest monthly rental growth has been witnessed in Bengaluru’s Rajaji Nagar, which saw a 16% jump in the same period – from Rs 56,000 in 2020 to Rs 65,000 in 2022.
Rents up in double-digit, price in single
While the monthly rentals of luxury houses have grown in double digits, the price appreciation in the top markets has remained in the single digits between 2-9% in the last two years.
Bengaluru’s Rajaji Nagar witnessed the highest capital appreciation of 9%, with average prices increasing from Rs 5,698 per sq. ft. in 2020 to Rs 6,200 per sq. ft. in 2022.
“The luxury residential market has been on an upswing post the pandemic, with its overall sales share growing to about 14% in H1 2022. Even demand for rental luxury properties is on a high, resulting in growth in average monthly rentals,” the report said.
City-wise price trends
- Bengaluru – the luxury residential hotspot JP Nagar saw avg. monthly rentals appreciate by 13% in 2022 over 2020, while capital prices in this period rose by 9%. Likewise, Rajajinagar saw rental prices rise by 16%, and capital prices by 5%.
- MMR – luxury rentals in Tardeo rose 15% in this period, while capital prices increased by only 3%. Similarly, in Worli, the average monthly rentals for a minimum 2,000 sq. ft. area home increased by 18%, while capital prices saw a mere 2% jump.
- NCR – rentals in luxury hotspot Golf Course Road increased by 11%, while capital prices saw a mere 3% rise. Likewise, Golf Course Extension Road saw rentals increase by 12% and capital prices by 5% in this period.
- Chennai – luxury rentals in Anna Nagar rose 13% in this period, while capital prices increased by 5%. Similarly, in Kotturpuram, the average monthly rentals rose by 14% while capital prices rose by 4%.
- Hyderabad – the luxury residential hotspot Jubilee Hills saw avg. monthly rentals appreciate by 15% in 2022 over 2020, while capital prices in this period rose 6%. HITECH City saw a rental price rise of 11%, while capital prices increased by 7%.
- Pune – the rentals in Koregaon Park rose 14% in this period, while capital prices increased by 4%. In Prabhat Road, the average monthly rentals rose by 8% while capital prices rose by just 3%.
- Kolkata – luxury home rentals in Alipore rose 8% in 2022 against 2020, while capital prices increased by 4%. Similarly, in Ballygunge, the average monthly rentals rose 10% while capital prices rose by 3%.