BWI: Sulekha.com releases Market Report on Housing Price Inflation in Bangalore

Press release from Business Wire India
Source: Sulekha.com
Wednesday, June 01, 2011 02:30 PM IST (09:00 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Business services, Construction, Information technology, Real estate, Telecommunications; Technology
--------------------------------------------------
Sulekha.com releases Market Report on Housing Price Inflation in Bangalore


Bangalore, Karnataka, India, Wednesday, June 01, 2011 -- (Business Wire India) -- Sulekha.com, one of India's leading players in Local and Social Commerce, Online and on Mobile, today announced the results of a study undertaken on the increasing rental prices across Bangalore. This study, an analysis of over 145,000 rental advertisements posted on Sulekha.com for apartments and houses in the city, indicates a sharp increase of about 14% in the house rents across Bangalore in the 2BHK and 3BHK segments.

The study covers advertisements (ads) posted by both individuals and brokers. It is a year-on-year analysis that compares 82,200 property ads for rent in JFM (January, February, March) 2011 with 64,100 ads in JFM 2010.

Key findings:

-- Rental prices for 2BHK (Bedroom, Hall and Kitchen) and 3BHK apartments/houses have increased by a significant 13% and 15% respectively in the last one year.
-- Rent for 1BHK apartments/houses has risen by a smaller number of 7%.
-- 3BHK apartments now cost an average of Rs 25,000 in 3 areas: Indira Nagar, Ulsoor and Malleshwaram.
-- More than 10 areas in the city cost an average of Rs 20,000 or more for 3BHK apartments: HSR Layout, Koramangala, BTM-MICO Layout, Sarjapur Road, JP Nagar 2nd and 7th Phase, Old Madras Road and Frazer Town.
-- 1BHK apartments have seen a sharp increase of 15% to 25% in last one year in several parts including Ulsoor, CV Raman Nagar, Jayanagar, Rajaji Nagar, HSR Layout, Bannerghata Road and Ramamurthy Nagar.

Interesting to note:


-- 1BHK apartments have become cheaper in areas like Domlur, Banaswadi, JP Nagar 7th Phase and Basavanagudi.
-- 2BHK apartments are available in some locations for sub Rs 10,000: Electronic City, Banshankari 3rd Stage, Rajaji Nagar.
-- 3BHK apartments are available in the outskirts for sub Rs 15,000: Vijay Nagar, Ejipura, Bommanahalli.

Average rent in Bangalore across all areas as of March 2011 is as follows:

-- 1BHK average rent - Rs 4,907 (increase of 7% over the year)
-- 2BHK average rent - Rs 10,190 (increase of 13% over the year)
-- 3BHK average rent - Rs 17,300 (increase of 15% over the year)

Commenting on the analysis, Satya Prabhakar, CEO of Sulekha.com says, "While there is widespread research on consumer product price inflation, very little data is available on housing price inflation. Hence Sulekha.com was motivated to undertake this study. The analysis indicates that individuals can save about 10% to 15% by interacting directly with landlords who list their apartments and houses, and also save the 1 month brokerage cost."

In the next few weeks, Sulekha.com will release similar city-specific reports on the housing price inflation in Delhi, Mumbai, Chennai and Hyderabad.

Annexure: The complete report on Bangalore Property Rentals

About Sulekha.com:

Sulekha.com is a global, interactive, mobile and internet platform for connecting Indians worldwide and serves them through a portfolio of industry-leading services. The company is headquartered in Chennai in India and Austin in North America. Sulekha.com has offices in Mumbai, Delhi, Hyderabad, Bangalore and New York. Please visit www.sulekha.com.


CONTACT DETAILS
Vijay Anand K, Sulekha.com, vijay@sulekha.net
Nikhila Kesavan, Brandmap Communications, +91 9840124036, nikhila@brandmap.in
Sonali Nahar, Brandmap Communications, +91 9884170706, sonali@brandmap.in

KEYWORDS
CONSUMER, MARKETING, BUSINESS SERVICES, CONSTRUCTION, IT, REAL ESTATE, TELECOMMUNICATIONS, TECHNOLOGY

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com