With companies shifting back from the work-from-home culture and calling employees back to the office, the rental market in Bengaluru has seen a sharp increase. The city now leads the country in rising residential rents. According to a recent report by real estate consultancy firm Anarock Research, house rents in Bengaluru’s Bagalur area have surged by 90% over the past four years. This marks the steepest increase in the city.
Other areas, such as Whitefield and Sarjapur Road, have also experienced significant rent hikes over the last five years, ranking third and fourth in terms of rent growth. These areas have seen rents rise by 80-85%.
Bengaluru, along with Hyderabad, Delhi-NCR, Mumbai, Pune, Chennai, and Kolkata, is among the top cities with the highest house rent hike.
The report noted that housing prices have accelerated since the end of the Covid-19 pandemic. In 2019, the average cost of residential buildings in Bengaluru was Rs 4,300 per sq ft, but by end of 2024, it is expected to reach Rs 8,151 per sq ft, according to Anuj Puri, Chairman of Anarock.
Angad Bedi, Chairman and Managing Director (CMD) of BCD Group, a real estate construction and development firm, attributed the significant price increase in North Bengaluru, Whitefield, and Sarjapur Road to rapid infrastructural development in these areas.
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