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Time of India
6 days ago
- Business
- Time of India
Top metros dearer than Pune in co-living rent, except Chennai
Pune: Co-living rentals in Pune are easier on the wallets of renters compared to other metro cities in the country but are marginally costlier than those in Chennai. This is due to the correspondingly lower average rent of entry-level apartments in the city, data from real estate services firm Colliers India showed. Tired of too many ads? go ad free now The average co-living rent in Pune ranges from Rs 9,500 to Rs 15,700 per month, while the average rent of a premium co-living facility in a city like Bengaluru or Mumbai is Rs 23,700 and Rs 27,500 per month, respectively. The differential in rent between co-living and regular apartments for all cities is around 25-35%. Despite being the cheaper option, availability of co-living facilities is very limited as it is a relatively untapped market. Colliers India estimated that the overall capacity of the co-living segment is very low at 3 lakh beds compared to 5 crore migrant population moving within the country. However, it is expected to grow to 10 lakh beds by 2030 as more developers enter the segment. In Pune, developers are increasingly incorporating co-living units into standalone or mixed-use developments to cater to the growing demand, Manish Jain, president, Credai's Pune chapter, said. Co-living involves tenants sharing common facilities and spaces while having their own private rooms. It is particularly suitable for single occupants who are not immediately looking to buy a home, want to save on rent, and desire flexibility in the duration of their stay. Typically, the duration of stay ranges from eight to 12 months. "This sector has seen a rebound in Pune post-pandemic, especially during the last couple of years, with most companies from the IT sector adopting a flexible model for work from home and office," Saurabh Garg, co-founder, NoBroker, said. Tired of too many ads? go ad free now Co-living is mostly favoured among the service industry-intensive areas, such as Hinjewadi and Kharadi, on the western and eastern sides of the city, and in some pockets, including Vimannagar and Kalyaninagar. Besides single professionals, industry experts expect demand from postgraduate students, as not all educational institutes can accommodate the increasing number of students in their hostels. Rising migration to the top metro cities and the growing preference of white-collar workers for professionally managed spaces are also driving growth in the co-living sector. "With over 1,400 colleges and thriving job opportunities in areas like Hinjewadi, Kharadi, and Chakan, the city continues to attract young professionals and students aged 25–35. For this segment, co-living offers an ideal solution that is affordable, well-maintained, and in preferred locations," said Jain.
Time of India
7 days ago
- Business
- Time of India
In Chennai city, the search for home gets pricey
1 2 The rental squeeze is no longer just a core-city story. In Velachery, a modest 1BHK in an apartment complex with elevators and other amenities now rents for 22,000, nearly double what it cost two years ago. In Sholinganallur, rents have crept past 30,000, and even suburbs like Pallavaram, Ambattur, and Perambur are no longer 'affordable'. Be it the traditional hotspots like Adyar and Anna Nagar, or the growing suburbs like Pallavaram, Perungudi, and Madhavaram, rents are surging across Chennai. With school admissions underway and offices demanding in-person attendance, families and professionals alike are scrambling for homes, only to find landlords upping the stakes mainly due to an increase in land value, a spike in property tax, and improved connectivity. "I moved into a 1BHK at T Nagar last year for a rent of 12,000. Since it is manageable, and close to work, I didn't mind the rent. A year later, my friend rented a house, and she is paying nearly 19,000 for a similar unit," explained Nisha Krishnan, who had moved to Chennai from Coimbatore. According to real estate consultants, rents in Chennai increased by 20%–25% over the past two years. Some localities witnessed a jump of 30% or more. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Promoções imperdíveis de voos baratos Voos | Anúncios de Pesquisa Saiba Mais Undo "Gated communities, in particular, are leading this surge, charging 7%–8% higher rents than standalone buildings," said Sanjay Chugh, city head, Chennai, Anarock Property Consultants. He said Chennai recorded the steepest rental growth among major Indian metros in Q3 2024 — a 22.2% quarter-on-quarter rise in per sqft rental values. "A major contributor for the hike was slowdown in new construction activity, largely stemming from pandemic-related disruptions. This limited supply, coupled with sustained demand, led to a sharp rise in rental prices. However, with fresh housing supply gradually entering the market, rental inflation has now eased to single digits after nearly three years of steep increases," said Saurabh Garg, co-founder and chief business officer of NoBroker. Another key factor is the shift in workplace dynamics. "As companies scale back remote work policies, many professionals are returning to Chennai. Furthermore, the city's emergence as a prominent hub for Global Capability Centres (GCCs) — with more than 250 centres employing more than 150,000 professionals — has significantly amplified the need for quality rental accommodations near these employment clusters," he added. Premium areas like T Nagar, Adyar, and Besant Nagar remain in high demand, but suburban pockets are seeing the sharpest rental inflation. In places like Pallavaram and Perambur, rents jumped 33%–40%. Along Old Mahabalipuram Road (OMR), Sholinganallur, and Velachery — where IT offices, coworking spaces, and colleges cluster — the rent for 1BHKs now ranges between 18,000–30,000. In Vadapalani, a 2BHK in the arterial area can cost upwards of 45,000. What's more, furnished flats and short-term leases are gaining popularity, especially among landlords who want flexibility to adjust rents more frequently. "There's high demand for move-in ready homes, and tenants are willing to pay a premium for convenience," said Giriraj, a broker based in T Nagar. S N Srikanth, a member of Chennai Real Estate Agents Association, said there is still demand for rental houses in the core city due to the presence of schools and colleges, but the supply is not matching. "This is also triggering a spike in rent. Besides, property tax has been increased, and this has a cascading effect on the rents too," he said. With rentals eating up a larger portion of monthly incomes, tenants are adapting. Many are moving further from the city centre in search of affordability. Students and single professionals increasingly prefer co-living or shared housing over hostels, expanding the tenant pool in places like Tambaram, Kolathur, and Chromepet. "Velachery has become a hub for co-living spaces. Apart from this, Pallavaram Radial Road, Pallavaram, and other suburban areas are also booming," said Suresh Rangarajan, founder of Coliv.
Hans India
02-06-2025
- Business
- Hans India
Bengaluru Rent Shocker: Rs. 2.7 Lakh for a 3BHK? Reddit Post Sparks Debate
Many people from the Telugu states move to Bengaluru for IT jobs. While the salaries are good, house rents are becoming a big concern. Recently, a man shared his experience on Reddit. He was shocked after seeing a 3BHK house in Haralur, Bengaluru. The rent was Rs. 2.7 lakh per month. The owner also asked for a security deposit of Rs. 15 lakh! The man saw this on the No Broker website and wondered if he was misunderstanding the price. He asked: 'Are rents really this high in Bengaluru?' Many Reddit users replied: Some said, 'Maybe the owner added an extra zero by mistake.' One user joked, 'You'd need a loan just to pay that rent!' Another person said, 'I live in that same society. If I share this, everyone will laugh.' Some people believe the post is fake or the price is wrong. But others agree that Bengaluru rents are going beyond what normal people can afford. Now, many feel it's better to buy a house and pay EMI rather than rent at such high prices.x
The Hindu
20-05-2025
- Business
- The Hindu
Residential rentals soar high in Chennai
In recent years, the residential rental market in Chennai has experienced notable fluctuations, with prices soaring by 20-25% over the past two years. Certain areas have witnessed even steeper hikes, with rental rates escalating by as much as 25-30%. Gated communities and modern apartment complexes have also seen accelerated increase in rental prices, charging 7-8% more than their non-gated counterparts. Sanjay Chugh, director and city head, Chennai, Anarock Property Consultants Private Limited who has been tracking Chennai's real estate growth for several years now, said, 'Chennai's residential rental market has experienced significant growth since the last two years, particularly in mid-segment and suburban areas. In the third quarter of 2024, Chennai recorded the sharpest rental hike among major Indian cities, with rents soaring 22.2% quarter-on-quarter from ₹17.94 to ₹26.91 per square foot.' He added, 'The surge in rental prices is attributed to several factors, including a property tax hike, the end of widespread work-from-home arrangements, and the city's industrial growth.' 'Overall rent inflation in Chennai was 18% from 2022 to 2023. From 2023 to 2024, it was 8%. Abiramapuram, Nungambakkam, T Nagar, Alwarpet and Adyar are the prime locations in Chennai that have seen the highest rental growth,' said Saurabh Garg, co-founder and CBO of NoBroker. 'Localities such as Tiruvanmiyur, Perungudi, and Palavakkam have experienced the highest spike. Rents have gone up by approximately 9-11% in these areas,' he added. Adyar, Anna Nagar, T. Nagar, and Besant Nagar — These upscale neighbourhoods continue to command premium rents due to their established infrastructure, educational institutions, and lifestyle amenities, Mr. Chugh pointed out. According to Mr. Garg, 'The conclusion of widespread work-from-home policies has also compelled many employees to return to Chennai, increasing the demand for rental accommodations near workplaces.' In 2023, prime areas like T. Nagar, offered 1BHK (Bedroom, Hall, Kitchen) houses for rent between ₹8,000 and ₹12,000 per month. Now, the rent for a 1BHK in this area ranges from ₹15,000 to ₹20,000 per month, excluding car parking and maintenance charges. The cost of a 2BHK at prime locations in is anywhere between ₹25,000 and ₹60,000. Saravanan, a real estate agent said at Vadapalani, the cost of a 1BHK is anywhere from ₹15,000 to ₹20,000, while the cost of a 2BHK starts at ₹30,000. In gated communities, the rents are anywhere around ₹45,000 to over a lakh. 'If you're looking for a house near the metro line or Forum Mall, the rent tends to be quite high. However, if you're open to locations like Kodambakkam or the interior areas of Vadapalani, you can find more affordable options,' he said. Properties along Old Mahabalipuram Road and in Sholinganallur have experienced significant rental hikes, driven by the growing presence of IT firms, start-ups, and a rising student population in the area. A real estate agent in this area mentioned that, in the past, students preferred staying in hostels within college campuses or nearby. However, nowadays, many of them are choosing to rent individual houses or apartments with their friends. Ditto is the trend in Tambaram and Velachery zones. Rentals on OMR which were hovering around ₹15,000 to ₹20,000/month for a 1 BHK is now at ₹18,000 to ₹30,000/month. Mr. Chugh said that in Pallavaram rental values grew by 40%, while capital values rose by 18%. 'At Perambur, rental values increased by 33%, with capital appreciation at 18%. At Central Chennai: high-end rental values remained stable, ranging from ₹1,00,000 to ₹2,50,000 per month, with minimal year-on-year changes,' he said. ''The upward trajectory in Chennai's rental market is expected to continue, especially in suburban areas, due to ongoing infrastructure projects like metro rail expansions and the city's growing appeal as an IT and industrial hub. However, the high-end segment in central locations may see more stable rental values, given the already premium pricing. Apartments are witnessing the maximum demand from occupiers, followed by villas and independent houses,' he said. Real estate experts further said that the prices were only bound to increase more when the metro and other infrastructure projects in the city would be nearing completion.
Time of India
12-05-2025
- Business
- Time of India
India-Pakistan ceasefire brings hope for real estate revival amid slump in buyer sentiment
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The ceasefire between India and Pakistan comes as a relief for the real estate sector which saw a clear dip in enquiries amid escalating tensions between the two countries since the Pahalgam terror attack last Delhi and Mumbai to Bengaluru and Pune, site traffic across Indian metros had dropped anywhere between 15% and 40%, brokers told ET."There's been a dip of around 15% in terms of both enquiries and property buying visits since the India-Pakistan tensions escalated," said Amit Agarwal, chief executive of proptech unicorn NoBroker. "People have become a bit cautious, especially since it is a large-ticket purchase. They are waiting for a bit more clarity to emerge."He said customers tend to postpone big decision-making in uncertain times. "If the situation stabilises after the ceasefire and continues in a normal vein, we should see interest coming back," he South Delhi, one of the poshest premium residential markets in the country, walk-ins and calls have seen almost a 40% drop in the last ten days, said a broker who did not wish to be named. "People are scared to make big decisions right now. It is not just about money but about psychological comfort," the person customers confirmed Srestha S, who runs a small food business from her apartment, and her husband, an IT professional, were in advanced discussions to buy a flat after months of property hunting. They put their plans on hold amid rising border tensions after the Pahalgam terror strike. "We decided we would rather play it safe for now than be stuck with big EMIs later," Srestha said, adding that they would still wait a while despite the ceasefire couple working in consulting in Gurgaon also said they have hit pause on their move to buy a second flat. "If the market tightens due to tensions, we might be able to get the same properties at a discount. Better to wait," they conflict, which escalated into open military engagement along the Line of Control two weeks ago, had begun to weigh on real estate sentiment. While Indian property markets have shown resilience during political or economic upheavals in the past, the current situation, marked by the unpredictability of war, triggered a more pronounced emotional response from both end-users and Reddy, chairman of National Association of Realtors - India (NAR-India), the apex body representing RERA-registered and licensed real estate professionals across India, confirmed a higher rate of cancellations, deferred site visits, and cold leads."Clients are telling me, 'Let us talk after things settle down.' There is a fear that if the situation worsens, prices might fall, or worse, there could be disruptions in banking or registration services," Reddy markets, too, had started showing early signs of stalling, with corporate leasing discussions slowing with the ceasefire, the industry can hope for a revival in the coming weeks.
