As work from home ended in most IT corporations and now employees are returning to workplaces, it’s clear that the rental market is set to uplift in Hyderabad.
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Most companies, particularly the ones in the IT sector, have asked employees to begin work from the office and to attend the workplace very soon. The techies who have gone to their local, i.e., native locations after the massive breakout of COVID and had been operating remotely from their native places need to go back to Hyderabad now to attend their offices and work as early as they can.
As soon as these employees are again within the city, the rental marketplace will rise. Though the COVID outbreak benefitted many of the employees in the IT sector, this news of the rise in rental expenses will undoubtedly be shocking for them. PG hostels will even become a profitable and commercial enterprise for many.
As employees operating within the IT quarter opt to live near IT/ITES hubs of the Financial District to reduce the time consumed due to travelling to the workplaces, so most of the residential income takes place inside the west and north of Hyderabad, where most of the IT companies usually are. The range is somewhere between 3% to 9% in these areas. The monthly rentals for a 2BHK usually start from Rs 12,000 and may go up to Rs 25,000 in these zones.
The prices in the rental market are also going to increase in areas like Gachibowli, Kondapur, Miyapur, LB Nagar and Adibatla, among which rentals are enormous in Gachibowli followed by Kukatpally and Miyapur. The rents have increased by 15% to 25% in the last three years. In general, property prices have gone up, which increased rents.
The rise in rental expenses would benefit the city’s residence (house) owners by leasing out rooms, portions and houses and helping them earn a few more bucks for their living. The residential demand has multiplied in all top towns in the country, according to the latest Anarock report, which says the top cities have visibly seen residential demand, and the rentals went up after post Covid when compared to the pre-covid era.
Following the reports, the rental prices in major areas like Gachibowli, Kondapur, Miyapur, LB Nagar and Adibatla have seen a hike, ranging from 5% to 8%.
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