India has several major cities that have experienced exponential economic growth and are home to various multinational companies, manufacturing industries, banking and finance sectors, IT, ITES and BPO companies, automobile industries, etc. This has created a multitude of job opportunities, leading to the growth of population, infrastructure and facilities, public transportation, shopping malls, and entertainment facilities.
Over 27% of India’s population lives in cities and urban population has burgeoned considerably because of migration to the major cities. This has caused property and rental prices to shoot up rapidly in such cities. A majority of the migrant population, especially those with transferable jobs prefer to rent property rather than buy. The top 7 most expensive locations to rent a house in India are:
Mumbai is the most populated city in India and has the highest rent prices in the country. Surrounded by the sea, Mumbai has limited land area and has therefore grown vertically. A 1-BHK apartment or house for rent in the city centre can cost over Rs.37000 per month, and a 3 bedroom apartment for rent in outskirts of Mumbai can cost over Rs.45000.
The most expensive localities to rent in Mumbai city are Malabar Hill, Altamont Road, Walkeshwar, Cuffe Parade, Khar West, Bandra West, and Pali Hill. However, it is possible to find PG accommodations or shared accommodations for a bargain price.
Delhi is the second most populated city in India. Its economy is fuelled by industries such as IT, ITES and BPO, retail, tourism, banking and many more. The rentals in Delhi are considerably less than Mumbai but are more expensive than other Indian cities such as Chennai and Kolkata. A 1 RK on rent in Delhi can cost over Rs. 15000 while a 2-BHK apartment for rent in the outskirts can cost more than Rs.22000. The most expensive localities are Vasant Kunj, Greater Kailash-I, Defence Colony, Chanakyapuri, Panchsheel Park, Sunder Nagar, New Friends Colony, and Shanti Niketan. Looking for shared accommodations is a good idea if you are looking for a home on a budget.
Bangalore is the Silicon Valley of India and third most populated in India. It is the IT hub and is home to major IT companies such as Wipro, Infosys, and TCS. Rents in Bangalore can be expensive, especially in areas like Jayanagar, Koramangala, and Indiranagar. However, it is possible to find single room PG in Bangalore or a house for rent in posh localities at bargain prices online.
Chennai is the fourth most populated city in India and is the biggest centre for economic, cultural and economic growth in the South. Chennai rents are lower than Delhi, Mumbai, and Bangalore; however certain localities can be expensive, such as East Coast Road, Chromepet, Pallikaranai, Medavakkam etc.
Hyderabad, Pune, and Kolkata:
Hyderabad is the capital of Telangana state and is the sixth most populated city in India. It is a hub for IT, Pharmaceutical and Biotech companies. Rents in Hyderabad can get quite expensive in areas like Banjara Hills, Madhapur, Nizampet, Kondapur etc. Pune is the 7th most populated Indian city and areas like Senapati Bapat Road, Boat Club Road, Model Colony, and Sopan Baug are expensive localities to rent houses. Rent can cost over Rs.50000 a month for a 3-BHK apartment in the city. Kolkata, nicknamed ‘City of Joy’, is the largest cultural and commercial center in the East. It is an important commercial port and houses the Calcutta Stock Exchange. Rents in areas like Salt Lake, Jodhpur Park, Jadhavpur, Ballygunge etc, can be expensive.
Despite these cities being the most expensive places to rent, it is possible to explore options online and find houses or family apartments on rent at affordable prices. We can even find houses for rent without brokerage and pet-friendly houses on rent at bargain prices online.