Rs 2 Lakh Rent Per Month? Where Is Hyderabad Going?
Now we are witnessing something pretty extraordinary as the rental prospect in Hyderabad has also started to go up consistently.
As we had reported already, Hyderabad has been one of the fastest growing real estate markets anywhere in India, and this is not going to slow down in the near future either. There is every chance Hyderabad will continue to be the strongest real estate belt in the country. Now we are witnessing something pretty extraordinary as the rental prospect in Hyderabad has also started to go up consistently.
This is on brilliant display as the latest developments are suggesting that the rental demands in certain areas of Hyderabad has been through the roof. It is being established that certain apartments in the IT corridor region of Hyderabad have been displaying rental demands of more than ₹2,00,000.
According to the latest developments, getting a home in Hyderabad’s IT corridor is becoming increasingly expensive to rent, with monthly rents in several gated communities now touching Rs 2 lakh.
According to homebuyers and tenants, monthly rents have surged by nearly 30% to 40% in the last two years in prime locations such as Madhapur, Gachibowli and HITEC City with 3BHKs commanding Rs 70,000 to Rs 1 lakh a month.
Even the existing few 2BHK apartments available in these locations are also being rented out for Rs 45,000 to Rs 50,000. This has made it extremely tough for the monthly salary employee division to get rental houses in Hyderabad.
This has been the case for the last few years, and it is becoming increasingly prevalent in the days to follow as well. Only time will tell if this rental market will be undergoing significant correction or else, the tenants good face further issues in the days to follow.