ANAROCK data indicates that approx. 5,31,470 units are expected to be completed in 2024 across the top 7 cities, provided there are no delivery delays.
MUMBAI, June 18 (The CONNECT) -With an incteased supply hitting the top 7 cities’ markets, over-heated housing rents are stabilizing, the latest ANAROCK data shows.
Average residential rental prices across key markets in these 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 top 7 cities are set to deliver approx. 5.31 lakh new units in 2024 while in 2023, these cities saw approx. 4.35 lakh units hit their markets. This denotes a 22% annual supply increase this year if delivery schedules remain on track.
Average rents for a standard 1,000 sq.ft. 2 BHK in Bengaluru’s Whitefield rose by 4% – from INR 32,500/month in Q1 2024 to INR 35,000/month in Q2 2024 to date. In Q1 2024, the quarterly jump against Q4 2023 was double at 8%.
A Quick Look
- Avg. rents in Noida’s Sector 150 rose by a mere 4% – from approx. INR 24,000/month in Q1 2024 to approx. INR 25,000/month in the current quarter. The quarterly hike stood at 9% in Q1 2024 against Q4 2023. Sohna Road and Dwarka saw their respective quarterly rents increase by 3% and 2% in Q2 2024; in Q1 2024, the hikes stood at 4% and 6% respectively.
- MMR’s key markets Chembur and Mulund saw avg. rents rise by just 2% against the preceding quarter (Q1 2024); in Q1 2024, they rose by over 4% against Q4 2023.
- Hyderabad’s HITECH City and Gachibowli saw avg. rents rise by 3% each in Q2 2024 to date over the preceding quarter. In Q1 2024, the quarterly avg. rent hike in both these markets was 5%.
|
Cities |
Micro Markets |
2023-end |
Q1 2024 |
Q2 2024 |
|
Bengaluru |
Sarjapur Rd |
31,600 |
34,000 |
35,000 |
|
Whitefield |
30,200 |
32,500 |
33,700 |
|
|
Hyderabad |
HITECH City |
31,000 |
32,500 |
33,500 |
|
Gachibowli |
30,500 |
32,000 |
33,000 |
|
|
Pune |
Hinjewadi |
25,600 |
26,500 |
27,000 |
|
Wagholi |
20,600 |
22,000 |
22,700 |
|
|
NCR |
Sohna Road |
32,700 |
34,000 |
35,000 |
|
Sector-150 (Noida) |
22,000 |
24,000 |
25,000 |
|
|
Dwarka |
25,800 |
27,400 |
28,000 |
|
|
MMR |
Chembur |
60,000 |
62,500 |
63,500 |
|
Mulund |
46,500 |
48,500 |
49,700 |
|
|
Kolkata |
EM Bypass |
25,600 |
27,000 |
27,800 |
|
Rajarhat |
18,500 |
19,000 |
19,500 |
|
|
Chennai |
Perambur |
20,200 |
21,000 |
21,600 |
|
Pallavaram |
19,500 |
20,300 |
20,800 |
Source: ANAROCK Research
City-wise Completions in 2024
“ANAROCK data indicates that approx. 5,31,470 units are expected to be completed in 2024 across the top 7 cities, provided there are no delivery delays,” says Santhosh Kumar. “In 2023, approx. 4,35,045 units were completed in these cities.”
|
Completed / To be Completed Units |
||
|
Cities |
Year 2023 |
Year 2024 (EST) |
|
Bangalore |
52,565 |
51,685 |
|
Chennai |
14,125 |
17,580 |
|
Hyderabad |
20,500 |
34,770 |
|
Kolkata |
25,075 |
25,220 |
|
MMR |
1,43,500 |
1,60,900 |
|
NCR |
1,14,280 |
1,44,315 |
|
Pune |
65,000 |
97,000 |
|
Total |
4,35,045 |
5,31,470 |
Source: ANAROCK Research
Among the top 7 cities, MMR is slated to see the highest completions at approx. 1,60,900 units in 2024. In 2023, the region saw approx. 1,43,500 units completed.
- NCR is expected to see approx. 1,44,315 units delivered in 2024, against approx. 1,14,280 units in 2023.
- Pune is expected to see approx. 97,000 units completed in 2024. In 2023, approx. 65,000 units were completed here.
- Bengaluru, the key rental hub with the highest rental value hikes, will see approx. 51,685 units delivered in 2024, against approx. 52,565 units in 2023.
- Hyderabad is slated to see approx. 34,770 units completed 2024-end; in 2023, approx. 20,500 units were completed.
- Kolkata is expected to see approx. 25,220 units delivered in 2024. In 2023, approx. 25,075 units were completed here.
- Chennai will see the delivery of approx. 17,580 units in 2024, against 14,125 units in 2023.
