According to Magicbricks’ rental index study, property rents increased 22.4 percent year-over-year (YoY) and 4.6 percent quarter-over-quarter (QoQ) in key Indian cities from July to September 2023, with Thane, Gurugram, and Greater Noida seeing the biggest increases.
The survey also showed that 67% of the rental demand in these locations was made up of millennials, or those between the ages of 18 and 34.
Thane (57.3 percent YoY), Gurugram (41.4 percent YoY), Greater Noida (28.7 percent YoY), Noida (25.2 percent YoY), and Hyderabad (24.2 percent YoY) saw the most increases in rent over the previous year, according to the rental index data for the July–September 2023 quarter. Rental growth in Bengaluru was 23.7 percent year over year, compared to 22.1 percent in Mumbai. In Delhi, rentals increased 7.3% YoY, according to the data.
Magicbricks CEO Sudhir Pai stated: “A convergence of factors—economic growth, urbanization, and companies’ return to the office—reflects the surge in rents.” Rents have increased as a result of strong demand and constrained supply, underscoring the changing nature of the real estate market.
