Tracking Rental Property Values across India - Magicbricks launches the Rental PropIndex report
This report highlights the most preferred budget ranges renters look for and what configurations and property types that are most sought after for rented accommodations.
Magicbricks has launched its 1st PropIndex Rental Market Analysis Report (Oct-Dec 2014). This is the first time Magicbricks has taken a dip into the demand and supply analysis of the rental market. The report gives insights about the existing demand and supply in different budget ranges, BHK configurations and property types across the 11 major cities of India.
The maiden edition reveals that over 75% demand is noted for apartments as rented accommodations while the Rs. 10,000 to Rs. 15,000 rent-per-month category is the most preferred segment.
“Limited availability of ready-to-move-in properties and pilling up of under-construction inventory has pushed up the rental demand. In an endeavor to address the growing demand for properties on lease, Magicbricks has deconstructed rental demand and supply activity across residential categories in the top 11 cities,” says Jayashree Kurup, Head, Content and Research, Magicbricks.
This report shows that at the national level nearly 30 per cent demand in the rental market is noted for the Rs 10,000 to Rs. 15,000 per month category.
It further reveals that 9 out of the 11 cities tracked witness over 75% demand for apartments. Chennai and Bengaluru on the other hand has seen a significant demand of 35% to 37% for other residential housing formats.
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| Jayashree Kurup, Head, Content and Research, Magicbricks |
Key Takeaways..!
· Demand for residential properties on lease is the highest in Bengaluru followed by Mumbai and Pune.
· Nearly 55% demand is witnessed for the budget category of Rs.10,000-20,000 per month. While supply for the category is nearly 35%.
· Nearly 45% demand is for 1 and 2 BHK units each across the 11 cities while 40 per cent demand is concentrated on 2 BHK units alone.
· Supply across cities is concentrated for 2 and 3 BHK units with more than 70 per cent availability except in Mumbai
· Mumbai records the highest demand (61%) and supply (31%) for 1 BHK units
· Seven out of the tracked 11 cities recorded the maximum supply for 3 BHK units
Delhi records the highest demand (41%) for properties on a monthly rent of Rs. 15,000 to Rs, 25,000 while supply is still inclined towards the Rs. 50,000 and Above category. The 2 BHK units also witnessed a significant demand of 45%. However, 47% supply was inclined towards the 3 BHK category.
A drastic drop in demand of nearly 20% was for properties commanding a monthly rent of Rs 40,000 and above in Gurgaon. And demand saw a shift towards the up to Rs. 20,000 per month and Rs. 20,000 to Rs. 25,000 per month categories.
Noida recorded more than 50% demand for 2 BHK units while supply was inclined towards the 3 BHK category.
In Ghaziabad, 2BHK units were the most demanded as well as supplied category while 3BHK units were over-supplied by more than 25 per cent. More than 65 per cent demand was noted for properties commanding a monthly rent of Rs 10,000-20,000
Supply in Mumbai was concentrated for smaller units (1 and 2BHK) with nearly 75 per cent availability while demand for the same stood at 92 per cent
Properties commanding a monthly rent of Rs 10,000-20,000 were the most preferred as well as supplied in Pune. Demand (14%) and supply (12%) for Rs 20,000-25,000 per month category was almost corresponding.
Both 2 BHK and 3BHK units saw a healthy supply of over 40 per cent in Ahmedabad in the current quarter. On the other hand demand was seen for 1 and 2BHK units with 85 per cent preference.
Both Chennai and Hyderabad recorded the highest demand in the Rs 10,000-15,000 per month category.
Cities in the south including Bangalore recorded the highest demand (24% to 37%) and supply(22% to 39%) for residential houses.
CLICK the link below to read the entire Rental report.
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