Dibyangana Paul has been hunting for a one-room, one-kitchen flat in Bengaluru for about a month now, but in vain.
She has no idea that rents for 1-bedroom apartments in her neighbourhood have reached $24,000 per month with a $25,000 security deposit.
Local broker Realty Corps director Sunil Singh stated, “This week, we started brokering a listing of a 1,700 sq ft carpet area posh flat in Indiranagar for Rs 2 lakh per month.”
Paul, a paying guest (PG) who pays a fee of Rs 7000 for one room, said: “The 1RK apartments come at Rs 13,000-15,000 while 2BHKs (two bedroom-hall-kitchens) are coming at more than Rs 30,000.”
The monthly asking rent for a 1BHK flat in the Nikoo Homes project in eastern Bengaluru has surpassed Rs 1.2 lakh. A 2,000 sq ft 1BHK costs roughly Rs 3 lakh in the north, close to Embassy One.With an average rent of Rs 90,000–2 lakh, certain areas of Bengaluru are now almost as expensive as the most prestigious areas of Mumbai, including Worli, Bandra, Juhu, and Versova. According to Mumbai real estate agent Ravi Kewalramani of RK Realtors, Malabar Hill demands the highest price of Rs 3.5 lakh.
However, Bengaluru’s real estate is still in its infancy compared to an established real estate market like Mumbai, one of the most costly property markets in India.
