Hyderabad: Despite the city’s real estate sector taking a hit in recent times, house rents have seen a steep increase that is almost up to 30 per cent in the last one year. Even as the tenants are feeling the pinch, property owners are laughing all the way to the bank. This is more so in upmarket areas and localities close to the city’s IT corridor.
With property prices rising phenomenally in the last one decade, owning a house in Hyderabad has become a distant dream for many families. In fact, even rental houses are going out of the reach of many families. As a remedial measure, many of them are shifting to surrounding areas where rents are relatively low. In fact, unable to bear the extra expenditure, some families are even moving back to tier 2 and 3 cities in search of affordable rental accommodation, while some are shifting to their native places. This apart, property owners’ preference for techies as tenants is irking people working in other sectors.
“We have been living in a 2BHK house for years and have been witnessing a reasonable hike annually. However, this year, the houseowner suddenly decided to hike the rent by Rs 4,000 from Rs 14,000. With the owner hell-bent on increasing the rent, my family has decided to return to my hometown Guntur. Hyderabad has become a city where only those working in IT can afford the exorbitant rents,” lamented P Ramana Murthy, a physical education teacher at a well-known private school, as he loads his belongings in a truck at Friends Colony near Puppalaguda.
In areas like Puppalaguda, Kukatpally and its surrounding localities, Tolichowki and many other places across Hyderabad, the monthly rentals for 2BHK flats is around Rs 18,000 to Rs 20,000, while a 3BHK flat makes a family poorer by somewhere between Rs 25,000 and Rs 30,000. In gated communities, they cost a bomb.
In an interesting turnaround, some nuclear families are pondering over the possibility of living as joint families. Some young families are even exploring the possibility of living with parents.
“We have been living as a nuclear family for the last seven years. Now, my father-in-law, a retired government employee, is inviting us to join in and cut down on overall expenses,” says Maleka Fatima, a housewife and resident of Janakinagar Colony in Tolichowki
In some localities, rents have hit the roof largely due to medical tourism. Areas like Paramount Colony with their closeness to Jubilee Hills’ top hospitals like Apollo, are much sought after. These localities cater to medical tourists coming to the city, particularly from African countries. With the increasing demand for furnished apartments, the property owners are charging anywhere between Rs 50,000 and Rs 1 lakh per month.
