Rental rates in prominent areas of Bengaluru, Hyderabad, and Pune have spiked by over 30% in the first nine months of 2023, driven by the IT/ITeS sectors.
In Bengaluru's Whitefield, a standard 2BHK flat of around 1,000 sq. ft. witnessed a 31% increase in rents during this period. Hyderabad's HITECH City and Gachibowli, along with Pune's Hinjewadi, also experienced significant rental growth.
The rental market's resurgence, following challenges during the pandemic, reflects the strength of the IT sector. However, stability in rental values is anticipated in the current quarter, with potential growth in January to March 2024.