To let: Brokers arrange special apartment tour packages as rentals soar in Bengaluru

With several companies resuming work-from-office, an influx of employees in the city coupled with unavailable inventories have left the real estate market in a frenzy.

Almost every weekend, Dr Akash Sinha goes out on a house hunt around 8 a.m. Sinha, who moved to Bengaluru recently, is currently staying temporarily at his friend's place.

"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.

With a severe mismatch in demand and supply of inventories in Bengaluru, rentals have shot through the roof -- with some places seeing about a 40 percent jump in rentals.

While the local brokers have started hiring field executives to look for available inventories in the city, others are now arranging "house hunt packages" for prospective tenants.

Sunil Singh, founder of Realty Corps in Bengaluru, has been running an orientation programme for tenants looking for apartments in Bengaluru.

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 inventories 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 inventories. 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.

With several companies resuming work-from-office, an influx of employees in the city coupled with unavailable inventories have 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 35,000-38,000 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 15,000-20,000. However, brokers say it’s not long before they surge too.