by THO
Highly paid techies in Bengaluru have given landlords an opportunity to ask for ‘insane amounts’ as rent. This is one of the primary reasons why rents in the city ‘keep going up,’ a Reddit user claimed in a recent post. Real estate brokers, however, say that one reason for rising rentals in the IT corridors is the lack of affordable housing options close to the workplace.
Most techies prefer to stay close to their workplace. They often look for gated societies with amenities. There are limited rental options that are available in the market, and that is what is pushing up monthly rents, local brokers told HT.com
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Redditt users discuss rental woes
The Redditt user claimed that landlords often charge high rent to techies, who usually earn around “ ₹1.5L to ₹2.5L per month.” According to the person, the problem arises when the techies pay “insane rent like 50K, 60K, or even 70K a month” because they can afford it and don’t want to try to find something cheaper.
“The result of all this is that rent prices keep going up. So, when regular engineers, or anyone with a more ‘normal’ salary, try to find a place to live, they’re left dealing with ridiculous rent prices too,” the Reddit user wrote.
In the social media discussion on Bengaluru’s rental housing market, a Reddit post revealed that a landlord charged ₹95,000 per month close to the eastern IT corridor of Whitefield.
The Reddit user writes, “I am looking for a 3BHK flat in the Whitefield area in a large newly constructed gated community with all the amenities. The rent quoted by the landlord is asking for such high rent for a 2000 sq ft flat.”
The user also said he is renting a 1700-sq-ft 2BHK in Indiranagar for ₹50,000 per month. “I’m confused about whether this is the rate I should pay to stay in Whitefield. Unfortunately, I have to shift to Whitefield for my kid’s school,” he wrote.
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Reddit users suggest it is better to buy a house rather than pay high rents in Bengaluru
Many social media users supported the idea of buying a house rather than renting one in Bengaluru.
“It is a nightmare to stay in an independent home in Whitefield. Limited public open spaces and horrible traffic congestion. That makes everyone aim for the esteemed gated community,” a user responded.
“If people are ready to pay ₹1 lakh monthly as rent, why not buy a house and pay in instalments? Such high rents are always a waste of money. Despite earning good money, I never choose to pay rent more than ₹30,000,” another user remarked, suggesting that people buy a house instead of renting one.
Why do apartments located close to IT corridors command high rentals?
A 2BHK in the IT corridors of Whitefield in the east and Hebbal in the north can put you back by more than ₹60,000. Rent for a 3BHK starts from at least ₹70,000 to ₹80,000.
“People prefer to stay close to their workplace, especially techies. They often look for gated societies with amenities. Also, Whitefield has seen major appreciation in the last two years, over 30% due to companies constantly moving into the area,” said Sunil Singh, director of Realty Corps.
Additionally, brokers say a shortage of housing inventory in the IT corridors has added to the woes of tenants.
Are affordable rental options available in tech corridors?
Local brokers point out that a few affordable options are available on the outskirts of Whitefield, like Bagalur. The area has 2BHK units available on rent for ₹27,000 per month. However, these properties are far from the prime Whitefield area.
In most areas, several 1BHK apartments can be rented for ₹15,000 and ₹20,000 monthly. There are also options available in the range of ₹12000 per month.
Several areas, like BTM Layout and the outskirts of Whitefield and Sarjapura Road, have 1 BHK units available for ₹20,000 per month. In places like Begur and Haralur, 1 BHK units can be rented for ₹15,000, say brokers.
Krishnarajapuram, one of Bengaluru’s prominent eastern suburbs, offers 2 BHK options for less than ₹30,000. The recently launched Krishnarajapura (KR Pura)-Whitefield metro line provides a respite from traffic bottlenecks in the city’s eastern IT corridor.
Local brokers say that several apartments in areas such as Phase 6 or Puttenahalli are available for under ₹30,000 monthly on the outskirts of JP Nagar in the south.
