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

Average monthly rentals in posh residential colonies across seven major cities increased by 8-18 per cent in the last two years, while capital value increased by 2-9 per cent. According to reports, demand for luxury residential properties in upscale colonies has increased in seven cities: Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, and Pune. Rentals in the most prominent luxury housing markets have increased by double digits in the last two years. Prior to COVID, average 2-year luxury rental increases were in the low single digits, ranging from 5-7 per cent. Following the second wave of the pandemic, tenant preferences shifted toward larger homes.