Rents in India’s technology hub of Bangalore have nearly doubled since the start of last year, making it the country’s hottest residential market.
Landlords in the city, often referred to as India’s Silicon Valley, now charge the highest proportion of their property’s value as rent, edging out financial centre Mumbai, according to data from market researchers.
The capital of Karnataka state is home to over 1.5 million workers including those for global firms like Alphabet Inc.’s Google, Amazon.com Inc., Goldman Sachs Group Inc. and Accenture Inc. That population was displaced during the pandemic, with staff moving to remote work or departing the city, pushing rents down. With Bangalore’s economy and private sector stirring back to life, landlords are looking to recoup lost revenue and find themselves in a seller’s market.
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