WHY are Bengaluru RENT PRICES increasing? | India’s most expensive city? | What is the solution?
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- เผยแพร่เมื่อ 6 มิ.ย. 2024
- #finshots #bengaluru
My friend & I have been apartment hunting for a month now. And, it has been pretty rough.
We’d either be ghosted by the broker or the landlord (for extremely silly reasons, that too).
But, what’s more concerning is the rent! I mean, even the rents in not-so-posh areas are comparable to what you’d pay in good areas of many capital cities. So, why are Bengaluru's rent prices skyrocketing? What really happened? And, what can we do about it?
That’s exactly what I’m covering in this video.
So, stay tuned and let me know what you think in the comments.
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00:00 Intro: Rent price hike
01:00 Why are the rents increasing?
03:38 How IT sector affects rents
07:06 Should we move to the outskirts to save rent?
08:58 What can we do about the rent hike?
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I'll tell you the way to decrease the rent
Tell chutiya corporate people to drive car to office (unless they really need to), tell them to drive a 2-wheeler
Lower traffic, less time to reach office, lesser need/demand to rent house closer to office,
TaDa - very much of this problem is solved
IT parks should also be established in cities like Hubli, Mangalore, Belgaum. This can ease off the load on Bangalore,to certain extent.
Udupi
yeh... one shore City please
If IT parks to be distributed should be in another cities/states .. why in Karnataka only?
Mangalore should have been pitched, along with Hubli Dharwad..
Even if IT SEZ is built in our tier 2 cities companies won't come as talent is required along with a whole lot of social infrastructure along with physical infrastructure that is not possible now
I think if not WFH then ZOHO's strategy is best for this situation. Just make a small office in the metro city, build smaller hubs in the suburbs of the city or even in villages where connectivity is comparatively better via roads or railways.
ZoHo has high charges.
Do not destroy the villages too. Take these IT companies elsewhere in india
I live in Banashankari which is near J P Nagar where you live. I moved back to Bangalore in December 2022. The rent I pay for my 2BHK is 18k. Was I lucky to find my apartment just before rents moved up? One thing that I noticed is that there are not a lot of IT people in my area. Most of them are native Kannadigas. I guess the rents are rising in areas with a lot of IT crowd as they're ready to pay any rents and landlords make good use of them. If you try and find localities with fewer IT workers, there will surely be better deals available. But such areas won't be very diverse and you should know the local language here. Integrating won't be so easy here for someone who comes from outside. I see very few people from North India near where I live. Since I speak decent Kannada, I have integrated easily.
Bangalore has not only become very expensive but also unliveable. So much of garbage everywhere, dry weather and dusty environment leading to health hazards, lack of water bodies, and of course the traffic. If one has not yet settled down here then better not to.
It is an insane situation. We moved into bangalore last year from mumbai and had thought that mumbai was worst in India when came to high rentals. I am in Whitefield. Traffic, rentals, all are mind boggling. I don’t see a change coming; unless govt focuses on infrastructure. Old bangalore of 70s exists only in books now.
I was in the exact situation in 2016 . To add, the areas surrounding Whitefield were villages with a small makeup to portray them as cities then in 2016 . There was no proper water supply tankers used to line up in socities. I dont know what is the situation now . The last line is so true . If the government does not act the city will definitely explode.
The old Bangalore is still good
What you are talking about is new Bangalore
Whitefield Marathahalli and IT park and all
If you are lucky enough to find a job in Jayanagar area (which is difficult toh) your life is sorted
@@sph8483 fortunately I am not working anymore. But yes I agree with you. Jayanagar, Basavangudi etc are some good old bangalore still. Every city is changing..
Just curious, did you move for your job and if so, how well does it pay?
Let's just ask our companies to permit work from home. IT work can be done from anywhere, it's proven
Even though it's proven, governments have been passing mandates to bring the employees back to offices. That's the only reason why most companies are passing corporate mandates for WFO, else disciplinary action will be taken. It's actually funny annual increments of some top companies are less than inflation rate😂
Well who do you think is asking the govt to get employees back? The realtor.
@@yogadajoshi3908 Facts💯💯
An employee who goes to office in city which isn't his home, has to look for a place to stay and meet other necessities. WFH hit that segment of system hard, and that's why they're being called off. Imagine a national WFH structure, where 80% of employees in a city (let's say Bangalore) are working from home, residing in their own towns and cities.
Can u also pl cut down ur salaries? And ask for no increment? Every company makes profit but they shuld at end of the day are answerable to the shareholders..
All our high salaries are accommodated saying the rent we pay in metros.
It also largely affects the macroeconomics, wfh tends to make people spend less as the money flow is restricted within a certain area.
In the short run, a well functioning metro like the one in Delhi might enable employees to stay farther away and still commute easily without wasting time stuck in the traffic.
In the long run, working from homes (where practical) might be the only way forward.
And drown you yourself with the beautiful clean air there
Mate I'm from Delhi and calling Delhi a well functioning metro when the inhabitants of the city breathe toxic air for 9 months of the year is a bit strange.
Hyderabad is the best 👌 city of india 🇮🇳 with international standards
@@samiuddinomer8154ohh pls. Every city has its own issues in India. There's no "best". I've been to Hyderabad and I didn't find it as great as you claim to be. It's nice no doubt but not "international standards".
It is SM Krishna is made Bengaluru like Singapore not Mr Devegouda and Mr Moily
I had rent agreement which mentioned 5% hike, still owner asked to increase rent by 10%, we agreed at that time and that was a mistake, but now we are not sure what will be his ask.
Government must bring norm to put rent per sqft in rent agreement.
Maharashtra has done a good job of creating a unified portal for creating rent agreement.
Also the deposit are 2 monthly rents in Mumbai. Here in Bengaluru they are asking 7 to 8 times
The Government in Karnataka would never interfere with rent as most of the properties are owned by Politicians and their business friends so they would keep it high and keep on increasing 🙏... But the thing is middle class people can't do much about it as there is no one to ask these guys... I am already fed-up of this place and want to leave this place for good
Well rents in Mumbai are far higher so advance will be less. Here in Bangalore it depends on the area. Older original areas of Bangalore still have a 10 month advance as the rents aren't as crazy as newer areas near IT hubs and before private jobs became the norm, government employees would get the advance from their offices. If you go towards IT hubs it's 6 months or just a flat rate of 1-2 lacs irrespective of the rent.
I think we needed a section in this video about how/why the prices increased suddenly in the last 2 years. Also, Bangalore is not alone. Similar increases have happened in other places post covid opening, both inside and outside India in the last 2 years.
I would say that there is no easy solution to this problem, this is a classic case of catch-22 situation. The landlords were forced to be without rents for the most of 2020 & 2021 due to the pandemic induced WFH situation forcing IT sector employees to move back to their home towns.
Moratoriums imposed by RBI for loan repayments by home owners did not have the intended benefits, thus forcing landlords to hike the prices, once companies started enforcing WFO in order to re-coup their losses. All this has just led the situation to snowball thus causing rents to explode like this. IMO, Govt's should strategize building infra of neighboring towns / Tier 2 Cities and building them onto the same scale of B'lore.
Also, long term solution would be making sure IT Companies have 2 options - Higher Take home pay means you report to office, lower take home pay, you continue to exercise WFH option, this would help people prioritize what they want to accomplish in their lives.
More people have moved into the area due to more jobs.
I had an agreement for 10% hike each year. While renewal, owner asked for 50% hike. When I raised the issue of 10% a/c to agreement, owner asked to vacate in 3 months notice period.
Rental agreement doesn't work
f
He will say, my relatives are coming to occupy... Please leave
IT doesn’t need most people to be physically present in offices. If renting is unsustainable in central Bangalore then WFH and hybrid work from suburbs will become attractive.
You said there are two ways
Negotiation: Owners have huge edge
Rental agreement: Comes into picture only when you find a home at moderate price.And chances are bleak.
In short, either earn a lot or leave the city.
Good thing that some great companies are still continuing the Work from Home model, which can be beneficial for the employer as well as it is beneficial for the employee.
One of the biggest prob of Bangalore is planning. You can't build a metropolis where people are living in 30×40 individual sites in prime areas of city
Interesting point
Very well explained dude . I second you
I moved out of Bangalore for this very reason. My aunt who is Bangalorean was scandalized - she said she's never seen people come to Bangalore and leave in her entire life 😅
Across India, real estate prices have soared, indicating the possible presence of a housing bubble. This situation is reflected in the stagnant rental yields, as owners leasing their apartments can't secure higher returns due to the fact that per capita income remains relatively low. Therefore, it doesn't support a rise in rental yields.
However, in cities like Bangalore, known for its flourishing tech economy, the circumstances are different. People generally have higher incomes, which justifies higher rental yields that match up to the elevated property costs. Interestingly, in developed countries, rental yield often outpaces the interest rates on home loans, as people tend to relocate frequently.
I would say that there is no easy solution to this problem, this is a classic catch-22 situation. The landlords were forced to be without rents for the most of 2020 & 2021 due to the pandemic induced WFH situation leading IT sector employees to move back to their home towns.
Moratoriums imposed by RBI for loan repayments by home owners did not have the intended benefits, thus compelling landlords to hike the prices, once companies started enforcing WFO in order to re-coup their losses. All this has just led the situation to snowball thus driving rents to explode like this. IMO, both the Center and State Govt's should strategize building infra of neighboring towns / Tier 2 Cities and advancing them onto the same scale of B'lore but also restraining the population explosion.
Also, long term solution would be making sure that IT Companies have 2 CTC options - Higher Take home pay means you report to office, lower take home pay, you continue to exercise WFH option, this would help people prioritize what they want to accomplish in their lives.
I think local Kannada people are suffering the most with this, In 2012 rent prices were unsustainable now you can imagine and other essential services are all all-time high. It is easy to rent in Gulf or other countries European then in an Indian metropolitan like Bangalore, Hyd or Mumbai or even some place in Gurgaon city in terms of PPP
Thank you Mr Karkera!
Situation is really bad, even though one of my friend had the rent agreement which was around 3 moths old, landlord decided to increase the rent by almost 50% just because someone else has rented the flat with similar rate in the same building.
love your content bro
It also largely affects the macroeconomics, wfh tends to make people spend less as the money flow is restricted within a certain area.
Your previous videos had more in-depth analysis and valuable insights. Even as someone from Bangalore, I don’t find this one relevant.
Although it will still get a lot of views because we all want to complain about rent prices
I think with metro getting ready, people will tend to go to farther places to stay where rents are lesser. That is not to say it will be easier to live but slightly more tolerable.
In my opinion, during covid times very less number of flats were sold which led to very less revenues for most builders In order to increase the sale of new flats, builders (who have tie up with land owners) have increased the rent of builder (landlord) owned flats and spread this hype within that apartment complex thereby leading other flat owners to increase rent and benefit from this situation. This has lead to a domino effect! As far as I know, most of the cases flat rents have gone up and not much for independent houses. Next effect of this would be a significant increase in sale of new and unsold flats since more people would rather pay high EMI than high rent.
Very well explained, can you also touch the REITs investment in India ? Will it make sense
Bengaluru has a reached a point where it cant go any wider. Bengaluru needs tall residential buildings, since the number of people will only increase. Sadly, getting an approval for a skyscrapers in Bengaluru is next to impossible due to proximity of so many airfields in the city and very harsh restrictions on heights of the building.
Tall residential buildings will require wide roads or well connected metro, otherwise you’ll forever struck in the traffic.
What about population explotion awareness. At the rate the population is growing people would fill up anything.
There is another issue, owners dont want to rent out their homes to startup/business owners!
Only solution is Work From Home, Working in office is out dated, it doesnt lead to development of country as a whole only specific parts of country develop with work from office
Things need to change and and we need tech clusters in different parts of the country like manufacturing , Kolkata, kerala, Gurgaon should give incentives for companies.
The problem has been well detailed, but I was hoping you will touch upon the issue regards square footage,,,,, where does it come from and who has approved such increased FSI?
There are PGs cropping up with crammed up rooms and exorbitant rentals. Someone is overlooking safety!!
For for the last 10years the gap between rent and EMI widened. A lot of developers want to close this gap.
Your storytelling is great and content too liked it.
You should probably improve on video editing and creation to make video more appealing to audiences
The Government in Karnataka would never interfere with rent as most of the properties are owned by Politicians and their business friends so they would keep it high and keep on increasing 🙏... But the thing is middle class people can't do much about it as there is no one to ask these guys... I am already fed-up of this place and want to leave this place for good
The situation is similar in Gurgaon as well.
I am surprised that how government is not at all addressing this problem. Is there a financial incentive for the government if the rents keep skyrocketing?
Considering the current situation of Blr, shouldn't (state/central) govt be creating avenues for the companies to open up office in other cities instead of Blr? There are good chunk of tier-2 cities which have affordable homes, good infra and have some level of IT industry already. Why don't companies/govt consider these other cities as a long term solution?
1. tier 2 cities should be used for IT industries setup.( llike TN, Karnataka ,Maharashtra should have at least 2 more IT hubs in tier 2 cities);
2. More of Hybrid work and flexi work from office model ( like any 4-5days a month or so) to be adopted by companies.
3.with above two and coming of metro to connect outer parts to central city and building some more flyovers (say currently only one flyover connecting silk board and eCity if one more can directly connect Whitefield and Ecity traffic via Marathalli to can reduce)
So true , the city's infra has collapsed. For people having job with 3.6 - 5 lpa, no relief.
Demand & paying capacity are two prime reasons for high rents and their increase over the years. 2 solutions
- Work from home.
- Companies, primarily startups, can explore setting up their offices outside Banglore.
Too much horrible condition. You forgot to mention 6 months interest free security being demanded by land lords.
The biggest bottleneck in Bangalore is water. When there is NO water, to whom will you rent your home to?
Why don't you make a video on real estate prices in Bengalore or whole India
Rentals are in a way linked to real estate. Land prices and demand drives it. I think the way to deal with it is
No solution for short-term (1-3 yrs)
expand the city & improve infra (4-10 yrs)
and build new hubs across cities like mysuru, hubbali, manguluru as a long term solution(10-15 yrs).
It's always demand and supply. During Covid times, Tenants has vacated and went to their home towns. Owners have lost rental income for 2 years. Now every one started coming back and the there is gap in supply and demand. Average 2BHK rentals in Marathahalli, Whitefield, Varthur, Panathur and Balagere area is in between 45-55K as of today and it can go up as well in this summer.
This all is pretty obvious to the people living in Bengaluru but a good video nevertheless for spreading awareness about the state of Bengaluru. If you're open to constructive criticism, the video was a bit difficult to watch due to very intense dialogue delivery in some parts, weird pauses, Obama-esque stutters in the delivery and intense eyes took the focus away from the actual content and points you are putting across. Some parts were pleasant to listen to, felt like it was a typical conversation between two IT sector employees. Keep up the good work!
The problem is that most of the real state businesses is being run by ministers or their right-left hands and they are not allowing the companies to run WFH for long time. This real state business became a big scam now and people have no other choice. People wants to leave the city and want to settle to their hometown but the big fishes will not like this. During corona real state business faced really bad time so bow they are recovering that.
Very true! the rent in Bangalore is surging without any capping 😢
If the rents gets way too high then it’s better to buy one with EMI.
Same is here in Pune City and IT hubs around it
Boycott metro city
This video could have been cut short to 5-6 mins and still it would have made the same sense
I appreciate the effort though!
The solution is to decentralise the IT industry to more cities in the North from where a majority of the employees flood in. Delhi NCR satellite cities like Gurgaon and Noida are helping a lot but there’s a need for it to be well established beyond, in cities like Lucknow, Jaipur, Chandigarh, Meerut, Bhopal etc as well, since the population is much higher up North. Apart from that even Bangalore should try a well connected metro system and decentralisation into satellite cities like Delhi NCR’s metropolitan area. There’s too much concentration in a compact area, without adequate infrastructure.
Encourage remote work more and build offices in tier 2/3 cities...
It's getting worse with companies asking people to come to office and relocate from all india to there, wfh would solve lot of issues especially for techies
This ever increasing cost of living is really vulnerable here. Forgot about lower middle income group, typical middle class people has to struggle a lot in near future.
It is the same in Gurgaon as well. REAL ABSURD!!!
Watching this video after just paid token and owner of house returned rent in Sarjapur saying he got tenant who is paying 30percent higher rent😂
Everything has plateau. Just have faith that your Beautiful Bangaluru will be ok in sometime.
Every metro is almost same, infact each state has got it one cluster city where people from different parts come, live and work. When more people come in cities get congested and everything seems to be a problem. The main problem we are not addressing is developing multiple cities especially IT sector in multiple cities of one state.
For example Hyderabad in telangana is so developed when state got divided into Andhra pradesh and telangana, people of andhra pradesh left out with no such city.
Vizag
Maharashtra has done it already. Mumbai and Pune are already IT hubs and Nagpur in making. Nagpur has now infact got all IT services companies offices so it is going to get bigger in future.
Rental agreement in Bangalore is a joke. My rental agreement had clearly stated 5% rent increase but the owner increased it by 25% and almost everyone in my office faces the same issue post one year.
True
FALSE
Happening I Australia too. Part of the agenda
Poor town planning, lack of public transport infrastructure, lack of vision
This video length is close to optimal. Previous one have been a little too long
We also need to take into consideration the rampant increase in the repo rate in last 2 years . I believe most of the properties that people have bought around bangalore are bought on loan for tax saving purposes. With increased interest rates. People are using these assets to bargain higher rentals to pay of their increased EMIs and make a living since everything is so bumped up due to inflation.
Companies should consider setting up offices in other metros or tier -2 cities as well. No point overburdening one city. Lopsided development is bound to happen if companies don't consider other options
Amazing video. Finding it increasingly harder to get good places in Bangalore...m
wrong! you have 1000's of flats/houses to rent. you just want beside UB city or in center of MG road, thats why you are not getting. do not generalize your search and say "oh, no houses to rent in bangalore"..
It's a very basic funda of demand and supply. If there are people willing and able to pay higher rents, then automatically the rents are going to go up. If people are not willing to pay those rents, then the rents go down. As simple as that. I don't understand why people are so worked up about rents increasing in Bangalore, when they happily double that rent in Mumbai...
tried to rent a house , really crazy prices :( really bad for middle class people . salary 50k , rent 25 k - 30k is really bad
I wanted to know about south Bangalore harohalli
He is up to the point, 2 BHk cost 1.1 CR for ready to move in or to be launched & peoples are ready to buy even. even with 9% + interest, so everyone should earn more than 3 lakhs to survive with hold/school fees/daily life.
2BHK cost 25k Minimum. 3BHK is 50k, you say no there is a huge lined up to replace you
Not sure where this will end, even this is recession projects are stalled, still peoples are try to invest >> To watch china downfall on Realestate recently in shangai.
To be honest & price hikes are high in realestate , givt needs to step in >> else only realestate woner will grow.
It’s a demand supply game in the capitalist economy. Every other city which booms will have these problems eventually. So running away from the city is not a solution. I m from Mumbai and people whine about the same. But the city has seen revolution in commute options. WFH or office in 10 minutes should be the dictum. Distances should be measured in time. Increasing commute alternatives, using public transportation, supporting local businesses for daily things is the solution.
Two solution either give work from home or scatter the IT hub in hubli ,belgam,gulbarga,manglore
Why does the KA government not take any action on rent prices increasing?
The infra is better in Indore, Ahmedabad,Surat. Fail to understand the dying need of companies to go to Bangalore. Some smart entrepreneurs have set up great startups from these cities as well
It's not always about the infrastructure, it's about the name that the city carries in the minds of investors, talent pool, weather.
Because young talent and foreigners don't want to move to dry states and where non-veg is a struggle. There are no lynching of people over beef in BLR or mobs enforcing shutting down meat shops or non-veg eateries like you see up north. Bengaluru and South India in general, don't have these problems. Bangalore has way more pubs and bars than both those cities. It's not just about infra. People need avenues to relax and enjoy themselves after a stressful week. Bangalore provides quite a lot of that. Visiting foreigners and many who now live in Bangalore can see that difference when compared to cities in Northern states.
Im a local Bangalorean and renta and purchase orices have gone crazy. My own independent house is away from the IT hubs so i wanted to rent a small 2 bhk and tents are insane.
This is not coming down. Rents will jeep increasing. And new apartments are now at orices of 1.5 to 5 and even 10 cr. And apartments will never appreciate in value as much or maybe they will like mumbai.
Cant say how much longer this buble will be there. Post covid even IT jobs are offering a lot if money. The IT boom (for certain niches) is similar to hownit was in the kate 90s.
For people who are not into these specific IT jobs, renting is a big problem.
Heres my suggestion. Take up houses away from IT hubs. Of course for non bangaloreans it shouldnt matter where you live (of course on the flip aide it would probably matter to stay close by to friends from your atate). With hybrid work model you can travel to work once or twice a week. Maybe only maybe once meteo penetrates more areas and is functional that tents might just decrease a bit.
I think that situation is more worse in Gurgaon, Haryana.
It's supply demand as simple as that
What abt Chennai?
Bro make the video listed - more people can watch the video
Don't know if any one in power is watching this, if they can't bring the rents down in the metros then at least allow us to work from home, if not from home then help have centres in tier 2 and tier 3 cities, meet the employees on some even playing field instead of just hiring the people concentrated in the metros that too the very rich un affordable areas, it will help the unemployment problem as well as ease of doing business. :) This is not an issue in Bangalore alone, it's Mumbai and Gurgaon too provide ways or bring a law that allows people from smaller cities to live in the metros , if you can't pay them because rents are high then give the the options as above, Narayan Murthy ,the freakin CEO of Infosys, said oh it's not healthy to wfh , please remind him the traffic and the poor air quality is also not healthy , the high rents are not helping so provide better facilities to this densely populated country or else don't wonder why the skilled educated aspire to leave the country .
hyderabad and gurgaon are less problematic- the landlords seem more judgmental in bangalore going by the recent news. Mumbai is a no no though- terrible infrastructure and sky high rents, depressing place
Hyderabad- horrible weather all round the year. As a place, it is still affordable, but still has a long way to go.
Gurgaon, LOL. Having stayed in Gurgaon for more than a year, I can safely say a big no-no. Horrible horrible extremes of weather, pollution is just hazardous, can't even take a walk peacefully. Will flood even with even a drizzle, and of course, safety. Women are told not to venture after 8, is that a great city for tech? No ways.
@@RITHIKRAI well i live in gurgaon.. if you are in a decent condo, its good in my experience. Having lived in other metros, i wouldnt want to shift. I guess it depends on personal experience. And as a woman, I am often out after 8 pm but you do have to use a car. And driving experience is far better than other cities in terms of time. But nothing beats bangalore weather thats true, I seem to live in AC all through summer in gurgaon.
I left Bengaluru after living there for 8 years , rents are too high and buying a property (2/3bhk) of worth 1-1.25 crores is something I found not worth going for
I am a salaried man and after all my experiences at Bengaluru my observation is Bengaluru is no more for a salaried person now.
# no quality place for people to hang out with family aprt from malls
# infrastructure is not good, roads especially
# law and order has taken a toss, too many theft happening in the city recently. City is not at all safe today
# people moving in city accept the fact that they will be confined to a area primarily due to traffic and polution in city. One doesn't feel free( unless living next to a metro station)
# no good social life compared cities like Pune, Mumbai, Hyderabad.
# most importantly No Water in the city. More than half of population today relies on ground water. And situation will worsen pretty soon, looking at the way people are flocking into the city for better pay.
# cost of living is too high. Most of the apartments buy even water!! Labour service charges are higher.
# education is too expensive. And school fees are higher in places like Whitefield.
# and most importantly the Bengaluru weather is changing drastically over the years. It is not the same place used to 20 years ago.
There is no hope for city.
What surprises me more is six sigma rated MNC are expanding in city even when they are aware about all the problems and how it will impact the productivity of employees.
Are these forcing people to buy flats? Just a way to boost flat sell?
You words are 500% true
well, as a born bangalorean i would say people from other parts of the country comes to settle in bangalore, pay huge rent without putting too much brain as to why exactly they need to pay so much. When someone demands 40k as rent, you better go to and live in the outskirts, pay one fourth of it, and commute utilizing the public transportation. But you guys like to spend more time in the malls instead at home with your spouse and kids, then treat that extra 20k or 30k as the penalty. it is as simple as that.
Very well explained the reality. Myself a real estate consultant deals properties in and around Whitefield areas not able to digest the increment of 25 % rent price every 6 months and its very difficult to bargain and convince the owners. we are just surviving giving best of the services.
House owners have become leeches. Increasing the house rental as they please. Can't we file a legal case against them? Why can't the government be able to set the max amount on the rents in Bangalore?
Situations in Bangalore are worsened by landlords
It is better to opt for a rental house because buying is very difficult
Welcome to Hyderabad !!!
Best 👌 city of india 🇮🇳 with international standards
So what you are saying is people can demand and get higher salaries in Bangalore, but are unwilling to pay higher rents. How does that work? Basically people want to have the cake and eat it too.
I do not agree one can compare 100 square feet of commercial space occupied by an IT employee to them picking up 1000 Sq ft of residential space... that is a very incorrect correlation
People will choose , like earn 50 k and pay 20 k for rent in Bengaluru
Or
Earn 35 k and pay 10 k rent in hyderabad
What about Mumbai????
Still you didn’t cover why the prices have increased drastically recently
I think just after the pandemic and the new wave of people moving from work from home back to Bangalore
Lack of housing supply in Bangalore is the main reason. Demand is more and supply is less.
Banglore apartments have lower standard compared to Ahmedabad. BDA approved 4 storey flats don't keep even 2 feet margin from compound wall. No open to sky space. Pay extra for car parking is there is one. And then pay 30-35K for 2bhk for that dungeon. Corruption by official and greed of property owners to use very last square feet.
What about Hyderabad?