Luxury Residential Capital Value in 7 Metros Increase by 2–9%
The demand for luxury residential properties in upscale colonies has grown across the seven cities of Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, and Pune. According to an Anarock report in September, the capital value of luxury residential colonies in seven major cities increased by 2–9% while average monthly rent increased by 8–18% over the previous two years. For luxury residences with 2,000 square feet, Worli in Mumbai witnessed the biggest rental gain of 18% to ?2.35 lakh per unit per month from ?2 lakh per month in 2020. Prior to COVID, annual increases in 2-year luxury rental rates were typically in the single digits, averaging between 5-7%. The average monthly rent in JP Nagar, Bengaluru increased by 13% to ?52,000 per flat with 2,000 square feet in 2022 from ?46,000 in 2020, according to the data. To ?6,200 per square foot, capital value grew by 9%. The average monthly rent in Hyderabad’s HITECH City increased by 11% to 59,000 for each flat with 2,000 square feet. Capital prices increased by 7% to $6,100 per square foot. For a premium apartment with 2,000 square feet, the average monthly rent in Chennai’s Anna Nagar increased by 13% to ?63,000 from ?56,000. From Rs. 11,300 per square foot to Rs. 11,850 per square foot, capital prices increased by 5%. For a 2,000 square foot apartment in Alipore, Kolkata, the average rent increased 8% from 2020 to 2022, from ?60,000 per month to ?65,000. Inflation-adjusted capital costs rose by 4% to ?13,500 per square foot. For a two-bedroom apartment in Golf Course Road in Delhi-NCR, the average monthly rent grew by 11% from 2020 to ?70,000 to ?78,000. Only 3% more was spent on capital, or ?13,500 per square foot, compared to ?13,150.
Tags : luxury residential capital value metros residential properties Delhi-NCR Mumbai Metropolitan Region (MMR) Chennai Kolkata Bengaluru Hyderabad Pune