Oversupply chokes rental growth in Bengaluru
Residential rentals across the major IT hotspots of Bengaluru — Whitefield, Sarjapur Road, Electronic City and Bannerghatta Road — have remained stagnant and dipped in some places in the past one year due to abundance of apartments in the city, as per data obtained from two sources.
The data suggests the real estate market in Bengaluru — end-user centric and often called the most resilient in the country — is still some time away from regaining its health.
Rentals in the IT areas, apart from Kanakapura Road and JP Nagar, have on average gone down by 2-3% in the second quarter of the year, compared to the same period a year earlier. In several places, it has remained flat. Only a few cases have seen an uptick.