As Rents Soar, Bengaluru Brokers Are Now Offering 'Apartment Tour Packages¡¯ To Prospective Tenants

At a time when rents in Bengaluru are again shooting through the roof as work from office resumes for many companies, it seems that even brokers are finding new ways to tackle the severe mismatch in demand and supply.

With some places seeing about a 40% jump in rentals. Some local brokers have started hiring field executives to look for available properties in the city, whereas others are now arranging "house hunt packages" for prospective tenants.

Special tour for apartment hunters

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Given that the process of house hunting in itself involves lots of costs for prospective tenants, the trend of offering 'house tour packages' is cropping up in Bengaluru. Sunil Singh, founder of Realty Corps in Bengaluru, has been running an orientation programme for tenants looking for apartments in Bengaluru, as per a Moneycontrol report.

The package, which starts at Rs 10,000, is available with an array of vehicle choices, from hatchbacks to sedans. The tour includes a pick-up and drop-off at about five to six properties. "The package also includes a recreational tour across the prime locations in the areas, like malls, eateries, or specific client preferences like schools," Singh said.

For expats and corporates, the real estate company also has a pick-up service from the airport to hotels; however, it is at a higher price point. "The demand for available properties has picked up across the city. Several locals have availed themselves of this service during their search for apartments," he added.

However, there is a serious dearth of properties. So much so that the local brokers have started hiring field executives to scout for available inventories in the city. According to a broker, the job of the executive is to travel across designated locations during the day and list inventories by the evening.

Also Read: Understanding The Pros And Cons Of Buying & Renting A House

House hunters spend lots of time and money

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Another instance is of Dr. Akash Sinha, who goes out on a house hunt around 8 a.m. almost every weekend. Sinha, who moved to Bengaluru recently, is currently staying temporarily at his friend's place, as per the report.

"I walk in the neighbourhoods of Koramangala looking for ¡®To let¡¯ boards. However, rentals are soaring in most prime locations in Bengaluru, and it's almost difficult to find one today. In most nice neighbourhoods of Koramangala, the lowest rental I got was Rs 20,000 for a 1 BHK that was previously Rs 10,000-14,000," he said.

A typical house-hunting venture for Sinha takes about four to five hours and burns a lot of cash as he has to travel in autos or cabs to hop from one place to another.

However, Keerthi Gowda, a techie in Bengaluru, prefers to go around with brokers looking at prospective apartments. "Each ride is chargeable for about Rs 1,000-2,000 depending on the brokers. They show us around five to six listings for the above fees," she added.

Also Read; Why Most Rent Agreements In India Are Only For 11 Months

Demand surging as work from office resumes

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With several companies resuming work-from-office, a huge inflow of employees in the city coupled with unavailable properties has left the real estate market in a frenzy. A 2 BHK in a standalone building, earlier priced at a monthly rental of Rs 25,000, is now going for Rs 35,000¨C38,000 in Whitefield. For apartments in gated societies, local brokers say inventories are not available for less than Rs 50,000.

The going rate for 3 BHKs has crossed Rs 80,000 in prime areas such as Sarjapura in the southwest, Indiranagar, and the start-up hub of HSR Layout.

"Several tenants are being forced to move towards the suburbs like Begur or closer to places along Hosur Road where the rentals are still affordable," Singh said. Today, a 2 BHK in Begur is available at a reasonable rate of Rs 15,000¨C20,000. However, brokers say it¡¯s not long before they surge too.

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