Fares soar in India as people return to offices
Rents in the residential market in India grew by 4% quarter-on-quarter for the three months ended March 2022, indicating a recovery in the rental housing market with offices opening up and people returning to their original work places. Is.
According to a report by Magicbricks, the search for rental housing in India grew by 15.8% sequentially and 6.7% year-on-year in January-March 2022. The 13 Indian cities mapped by the real estate portal more than doubled on a year-on-year basis.
Around 45% tenants preferred two-bedroom, hall and kitchen apartments, followed by 3BHK at 31% and 1BHK at 19%. As per the report, majority of the tenants preferred semi-furnished apartments, with 53% posting as an option in multi-storey buildings.
In terms of rental housing search, Gurugram, Delhi, Noida, Bengaluru and Ahmedabad registered a sequential growth of 33.5%, 27.8%, 21.4%, 19.4% and 17.6% respectively. Navi Mumbai, Thane, Pune, Mumbai and Chennai saw maximum growth in property listings at 40.9%, 40.9%, 38.1%, 37.6% and 36.3%, respectively.
Sudhir Pai, CEO, Magicbricks, said, “With a less-than-expected COVID-19 third wave and widespread immunization drive, many offices have rolled out hybrid action plans from the beginning of this year. As a result, many workers returned from their hometowns to metros, and the rental housing market saw a sharp recovery in demand in the first quarter of the year.
He said that the reopening of educational institutions means that many families and college/university students have also started returning to the metros. “We expect this trend to continue for the next few quarters as offices move toward higher occupancy and operations, which also leads to an improved rental housing market.”
The report concluded that there has been an increase in the demand for rental housing near employment centers and educational institutions.