Ahmedabad: Demand for luxury homes on rent zooms

AHMEDABAD: The appetite for luxury is only growing in Ahmedabad. As the quest for a bespoke, boast-worthy lifestyle grows among professionals, executives and entrepreneurs of Ahmedabad, the demand for luxury homes has zoomed, even on rentals as high as Rs 5 lakh.
The western part of the city alone is home to a slew of residential properties, where monthly rentals range from Rs 1.5 lakh to Rs 5 lakh.
Increasing disposable incomes and seeking a tasteful lifestyle are leading many affluent professionals and entrepreneurs from the city to rent high-end homes.
"People have upgraded their lifestyle and moved into bigger houses, propelling residential property rentals to go up. Since Covid-19, the luxury homes are in high demand among buyers as well as tenants. Monthly rentals upwards of Rs 1 lakh for ultra-luxurious homes is a growing trend. In fact, some tenants also pay Rs 10,000 per day as rent here in the city," said Tejas Joshi, president, CREDAI Ahmedabad.
Secretary of CREDAI Viral Shah said that some 3,500 units of luxury flats and bungalows have come up in Ahmedabad in past three years of which 15% have gone for rentals.
"Young entrepreneurs and top executives of multinational corporations who don't intend to pay or can't afford equated monthly instalments on home loans to the tune of Rs 3 lakh for a luxury apartment, often refuse to part with the lifestyle upgrade their dream homes would otherwise offer. Such clients often pay high rentals ranging from Rs 1.5-1.75 lakh per month seeking such properties," said city-based developer.