Luxury rentals up by 8-18 per cent in top seven cities

Average monthly rent in upscale residential colonies in seven major cities has increased 8-18 percent over the past two years, while capital value has increased 2-9 percent. According to reports, the demand for luxury housing in luxury colonies has increased in seven cities: Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.

Rents in the most prominent luxury housing markets have risen double digits over the past two years. Before COVID, the 2-year average rent increases were in the low single digits, ranging from 5-7 percent. After the second wave of the pandemic, tenant preference shifted to larger homes.

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