Business

Rental properties witnessing excessive demand in main metros, says report

Rental properties are seeing excessive demand in main metros and lots of of them are getting rented out inside six hours of posting ads on-line, in line with a realty portal.

The pattern additionally comes amid many corporations embracing each work at home in addition to workplace put up the coronavirus pandemic, it mentioned in a report.

Nobroker gives rental properties in Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai and Pune. It claims to have over 1.8 crore registered customers.

The portal, which doesn’t cost brokerage, will get over 2.5 lakh rental postings each month, its Co-Founder and Chief Govt Officer Amit Agarwal advised PTI.

Information out there with the portal for the April-June interval confirmed that properties are getting rented out inside six hours of being listed on the Nobroker platform since April, led by Bengaluru, the place the rental occupancy has grown 5 instances from the pre-pandemic stage.

Within the different 5 cities, the occupancy development fee is 3 times since April, as per the info.

In terms of Bengaluru, the platform has seen 18,000 new rental properties being rented out within the tech metropolis in lower than 24 hours after being listed in April. The variety of such offers was 7,000-8,000 for Chennai, 5,000 every for Pune and Hyderabad.

Round 40 per cent of the offers have been closed in lower than 6 hours after posting of the rental ads, Agarwal mentioned.

As many corporations nonetheless have a work at home coverage in choose residential markets in Bengaluru, there was an enormous demand for flats in gated communities, the report mentioned.

Agarwal mentioned high-demand societies are witnessing a 10-15 per cent uptick in rental worth as nicely. Opening of faculties and places of work have had a twin impact when it comes to tempo at which tenants have returned to the metros.

Nobroker, a unicorn, has acquired investments from marquee buyers similar to Basic Atlantic, Tiger World, Elevation Capital, Moore Capital, Beenext and KTB Ventures.

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