Bangalore is often referred to as the Silicon Valley of India, and the tag is rightly deserved; this South Indian city is teeming with innovative startups that are slowly changing the Indian business landscape.
Due in no small part to the burgeoning IT industry and its magnificent climate, more and more people from all over the country are migrating to the garden city. This rapid influx of people has inflated the price of real estate significantly, making it considerably harder for young, working professionals to find a house affordable on their relatively lower salaries.
If you are one of those, worry no more; you’ve come to the right place. This article maps out all the details you’d need to peacefully rent houses in Bangalore.
Currently, Bangalore is witnessing a 10% hike in the rent prices each year. Here are the rental figures in popular neighbourhoods in Bangalore.
|
Locality |
Rent in Rupees |
|
Koramangala |
10,000 – 35,000 |
|
Indiranagar |
13,000 – 40,000 |
|
JP Nagar |
12,000- 30,000 |
|
Kalyan Nagar |
10,000 – 32,000 |
|
RR Nagar |
15,000 – 28,000 |
Note: These figures may vary depending on the built-up areas and the amenities that come with the apartment
Let’s assume that you are looking to rent a house or a flat in some of the more popular locations such as Indiranagar, Koramangala, JP Nagar, and Kammanahalli. Generally, a 2 BHK house in these areas can cost anywhere upwards of a monthly INR 10,000 in rent. This can even go up to INR 30,000 in some cases, depending on the features.
Also Read: Robust Real Estate of Indian Silicon Valley Bangalore
Now that the price points are established, let’s see how much of your salary can be tied up in other necessary expenses.
For the sake of this article, let’s assume your salary is INR 50,000 per month.
1. Travel Expenses
Travel costs are quite high in Bangalore, especially when compared to other major metros like Delhi and Mumbai. When talking about travel expenses, there are two scenarios to consider.
- The first scenario is where you own a two-wheeler or a car, and prefer to use your own vehicle. Here, the minimum fuel charges would come up to about INR 6000 (for cars) and INR 3000 (for bikes) each month.
- If you prefer to take the safer — and much cheaper — alternative of public transport, you can choose to get a monthly Volvo A/C bus pass at around INR 2500. Of course, there’d be other instances where you’d spend on autos or cabs to head over to your weekend parties, which again would cost you about INR 2000 each month.
If you choose the first option, you’d spend a total of Rs. 6000, which would bring your bank balance to Rs. 44,000. Opting for the second means that you’ll have Rs. 45,500 left for further expenses.
Also Read: Latest Hub for Realty Growth in South India
2. Food
This is one of the basic expenses you’ll incur each month. You can stick to a budget of about Rs. 300 per day for breakfast, lunch, and dinner. This expense can be more, of course, but this is more or less an average, and it comes up to about Rs. 7000.
In all, you’ll have about Rs. 37,000 left in your bank after food-related expenses are taken care of.
Also Read: Tips for Selecting Serviced Apartment over Hotel Rooms
3. Personal Allowance
This would include expenditure such as topping up cellphone balance and personal care products. Your personal allowance also covers expenses when you indulge yourself over the weekends, and sets you back by another Rs. 6000, leaving you with Rs. 31,000.
Overall, this affords you enough money to lease flats or apartments in any part of Bangalore. You can do this the hard way and travel around looking for a 2 BHK apartment, but a better way is to do this online. Web portals like Zenify can help you rent flatswithout brokers you have in mind at (quite literally) the click of a button.
References:
- https://www.quora.com/With-a-salary-of-only-Rs-22-000-month-how-can-one-afford-to-live-in-Bengaluru
- https://www.quora.com/How-much-does-it-cost-to-live-in-Bangalore
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