Bangalore, the Silicon Valley of India, has seen an escalation in rents of residential apartments during Q2’11 (April-May-Jun-2011) over Q2’10. A real estate portal 99acres.com, revealed this In a survey. The rates of appreciation differs according to localities and most localities have witnessed double digit growths.
Commenting on the same, Vineet Singh, business head of 99acres.com, said, “The rental market in Bangalore has seen an upward trend, especially in and around the IT corridors like Whitefield in Bangalore East and Electronic City in Bangalore South, mainly because of the spurt in IT hiring and the shortage of new ‘ready to move in’ apartments.” Rentals in these areas seem to continue to rise and will stabilise only after the present infrastructure, including the Outer Ring Road and the Metro are completed, thereby creating newer residential localities which will provide better connectivity and social infrastructure, Singh added.
In Bangalore East the rentals of houses in key localities of Old Airport Road and Whitefield witnessed maximum appreciation.
The Old Airport Road saw a 26 per cent rise, while Whitefield saw an 18 per cent rise over the same time period. Sarjapur Road and Indiranagar saw 16 per cent and 12 per cent rise in their rentals over the same period.
Simultaneously, in South-Bangalore, HSR Layout saw the highest appreciation with the rentals moving up by 26 per cent, Bannerghatta and JSR Layout have also seen above 10 per cent rise in rentals.
Whereas, at the national level, rentals across the other important cities of the country like Mumbai moved up by 9 per cent, Delhi by 11 per cent, and Pune saw flat residential rental rates.
