By Accommodation Times News Services
Its time now for rental housing to drop to floor. There are no takers of high rental housing. The rent for premium housing have gone above Rs.100/- per sq ft per month excluding society charges. Premium housing rentals have fallen drastically since people preferring lesser rentals and have options to go for less costly monthly rentals across the nation.
In Ahmadabad, rentals for housing have touched 2001 level and touched almost Rs.10/- per sq ft fro Rs.65/- per sq ft per month. In Mumbai, premium segment housing rental which were now charged as packaged like Rs.3 Lakh to Rs.10 Lkah per month have come down heavily and now available for less than Rs.1 Lakh. The rates in other premium locations like Bandra West to Juhu and in Kalina, BKC, Bandra Kala Nagar, Vile Parle West and East, Mahalaxmi, Prabhadevi, Pedder Road, Huges Road, Opera House, South Mumbai premium segment, Sion, and King Circle have gone half since 2007 level. there no takers.
Brokers had started increasing rentals since two months rent as commission were earned every time rental deal happen. In this process, the rentals for premium segment housing was increasing. Corporate took posh flats and apartment for their management in South Mumbai now shifting it Goregaon to Borivali for lesser cost of rentals. Banks offering lesser rent to their employees coming from other states.
In Delhi, when new routes of Metro have connected to Faridabad, NCR rental have spread all over NCR. People are preferring lesser rental apartments instead of living in congested small apartments for higher rents.
In Bangalore, 35% of premium segment housing have shifted to budget rentals northwards since city is shifting near airport in the north side. IT companies are saving cost on rentals paid to their top honchos and now have found new way of cost cutting.
In Chennai, new norm for rental accommodation is emerging. Low rentals and spacious accommodation are in fashion. New homes on the outskirt of the city is in fashion.
Pune live in ownership but students cannot afford high rent hence Aundh, Talegaon, Undri and other places are getting shifted accommodation for want of lower rentals. Hinjewadi population going south for want to lower rentals. Options are plenty and rentals have dropped to just 20% from 2007 level. For Rs.10/- to Rs.35/- you get best accomodation on Jungli Maharaj Road, Kalyani Nagar, Boat Club Road.
There are most likely chances of dropping rentals all over the country in next six months.