NEW DELHI: Magicbricks has released the rental Index for the July-Sept quarter, highlighting that the rental market is resetting after three quarters of strong activity. The report showed that average rents continued to strengthen, rising 4.4% quarter-on-quarter and 18.1% year-on-year, even as key metros displayed differing levels of tenant activity during this period.National rental demand rose marginally by 0.2% quarter-on-quarter and 0.4% year-on-year, while supply increased by 0.6% and 5.9% respectively.According to the report, the movement during the quarter was shaped significantly by Delhi-NCR, where demand rose in Greater Noida (29.5% QoQ), Delhi (17.8% QoQ) and Noida (10.8% QoQ). Kolkata also recorded a 5.4% QoQ rise. Several major cities, including Chennai, Bengaluru, Hyderabad, Pune and Mumbai, witnessed softer shifts with demand easing between -1.2% and -7.2% QoQ. On the supply front, Delhi registered the sharpest rise at 17.6% QoQ, followed by Ahmedabad at 6.5%. Average rents continued to rise across most markets. Thane led the trend by posting an uptick of 12.5% QoQ, followed by Chennai at 6.7% QoQ and Mumbai at 4.9% QoQ along with Delhi’s 4.5% QoQ growth. At the national level, tenant choices remained consistent. Two-bedroom homes accounted for 44% of demand, followed by one-bedroom units at 32%. Semi-furnished homes dominated with 51% of demand and 54% of supply, according to the report.
