Over the years, the rental market in the larger cities of the country has become more organized with online platforms making it easier to find suitable properties, sign agreements, and access property management services.
Employment hubs hold the key
Cities such as Mumbai, Delhi-NCR and Bengaluru are known for their dynamic job markets, where professionals often change jobs and locations in pursuit of career growth. In such cases, renting offers the advantage of moving closer to workplaces without the long-term commitment associated with homeownership. These cities also host a significant expatriate population due to the presence of multinational corporations. Expats often prefer renting for its convenience and flexibility during their stay in India. Besides, these cities are also home to prestigious educational institutions and the influx of students from across the country and abroad drives demand for rental properties near campuses.
Top localities in Mumbai
Specific neighbourhoods have gained increased interest from potential tenants, with Andheri East and Andheri West standing out as the most frequently searched areas online during the second quarter of 2023.
Both Andheri East and Andheri West are strategically located near major employment hubs. Andheri East is home to Andheri MIDC and the export processing zone of SEEPZ, housing numerous IT and manufacturing companies. Andheri West, on the other hand, is close to thriving commercial areas around Link Road. This proximity to employment centres makes these areas a prime choice for working professionals. They also enjoy excellent connectivity as the region is well-connected to the international and domestic airports, the Western Express Highway, the Western Railway line, and the Mumbai Metro. The region is known for its vibrant lifestyle and entertainment options as well.
Top localities in Delhi-NCR
In the Delhi-NCR region, the neighbourhoods of Noida Extension and Saket surfaced as the most frequently sought-after localities for online searches related to rental housing, during Q2 2023.
Noida Extension and Saket have become favoured rental housing options in Delhi-NCR due to their affordability, proximity to employment hubs, modern infrastructure, educational institutions, recreational amenities, and transportation connectivity. A wide range of rental housing options are available in these locations, catering to different lifestyles and preferences. While Noida Extension enjoys close proximity to the Noida and Greater Noida employment hubs, Saket provides easy accessibility to the commercial complexes in Nehru Place, Jasola and Okhla Industrial Area, which are home to numerous IT companies, corporate offices, and industrial sectors.
Top localities in Bengaluru
An analysis of online searches for rental properties in Bengaluru has indicated that HSR Layout and Whitefield received the highest number of searches for rented accommodation.
Both HSR Layout and Whitefield are located in the vicinity of major IT parks and tech hubs in Bengaluru, such as Electronic City, International Tech Park Bangalore, and the Outer Ring Road tech corridor. This strategic location has made these areas a top choice for professionals in the IT/ITeS sector, reducing commute times and enhancing work-life balance. Moreover, the diverse and cosmopolitan nature of these localities make them favourable to people from various backgrounds and regions.
Thus, summing up, the localities mentioned here have gained preference towards rental accommodation owing to their proximity to employment hubs and educational institutions, varied housing options, social infrastructure, connectivity, and future growth prospects.
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