Bangalore 25% of Tenants spend Almost Half of Income on Rent

Bangalore 25% of Tenants spend Almost Half of Income on Rent

By SiliconIndia   |   Thursday, December 11, 2014   |    1 Comments
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Bangalore city is the most expensive city in Karnataka, with high rental prices. Almost 25 percent of the tenants living in Bangalore spend a majority part of their monthly pay on rent. That implies the renters spending almost half of their take home salary to keep a roof over their heads and this figure is expected to rise this decade.
 
Income on RentThe biggest expensive, which most families will incur upon moving to Bangalore will be on rented house. They habitually focus on hunting decent rented homes close to their working places, but it is extremely difficult to find a home in their budget in prime localities of Bangalore where the vast majority of the MNC’s and IT/ITES positioned.  Moving beyond the working place could hurl few options.
 
In Bangalore city Marathalli, HSR Layout and Bellandur are the most-needed localities with all the facilities and the majority of the rental demand in this locality is mainly driven by IT professional as the individuals working near by IT companies and ORR prefer to rent a home. In HSR Layout, one can find a 2 BHK multi storey apartment of 1000-1300 sq ft at Rs 15,000 – 25,000 per month and 3 BHK apartment having 1500-2000 sq ft at Rs 23,000 – 27,000 per month.
 
As per the recent data, from the past one year the rental values in HSR Layout have increased by 16 percent and it is expected to rise in the forthcoming days due to high demand.

In Bangalore most would prefer to buy their own homes but, they feel that the prices are too expensive. Generally, the individual should not pay more than a third of their income for housing; spending much more can cut your other expenses like grocery bills, educational loans or many others. If an individual start paying, surely he will get in hitch at once.
 
Most of the experts suggest that buying a home is a better option than renting in Bangalore because Increase in rents is faster than realty prices. Moreover, the banks are offering home loans at low interest rates and it also gains tax benefits; most of the builders are also offering affordable apartments/flats in the preferred localities of Bangalore like Whitefield.

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