How is the Rental Market Performing in Bangalore?

The white collared residents of Bangalore have longed for better living arrangements. After demonetisation, everyone’s learning curve has witnessed sharp bends dealing with steep prices of rentals and high prices of affordable homes. The city has developed distinct realty markets- primary and secondary homes that remained unscathed. However, the luxury home market has definitely been brushed by a lean period of activity.

The demand and supply ebbed in the last 5 months. There can be no further correction of prices for consumers. If you still have your white-collar job in this city, then try to take steps forward. Instead of waiting for some more time in the rented home, take the leap of faith to move into a bigger space in areas where 3BHK apartments for sale in South Bangalore are being built. The decline in the market will not remain for long. Perhaps, you will wish to know the current status of the rental market before making a move to an ownership home. Read on to know more about luxurious rental apartments that offer peace of mind.

Swanky homes for executives

Many executives with ‘swanky salaries’ need rental homes to match. Not everyone from the management cadre owns homes in Bangalore. But they do need a better rental accommodation to keep up with their status. With transferable jobs in elite cities, they look for luxury homes with amenities and services that match any ownership quarters.

Bangalore offers some well-designed 3BHK apartments in Banashankari for such people with elevated tastes. Many IT companies can easily invest in such homes in a serene environment for their management cadre. Such homes are semi-furnished, and occupants may add their own signature to it. Rentals of such homes are in the scale of INR 2,50,000 per month.

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The companies are paying for such homes via EMIs still are considered good rentals in the city. The companies which hire homes for their executives can find good spaces in building complexes. If buying decisions are being delayed, it is because of the cash component that is now not available easily. After demonetisation in Bangalore 200 properties are registered whereas, before November 8th, 2016, about 1800 properties of all segments were registered. The brokerage business has suffered by this massive move. The consumers are lesser impacted, as white-collared buyers will be able to provide checks via bank transfers. Now they need not look for cash transactions which in any case were not transparent for this nature of business. RERA, the regulatory authority also plans to streamline the way realty market functions in the future.

Is rental category an easier choice?

The southern skyline of Bangalore is trending, as the city’s socioeconomic and multicultural canvas expands. The global signature of the city has zoomed up its merit as a valued investment destination for many buyers. Banashankari is being developed as a one-stop choice for the elite buyers. A common reason is that professionals who are in the city for a limited time are picking up apartments for rent. Work commitments bring them here, and they are ready to pay good rents for an elevated lifestyle in decent localities. Apartments in Banashankari 2nd stage may be high on EMI but getting the same on rent is a wiser choice. Property portals are flooded with such luxury rentals for a high-income group of families.

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Pick your rental home

New professionals keep coming to the city and need proper accommodation. To get the best of the available homes look for the following:

  1. Physical inspection of the property before signing agreements.
  2. Maintenance charges that need to be paid.
  3. Facilities and amenities in society including residents’ norms.
  4. Lock-in period and rent increase percentage every year according to contract.
  5. Flat documents, which includes the ownership details.

Renting a good place comes with liberty to taste the flavor of various parts of the city before settling for one.

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