Its been 3 weeks now and we have been actively house hunting. The rental market is way beyond what we had expected and is a shock. For a decent 3 bedroom with amenities you have to shell out close to Rs 35,000 ($900). The duplexes are in range of 50 to 70k and the independent villas in a gated community range 70k+. The general pattern we found was apartments in Banjara and Jubilee hills are better quality and spacious but lack amenities of any kind. The new developments in Hi-Tec, Whitefields (we called it matchboxes) Kondapur, Madhapur etc have smaller apartments as they cater to newly weds or smaller families. Banajara and Jubilee hills has that homely feeling and is central. The new developments are a bit remote and are a complete concrete jungle. We have been stuck between not wanting to commute but still want a big place with amenities. Leaning towards compromising on the space to save commuting time and serve the kids needs for the time being.
Also as soon as you go a bit remote like Nizampet road, Miyapur etc the rents drop dramatically which is equally proportionate to the quality of construction and people around.
The market here is not controlled and there is no concept of MLS like in the US. Two houses next to each other could be sold/rented for a totally different amount. We enquired about buying some properties and it was pretty sad that we cannot afford what we like. The 5 bedroom villas go for 4 crores (1 million USD) and 3 bedroom apartments close to 1.5 cr ($300K). All these amounts seemed to be pulled directly out of thin air but I guess it is what it is.
In short it looks like I will end up paying top dollars for renting a decent apartment.
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2 comments:
Hi,
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Thanks,
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