Get Ready for Steep Increase in Rental Apartments and Flats

Published on: 16 Apr, 2013
Published under: Kerala Real Estate Updates

15 April 2013
Kochi

There will be likely a steep increase the rents in the city flats and apartments as it have seen a huge increase in areas such as Marine Drive, Panampilly Nagar, Thevara and Edapally, according to real estate agents in the city up to over 10% on an average – rising to over 25% in many tony areas – across the city this year.

While you have to shell out Rs 25,000 a month for a twobedroom unfurnished flat in Marine Drive currently, for a furnished flat it is Rs 30,000 in the area. The same was Rs 20,000 and Rs 25,000, respectively, a year back. The rent for a two-bedroom flat in Panampilly Nagar as well as in Thevara has gone up from Rs12,000-13,000 to Rs 15,000.

IT hub, Thrikkakara also have registered a nearly 10% increase this year. From the, earlier, Rs 6,000-8,000 for a two-bedroom flat, tenants in the growing suburb now have to pay Rs 9,000-10,000 as monthly rental. According to real estate agents, rents of flats and houses skyrocketed by over 40% in Edapally area with the opening of a shopping mall at Edapally Junction. The rentals have gone up from Rs 15,000 to Rs 20,000 for a two-bedroom flat.

“Most people shift to new rented houses in April and May because of office transfers and school holidays. But this year they would have to shell out about Rs1,000-2,000 more monthly as rent across the city,” said Manoj Mahadevan, a city-based real estate agent.

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