Mumbai: Rents across 13 major Indian cities surged 16% year-on-year in the March quarter with Greater Noida, Gurugram and Bengaluru taking the lead.
In Greater Noida, an emerging home to several techies and corporate employees, rents soared 32.1% while Gurugram and Bengaluru saw an increase of 24.5% and 23.7%, respectively. Sequentially, rents increased by 2.8% during the Jan-March period, following an increase of 1.6% between Oct and Dec 2023, Magicbricks said in a statement.
The data, which is based on the reading of preferences of over two crore customers, rental accommodation of Rs 10,000 to Rs 30,000 a month was the dominant segment, accounting for 42% of the demand.
Chennai, Navi Mumbai and Noida led the rental demand on a quarterly basis. However, the supply couldn’t keep pace with the demand and has increased only marginally by 1.8% q-o-q, due to swift absorption of available rental units. Overall, rental demand grew 16% q-o-q during the March quarter.
In Chennai, rental demand increased by nearly 25% q-o-q in the March quarter while in Navi Mumbai and Noida, it grew by 20.1% and 19.2% respectively, the report said.
In Greater Noida, an emerging home to several techies and corporate employees, rents soared 32.1% while Gurugram and Bengaluru saw an increase of 24.5% and 23.7%, respectively. Sequentially, rents increased by 2.8% during the Jan-March period, following an increase of 1.6% between Oct and Dec 2023, Magicbricks said in a statement.
The data, which is based on the reading of preferences of over two crore customers, rental accommodation of Rs 10,000 to Rs 30,000 a month was the dominant segment, accounting for 42% of the demand.
Chennai, Navi Mumbai and Noida led the rental demand on a quarterly basis. However, the supply couldn’t keep pace with the demand and has increased only marginally by 1.8% q-o-q, due to swift absorption of available rental units. Overall, rental demand grew 16% q-o-q during the March quarter.
In Chennai, rental demand increased by nearly 25% q-o-q in the March quarter while in Navi Mumbai and Noida, it grew by 20.1% and 19.2% respectively, the report said.