In fact, given the huge demand-supply gap, industry sources say that many lessors are willing to drop their monthly charges by up to Rs 10,000 to Rs 12,000 (depending on area and size of home) to attract tenants.
“A sizeable population of the migrant workforce, especially those living alone in the city in shared accommodations, have returned to their home states with companies allowing them to work remotely. That has led to this steep rise in vacant homes,” said Sumanth Reddy, immediate past president of the National Association of Realtors adding that this trend is unlikely to change soon.
“Unless offices start making it mandatory for people to be physically present at work —which I don’t think will happen for a while now — this workforce will not return,” he said.
Property consultants admit to a crunch of tenants in the city. “Houses that once attracted rents of over Rs 40,000 a month in a gated community is now up for grabs for Rs 30,000 or even less,” said a consultant operating in the Nanakramguda-Gachbowli belt.