With offices opening, the IT areas in Hyderabad recorded the highest growth in rental demand.
As per a Magicbricks.com report, Hyderabad’s rental market witnessed a QoQ surge of 10.8% in demand (searches), while supply (active listings) dipped by 0.6%. Meanwhile, the average rent inched up 4.9% QoQ.
Three BHKs emerged as the top choice for 46% of tenants in Hyderabad. About 66% of tenants in Hyderabad showed interest in properties sized 1,000-2,000 sq.ft. This preference for spacious accommodations correlates with a higher demand for 3-bedroom units.
In terms of budget, about 24% of tenants favoured properties commanding a monthly rent of Rs 10,000 to Rs 20,000. Notably, for about 16% of tenants, Rs 50,000 to Rs 1,00,000 was the preferred budget.
Premium localities in the west like Gachibowli, Kondapur and HITEC City were the most sought-after due to their connectivity with the Nehru ORR, access to mass transit networks and proximity to key business hubs.
Anarock says that in Hyderabad, the top three markets are HITEC City and Kondapur, which saw rental values increase by 12% each, and Gachibowli with 11% growth.
The rent for a 2BHK flat in Hitech City is Rs 26,800 per month, Rs 25,600 per month in Gachibowli and Rs 24,000 in Kondapur.
PropTiger data says Hyderabad witnessed the maximum growth in sales of 55 per cent to 10,200 units during January-March from 6,560 units in the year-ago period followed by Mumbai, Pune and Ahmedabad.
