Plotted developments, which are typically away from city centres, are seeing a robust uptick, with top builders launching projects
Priyanjana De is finally moving into a two-bedroom apartment in Varthur, a suburb of Bengaluru, from her paying guest accommodation after three years.
The 28-year-old data analyst has decided to take up an offer by her employer, a multinational IT firm, to work indefinitely from home. But she wants a bigger space. Happily, rents have declined sharply.
“I am going to pay ₹15,000 for an apartment that charged ₹20,000 earlier this year. Varthur is quite far from the office, but then I don’t need to go to work anymore,” said De.
She’ll be moving out of her accommodation at AECS Layout, a neighbourhood that’s popular among techies working in the city’s IT corridors.
People are moving out of the city in droves. De’s PG, or paying guest, facility had 75 women until March—there are only 12 left.
As remote working becomes the new normal, particularly in tech firms, thousands of Bengaluru residents are looking to rent or buy larger places—even if far from their offices—while many have returned to their hometowns. Elsewhere, Mumbai and Pune, too, have seen rental vacancies shoot up along with a sharp fall in rents.
Source: livemint
