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Rental price growth drops 50% in top cities
The Morning Standard
|June 19, 2024
A sharp surge in the supply of new housing units has resulted in a nearly 50% drop in rental price growth in India's top cities during the second quarter of calendar year 2024.
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Property consultant Anarock's data shows average residential rental prices across key markets in top 7 cities saw a 2-4% quarterly rise in Q2, 2024 to date over the preceding quarter. Q1, 2024 saw rents in these markets rise by between 4-9% quarterly against Q4, 2023.
The fall in rent comes as the top 7 cities are set to deliver 5.31 lakh new units in 2024, 22% annual supply rise this year if delivery schedules remain on track. In 2023, these cities saw 4.35 lakh units hit markets.
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