In India’s software and services hubs, housing rent may fall by 10 to 20 percent in the next three quarters. It has been speculated due to the slowness in the IT sector sentiment in these quarters starting from July. It has been estimated in a report of Industry Body ASSOCHAM.
Possibility of non-Increment Rent: According to Assocham, considering the hiring and annual salary increase in the IT sector, the landlords of Bengaluru, also known as India’s Silicon Valley, are considering reduction in rent. At the same time, those people who are still living there are appealing to avoid fare by telling about bad industry outlook.
Decline in These Cities: The study says that people who are being considered to fill more than Rs 50 thousand rent decline in rental market for them. Assocham said housing rentals in Chennai, Hyderabad and Pune besides Bangalore is expected to decline by 10 to 20 per cent in the next three quarters.
40 Lakhs are Working in IT Sector: In addition, in the NCR, such as Gururgram and Noida, housing rentals can be reduced by 10 to 15 per cent. In these cities, about 40 lakh people work in the IT sector, whose hiring growth is being seen as lethargic.