Indian-origin entrepreneur Hardeep Gambhir, who moved to Bengaluru following a seven-year stint in San Francisco, California, recently made headlines when he drew parallels between the two cities on X and complained about ‘ridiculous’ security deposits sought for rental accommodation in the IT capital.
Even though Gambhir’s monthly expenditure has plummeted to $900 in Bengaluru, from $2,500 in San Francisco, the techie complained about enormous security deposits sought for rental accommodation in the garden city.
Get ready to catch the final stages of the World Cup only on Crickit. Anytime, Anywhere. Explore now!
Also Read: ‘People are sleeping on Bangalore like crazy’: Entrepreneur compares city to San Francisco
“Among the things I dislike are mosquitoes and ridiculous security deposits for renting,” he wrote in his post on the microblogging platform.
This is how rentals in Bengaluru stack up
As per proptech unicorn NoBroker, average safety deposit amounts to rent an apartment in Bengaluru vary between 5-10 months of rent. It further varies based on individual landlord preferences and the premium status of the property.
Average monthly rental value for a fully furnished 1BHK ranges from ₹28,000 in the popular Koramangala neighbourhood to ₹19,000 in South Bengaluru’s Electronic City. Meanwhile in Thanisandra and Whitefield, the metric currently stands at ₹20,000 and ₹28,000, respectively.
Gambhir also compared Bengaluru’s HSR Layout to San Francisco’s Hayes Valley. “Once you’re tapped into the startup scene, you start bumping into people in popular places often. And the talent? Just insane. In one month, I’ve met some incredible builders here,” he said.
Hayes Valley is the epicentre of a booming tech world and home to a large community of techies in San Francisco, California.
Similarly, HSR Layout in the south-east of Bengaluru has gained traction in recent times as the start-up capital of the city.
Namma HSR
Initially known as a residential locality, HSR Layout has quickly transformed to house some of the best-known names in the startup ecosystem today. It is home to marquee brands across sectors, including Udaan, Cure.fit, Simplilearn and MyGate.
A majority of the commercial buildings in HSR today are smaller standalone structures offering startups the flexibility to lease additional space as per their requirements, said Sudhanshu Mishra, who is a principal partner at Square Yards.
Affordable property prices and connectivity to commercial hubs like Indiranagar and Koramangala have helped in the advent of HSR as a favorable option, experts who spoke to HT Digital pointed out.
Also Read: Why are real estate developers making a beeline for Mumbai and Bengaluru markets?
HSR Layout is located close to the Outer Ring Road and enjoys quick connectivity to metro stations in nearby locations such as Jayanagar.
Commercial property prices range between ₹35,000-60,000 per square feet in HSR today, close to the ₹38,000-45,000 in Koramangala. “About a decade ago, real estate prices in HSR were half of what Koramangala commanded and while prices in the latter have become slightly stagnant today, in HSR they continue to grow,” Mishra pointed out.
Meanwhile average monthly rental values for a fully furnished 1 BHK in HSR currently ranges close to ₹30,000, 4% higher than last year, as per NoBroker.
The locality presents a multitude of options – from standalone traditional structures to high-rises in gated societies. Additionally, co-living brands like Zolo, Nestaway are also headquartered in the area.
