by Suman Gupta
Mumbai, 5th May 5, 2025: Magicbricks, India’s leading real estate platform, in its latest Rent Index report, has observed another sharp surge in home rents across major metros, with an average increase of 10% over the past three months. The report highlights that Bengaluru (15.7%) and Pune (12.5%) recorded the steepest quarterly rental hikes, while rental growth in Noida (7.9%), Greater Noida (3.2%), and Gurugram (4.1%) moderated early signs of demand stabilization.
| Cities | Average rent for 1000 sq ft (Q1′ 2025) | Average rent for 1000 sq ft (Q4′ 2024) |
| Ahmedabad | 21807 | 19798 |
| Bengaluru | 36772 | 31787 |
| Chennai | 31042 | 29375 |
| Delhi | 43216 | 40265 |
| Greater Noida | 19234 | 18642 |
| Gurugram | 34909 | 33523 |
| Hyderabad | 26825 | 25582 |
| Kolkata | 25227 | 22877 |
| Mumbai | 98431 | 89313 |
| Navi Mumbai | 38528 | 34797 |
| Noida | 23829 | 22089 |
| Pune | 31439 | 27951 |
| Thane | 38121 | 34453 |
The report attributes the moderation in NCR markets to a slowdown in rental demand. In Noida, rental demand declined by 3.3%, while Greater Noida recorded a 13.3% drop over the last quarter, coinciding with a significant rental rise over the previous year.
A deeper analysis of tenant preferences revealed distinct trends across cities. In premium rental markets like Mumbai (43% of rental demand), Gurugram (37%), and Bengaluru (26%), the demand was concentrated in the INR 50,000–1,00,000 per month budget bracket. Meanwhile, metros such as Ahmedabad (49%), Pune (38%), and Navi Mumbai (32%) saw demand largely dominated by a more affordable INR 20,000–30,000 per month range. In Greater Noida, despite increasing rents, affordability remained a key driver, with 86% of the rental demand focused on properties priced between INR 10,000–20,000 per month.
Significantly, the Rent Index report also highlights a steady improvement in gross rental yields across most cities, making rental investments more attractive. Ahmedabad emerged as the leader, with gross rental yield rising from 3.6% in Q1 2024 to 4.2% in Q1 2025. Similar upward trends were observed in Bengaluru (from 3.6% to 3.8%), Hyderabad (from 3.4% to 3.7%), and Mumbai (from 3.8% to 3.9%) over the same period.
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