The Bengaluru Rental Yield Report

Credits:Augustus Binu/www.dreamsparrow.net

Contents

Definition of Rental Yield ...... 3 Significance of Rental Yield ...... 3

Bengaluru in Numbers ...... 4 Interpretation ...... 4

Bengaluru Locality Rental Yields ...... 5 Gross Rental Yield for Unfurnished Houses Weighted by Built Up Area ...... 5 Interpretation ...... 5

Bengaluru 2 BHK Rental Yields ...... 6 Interpretation ...... 6

Bengaluru 3 BHK Rental Yields ...... 7 Interpretation ...... 7

Other Considerations Before Buying ...... 8

Appendix 1 ...... 9

Appendix 2 ...... 10 Locality-wise Rental Yield for Unfurnished Houses in Bengaluru ...... 10 Locality-wise Rental Yield for Furnished Houses in Bengaluru ...... 20

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Definition of Rental Yield

Gross rental yield of a single property is defined as the ratio of gross annual rent income, from the property, to the purchase price of the property. For example, if a landlord earns a gross rent income of INR 50,000 per month for 12 months on a house that is priced at INR 1,00,00,000 in the market, she will earn a gross rental yield of 6%.

A house, bought with the intention to rent out, is an investment in real estate similar to any other investment with an equivalent risk profile. The Return On Investment (ROI) in real estate, then, is the net annual rent income aka Net Operating Income (NOI) which is defined as gross rent income minus expenses, annually. Expenses include vacancy losses, collection losses, concessions given to tenants, operating expenses and property taxes.

NOI depends on how well a landlord can negotiate the above expenses with the tenant. Therefore, NOI and net rental yield cannot be calculated on a micro-market level for a locality; however, gross rental yield can. Then, it can be used to compare the investment potential of different localities.

Significance of Rental Yield

From an investment point of view, houses with not only higher absolute rental incomes but also lower absolute purchase prices are the ones that give the maximum ROI. Hence, the metric “gross rental yield” is of prime importance in comparing alternative investment opportunities; a higher gross rental yield is better.

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Bengaluru in Numbers

Interpretation

In addition to offering one of the highest rental yields among the 7 metros of , Bengaluru is much more affordable with an average buy price of 4300 per sqft**. In comparison, Mumbai Metropolitan Region and Delhi – NCR offer an average buy price of 5700 per sqft** and 5000 per sqft**.

However, these are the citywide averages (containing localities where real estate transactions were prevalent i.e. in significant numbers) and not representative of different localities in Bengaluru. The following pages provide an in-depth locality wise analysis.

**Source: IREF Research Q3, 2015, *Source: KnightFrank Research H1, 2015

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Bengaluru Locality Rental Yields

In the following pages, Bengaluru locality rental yields on the secondary market are shown on scatter plots where you can compare the average rental yield of a locality with the affordability of that locality and different localities with each other. In order to avoid clutter on the scatter plots, only those localities which have number of listings more than a threshold are shown; this threshold is mentioned along with the scatter plot. However, rental yield calculations have been made for all localities satisfying the conditions shown in Appendix 1; all these localities’ rental yields are shown in tabular format in Appendix 2 at the end of this report.

Gross Rental Yield for Unfurnished Houses Weighted by Built Up Area

Number of localities:28 Threshold: More Than 350 listings per Locality Size of bubbles: Rental Supply per Locality

Interpretation In Q3, 2015, there were 128 localities where buying and selling of real estate was prevalent (more than 30 listings per locality). In the figure above, as the affordability decreases (price per square feet increases) the rental yield decreases. For example, it is more affordable to buy a house in rather than Vijayanagar. The difference in average monthly rents is not stark in these localities (Electronic City: INR ~14000 to INR ~14500 and Vijayanagar: INR ~11300 to INR~12300). However, there’s a huge difference in the average buy prices weighted by area (Electronic City: ~INR 36.25 Lakh to ~INR 37 Lakh and Vijayanagar: ~INR 72 Lakh to ~INR 76 Lakh) HSR Layout is majorly a residential locality where buy prices are quite high because of its proximity to major commercial areas of Bengaluru. Though Electronic City is only 10 kilometers away from HSR Layout, buy prices are lower in Electronic City because it’s outside the main city. However, rental demand is extremely high in ECity because of large influx of IT professionals into the area.

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Bengaluru 2 BHK Rental Yields Type: Unfurnished Houses Number of localities:59 Threshold: More Than 100 listings per Locality Size of bubbles: Rental Supply per Locality

Type: Furnished Houses Number of localities:59 Threshold: More Than 100 listings per Locality Size of bubbles: Rental Supply per Locality

Interpretation In Q3, 2015, there were 109 localities in Bengaluru where buying and selling of 2 BHKs was prevalent (more than 30 listings per locality). In Bengaluru, the rental yield for unfurnished 2 BHKs is ~3.28% and for furnished 2 BHKs is ~4.84%, i.e. you can achieve ~50% higher rental yield on furnishing your property before renting out.

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Bengaluru 3 BHK Rental Yields

Type: Unfurnished Number of localities:22

Threshold: More Than 55 listings per Locality Size of bubbles: Rental Supply per Locality

Type: Furnished Number of localities:22 Threshold: More Than 55 listings per Locality Size of bubbles: Rental Supply per Locality

Interpretation In Q3, 2015, there were 54 localities in Bengaluru where buying and selling of 3 BHKs was prevalent (more than 30 listings per locality). Balagere turns out to be the best locality for investment with rental yield as high as 8.5% for a furnished 3 BHK. If you prefer buying a 3 BHK, Electronic City should not be preferred as only for an average increase of INR ~300 per sqft in buy price, you can gain ~1.6% more rental yield in Balagere.

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Other Considerations Before Buying

There are several other considerations like financial, demographic, locational, etc. that you should look at before buying a house, even if it is your second or third house. This report, however, considers only one of these aspects i.e. rental yields. IREF Research will publish further reports on these other factors as well.

Please turn over to view Appendix 1 and Appendix 2.

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Appendix 1

The calculation methodology for the residential rental yields is explained in the following steps.

1. All the listings are from Housing.com for secondary markets in Delhi, NCR, Mumbai, Pune, , Hyderabad, Chennai and Kolkata for the last 3 months were considered for this index. 2. Transaction price for each negotiable listing is assumed to be 95% of the listing price. Transaction price for each non-negotiable listing is assumed to be the same as the listing price. 3. The set of transaction prices for each locality is in fact only a sample set which is not representative of all the transactions that took place in the locality in the last 3 months. Hence, we have used statistical wizardry to develop estimates of the average buy and rent prices in each locality, separately for different configurations (for example 1BHK, 2BHK, 3BHK, etc.).

The following steps were followed for each individual locality and configuration in that locality, for furnished rent prices, unfurnished rent prices, buy prices and buy prices per square feet.

4. The different parameters that we considered while computing the price ranges are shown in the table below.

Parameter (Transaction Price in a Population Set Sample Set locality for a configuration) (Listings) Mean µ x Standard Deviation σ s

5. The Central Limit Theorem (CLT) states that irrespective of the distribution of transaction prices in the population set, the distribution of sample means is normal. This means that on taking “n” samples out of the population and then taking their means (x1,x2,x3,….,xn) will yield a normal distribution as shown below.

,- '~) *+, / . 6. For CLT to be valid, the following two conditions must be satisfied.

- . > 10 ∗ 45 . > 10 ∗ 4 6 Where, n is the no. of observations in the sample set, K3 is the skewness and K4 is the kurtosis of the sample set distribution. 7. If the CLT conditions were satisfied for a configuration in a locality, The (1-∝)% confidence intervals (using t-values) from the sample data were calculated. These intervals are as shown below.

9 9 [7 − !"#$,&#" ∗ , 7 + !"#$,&#" ∗ ] √& √& Where, ∝ was assumed to be 0.05 (in line with industry standards) and !"#$,&#" is defined as shown below, with different terms having their usual meaning.

7 − + !"#$,&#" = = ∗ √. IREF Bengaluru Rental Yield Report |9

8. These (1-∝)% confidence intervals can be interpreted as follows – If you take out 100 samples from the population of residential real estate transactions in a locality for a particular configuration, then in (1-∝)*100 of these samples the sample mean will lie within the confidence intervals. Appendix 2

Locality-wise Rental Yield for Unfurnished Houses in Bengaluru

Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) North Agrahara Layout 2 4.77 % 4 % - 5.61 % 20583 17982 - 23184 4421 4267 - 4575 Bangalore South Akshayanagar 2 4.74 % 4.24 % - 5.28 % 17465 16015 - 18914 3827 3743 - 3912 Bangalore South Akshayanagar 3 3.9 % 3.48 % - 4.36 % 18518 17234 - 19802 3812 3659 - 3965 Bangalore South Akshayanagar Overall 4.32 % 3.94 % - 4.71 % 17452 16381 - 18523 3823 3750 - 3895 Bangalore North Anantapura 2 3.41 % 2.93 % - 3.95 % 12783 11607 - 13959 3952 3731 - 4172 Bangalore North Anantapura Overall 3.51 % 3.05 % - 4.03 % 15364 14033 - 16695 3998 3842 - 4154 Bangalore Annapurneshwari West 2 3.34 % 3.08 % - 3.62 % 14393 13801 - 14986 4621 4447 - 4795 Nagar Bangalore Annapurneshwari West 3 3.8 % 3.52 % - 4.09 % 20703 19845 - 21562 4683 4532 - 4833 Nagar Bangalore Annapurneshwari West Overall 3.22 % 3.01 % - 3.45 % 16061 15438 - 16684 4711 4599 - 4822 Nagar Bangalore South Arakere 2 3 % 2.78 % - 3.23 % 14384 13938 - 14831 4736 4553 - 4919 Bangalore South Arakere Overall 2.66 % 2.49 % - 2.85 % 14098 13690 - 14505 4928 4781 - 5075 Bangalore Balagere East Bangalore 2 5.41 % 5 % - 5.84 % 19145 18305 - 19984 3584 3467 - 3700 Balagere East Bangalore 3 5.89 % 5.51 % - 6.29 % 24125 23474 - 24776 3470 3340 - 3599 Balagere East Bangalore Overall 5.72 % 5.39 % - 6.06 % 21709 21029 - 22389 3531 3445 - 3618 Central 2 2.51 % 2.32 % - 2.7 % 12400 11920 - 12880 5258 5089 - 5428 Bangalore Central Banashankari 3 3.1 % 2.85 % - 3.36 % 18996 18082 - 19911 5081 4930 - 5232 Bangalore Central Banashankari Overall 2.3 % 2.17 % - 2.44 % 12952 12551 - 13353 5144 5032 - 5256 Bangalore North 2 2.72 % 2.41 % - 3.07 % 15125 14321 - 15928 5166 4885 - 5447 Bangalore North Banaswadi 3 2.76 % 2.34 % - 3.24 % 17661 15924 - 19399 5344 5001 - 5687 Bangalore North Banaswadi Overall 2.54 % 2.31 % - 2.79 % 15182 14485 - 15879 5264 5053 - 5475 Bangalore Bangalore City South 2 4.15 % 3.91 % - 4.4 % 14769 14312 - 15226 3815 3730 - 3901 Municipal Bangalore

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Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) Corporation Layout Bangalore City Municipal South 3 4.13 % 3.7 % - 4.58 % 17777 16256 - 19299 3827 3715 - 3938 Corporation Bangalore Layout Bangalore City Municipal South Overall 4.04 % 3.8 % - 4.29 % 15763 15180 - 16345 3830 3762 - 3898 Corporation Bangalore Layout South Basapura 2 4.69 % 4.43 % - 4.95 % 16889 16266 - 17512 3781 3716 - 3847 Bangalore South Basapura 3 4.4 % 4.17 % - 4.64 % 18793 18271 - 19314 3659 3581 - 3737 Bangalore South Basapura Overall 4.47 % 4.26 % - 4.69 % 17310 16779 - 17842 3740 3686 - 3794 Bangalore Basaveshwara West 2 2.64 % 2.38 % - 2.91 % 14171 13356 - 14987 5706 5551 - 5861 Nagar Bangalore Basaveshwara West 3 3.03 % 2.76 % - 3.34 % 19990 19043 - 20936 5695 5455 - 5935 Nagar Bangalore Basaveshwara West Overall 2.58 % 2.38 % - 2.81 % 15213 14499 - 15928 5701 5572 - 5830 Nagar Bangalore Battarahalli East Bangalore 2 3.05 % 2.74 % - 3.39 % 11571 10918 - 12224 4035 3836 - 4234 Battarahalli East Bangalore Overall 2.85 % 2.57 % - 3.15 % 11865 11225 - 12506 4051 3888 - 4214 North Begur 2 3.67 % 3.44 % - 3.91 % 12962 12522 - 13402 3878 3774 - 3982 Bangalore North Begur 3 4.18 % 3.74 % - 4.66 % 19126 17716 - 20537 3760 3647 - 3872 Bangalore North Begur Overall 3.38 % 3.18 % - 3.6 % 13182 12744 - 13621 3851 3770 - 3932 Bangalore East Bangalore 2 4.04 % 3.83 % - 4.27 % 18378 17925 - 18831 4368 4254 - 4482 Bellandur East Bangalore 3 4.37 % 4.04 % - 4.73 % 22297 21491 - 23103 4207 3999 - 4415 Bellandur East Bangalore Overall 3.79 % 3.59 % - 4 % 18155 17642 - 18669 4317 4207 - 4426 South Bikasipura 2 3.23 % 2.85 % - 3.65 % 14837 13890 - 15784 4804 4504 - 5105 Bangalore South Bikasipura Overall 3.24 % 2.9 % - 3.61 % 16384 15514 - 17255 4822 4604 - 5039 Bangalore South Overall 2.98 % 2.7 % - 3.3 % 14324 13961 - 14687 5058 4760 - 5356 Bangalore South 2 3.89 % 3.66 % - 4.14 % 15784 15264 - 16304 4224 4127 - 4321 Bangalore South Bommanahalli 3 3.27 % 3.03 % - 3.52 % 20192 19064 - 21319 4742 4657 - 4826 Bangalore South Bommanahalli Overall 2.74 % 2.6 % - 2.89 % 14552 14150 - 14954 4567 4497 - 4637 Bangalore East Bangalore 2 4.51 % 4.23 % - 4.81 % 12221 11659 - 12783 2981 2936 - 3025 Bommasandra East Bangalore Overall 3.97 % 3.72 % - 4.25 % 11486 11014 - 11959 3092 3037 - 3147 South BTM Layout 2 3.11 % 2.84 % - 3.43 % 15702 15305 - 16100 4859 4569 - 5149 Bangalore South BTM Layout 3 4.3 % 3.85 % - 4.8 % 23477 22180 - 24774 4360 4122 - 4598 Bangalore

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Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) South BTM Layout Overall 2.48 % 2.33 % - 2.65 % 13064 12829 - 13299 4616 4426 - 4807 Bangalore South BTM Layout 1 Overall 1.87 % 1.73 % - 2.03 % 13509 13018 - 14000 NA NA Bangalore West Byadarahalli 2 2.4 % 1.99 % - 2.89 % 12378 11112 - 13644 NA NA Bangalore West Byadarahalli Overall 2.5 % 2.08 % - 3 % 12582 11317 - 13846 NA NA Bangalore South Byagadadenahalli Overall 5.65 % 4.4 % - 7.21 % 17084 14714 - 19454 3037 2886 - 3188 Bangalore C V Raman Nagar East Bangalore 2 3.46 % 3.15 % - 3.8 % 14727 14108 - 15345 4479 4304 - 4653 C V Raman Nagar East Bangalore Overall 3.07 % 2.81 % - 3.36 % 14512 13962 - 15062 4445 4299 - 4591 Chambenahalli East Bangalore 2 6.93 % 6.41 % - 7.5 % 20844 20047 - 21641 3513 3416 - 3610 Chambenahalli East Bangalore Overall 7 % 6.5 % - 7.53 % 21088 20328 - 21849 3484 3392 - 3577 Chandra Layout West 2 2.73 % 2.44 % - 3.04 % 14062 13104 - 15019 5472 5313 - 5632 Extension Bangalore Chandra Layout West Overall 2.71 % 2.43 % - 3.02 % 14092 13114 - 15069 5480 5335 - 5625 Extension Bangalore South Chansandra 2 4.77 % 4.22 % - 5.34 % 16997 15326 - 18668 3723 3654 - 3791 Bangalore South Chansandra Overall 3.54 % 3.21 % - 3.89 % 12978 12029 - 13927 3732 3670 - 3794 Bangalore South Chikkakannalli 2 5.26 % 4.8 % - 5.74 % 19537 18460 - 20615 3859 3768 - 3949 Bangalore South Chikkakannalli 3 4.97 % 4.61 % - 5.37 % 24950 24459 - 25441 4378 4172 - 4584 Bangalore South Chikkakannalli Overall 5.27 % 4.89 % - 5.67 % 23368 22696 - 24039 4146 4023 - 4268 Bangalore South 2 2.99 % 2.65 % - 3.38 % 12128 11368 - 12888 4234 4045 - 4424 Bangalore South Chikkalasandra 3 3.75 % 3.36 % - 4.18 % 17779 16551 - 19006 4068 3949 - 4187 Bangalore South Chikkalasandra Overall 2.76 % 2.51 % - 3.04 % 12582 11872 - 13291 4163 4057 - 4270 Bangalore North Chokkanahalli 2 4 % 3.68 % - 4.33 % 18285 17194 - 19377 4455 4370 - 4540 Bangalore North Chokkanahalli Overall 3.76 % 3.43 % - 4.1 % 18552 17300 - 19805 4571 4496 - 4645 Bangalore Choodasandra East Bangalore 2 4.13 % 3.66 % - 4.68 % 15556 14745 - 16366 3848 3646 - 4050 Choodasandra East Bangalore Overall 3.35 % 3 % - 3.75 % 14854 14127 - 15581 3856 3713 - 3998 South Choudadenahalli 2 5.65 % 5.27 % - 6.06 % 19971 18994 - 20948 3700 3602 - 3799 Bangalore South Choudadenahalli Overall 5.57 % 5.16 % - 5.99 % 20481 19484 - 21477 3743 3645 - 3840 Bangalore North Overall 2.97 % 2.62 % - 3.36 % 14284 13224 - 15343 4462 4191 - 4733 Bangalore Devarachikkana South 2 4.41 % 3.97 % - 4.87 % 16166 15047 - 17284 3839 3714 - 3963 Halli Bangalore Devarachikkana South 3 4.48 % 3.88 % - 5.14 % 22320 20244 - 24397 3994 3807 - 4181 Halli Bangalore

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Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) Devarachikkana South Overall 4.08 % 3.7 % - 4.47 % 16803 15751 - 17854 3891 3788 - 3995 Halli Bangalore North Devinagar 2 2.39 % 2.05 % - 2.77 % 13107 12030 - 14183 4920 4699 - 5142 Bangalore North Devinagar Overall 2.27 % 1.97 % - 2.61 % 13798 12595 - 15000 4837 4684 - 4990 Bangalore Doddabommasand North Overall 2.03 % 1.55 % - 2.68 % 11756 10214 - 13298 5058 4512 - 5604 ra Bangalore Doddakannelli East Bangalore Overall 3.39 % 2.94 % - 3.89 % 16544 15031 - 18057 4667 4453 - 4881 Doddanekundi East Bangalore 2 4.2 % 3.77 % - 4.69 % 15724 15121 - 16327 3821 3614 - 4028 Doddanekundi East Bangalore Overall 3.61 % 3.24 % - 4.05 % 14711 14226 - 15195 4057 3823 - 4292 South Electronic City 1 4.87 % 4.27 % - 5.62 % 8541 8224 - 8859 3302 2953 - 3652 Bangalore South Electronic City 2 4.88 % 4.76 % - 4.99 % 14073 13903 - 14243 3196 3160 - 3231 Bangalore South Electronic City 3 4.71 % 4.5 % - 4.94 % 17055 16653 - 17458 3181 3114 - 3248 Bangalore South Electronic City Overall 4.68 % 4.56 % - 4.79 % 14261 14074 - 14449 3199 3168 - 3231 Bangalore West Gnana Bharathi 2 3.23 % 2.86 % - 3.62 % 14424 13338 - 15510 4653 4470 - 4835 Bangalore West Gnana Bharathi 3 3.57 % 3.26 % - 3.91 % 18323 17528 - 19118 4340 4122 - 4559 Bangalore West Gnana Bharathi Overall 3.26 % 2.98 % - 3.56 % 15706 14853 - 16558 4523 4387 - 4659 Bangalore South 2 3.48 % 3.19 % - 3.79 % 13244 12690 - 13799 4080 3919 - 4240 Bangalore South Gottigere 3 3.93 % 3.56 % - 4.33 % 17673 16559 - 18787 3919 3787 - 4052 Bangalore South Gottigere Overall 3.3 % 3.08 % - 3.54 % 13799 13269 - 14329 4025 3922 - 4127 Bangalore Gunjur Palya East Bangalore 2 5.16 % 4.87 % - 5.47 % 14865 14544 - 15186 3311 3219 - 3403 Gunjur Palya East Bangalore Overall 4.88 % 4.46 % - 5.34 % 14439 13913 - 14966 3348 3277 - 3418 Halanayakanahalli East Bangalore 2 5.29 % 4.81 % - 5.82 % 20304 19263 - 21345 4149 4010 - 4288 Halanayakanahalli East Bangalore Overall 4.86 % 4.42 % - 5.34 % 19960 18869 - 21050 4223 4110 - 4335 Hallehalli East Bangalore 2 3.91 % 3.43 % - 4.47 % 12487 11642 - 13331 3451 3235 - 3666 Hallehalli East Bangalore 3 4.41 % 4 % - 4.84 % 15971 14916 - 17026 3160 3044 - 3275 Hallehalli East Bangalore Overall 4.12 % 3.76 % - 4.51 % 14006 13277 - 14734 3312 3179 - 3445 South Harlur 2 4.72 % 4.17 % - 5.34 % 20526 19162 - 21889 4249 4105 - 4392 Bangalore South Harlur 3 5.15 % 4.77 % - 5.58 % 25487 24789 - 26184 NA NA Bangalore South Harlur Overall 4.83 % 4.39 % - 5.3 % 21887 20813 - 22960 4299 4160 - 4437 Bangalore North HBR Layout 2 3.56 % 3.37 % - 3.76 % 16906 16345 - 17467 4805 4722 - 4888 Bangalore North HBR Layout 3 3.47 % 3.17 % - 3.78 % 20328 19219 - 21437 4814 4668 - 4961 Bangalore North HBR Layout Overall 3.31 % 3.15 % - 3.47 % 16931 16436 - 17426 4811 4739 - 4883 Bangalore

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Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) North Hebbal 2 2.67 % 2.4 % - 2.97 % 12998 12435 - 13561 5015 4756 - 5275 Bangalore North Hebbal Overall 2.47 % 2.26 % - 2.71 % 13805 13241 - 14370 4978 4805 - 5150 Bangalore Hebbal North 2 3.26 % 3.02 % - 3.52 % 14502 13803 - 15201 4762 4603 - 4921 Kempapura Bangalore Hebbal North 3 3.48 % 3.06 % - 3.97 % 19841 18584 - 21097 NA NA Kempapura Bangalore Hebbal North Overall 3.25 % 2.98 % - 3.53 % 15331 14572 - 16090 4770 4622 - 4919 Kempapura Bangalore West Hegganahalli 2 2.65 % 2.42 % - 2.89 % 11514 10753 - 12275 4445 4362 - 4527 Bangalore West Hegganahalli Overall 2.17 % 2 % - 2.34 % 9684 9176 - 10193 4478 4388 - 4569 Bangalore North Hennur 2 3.51 % 3.19 % - 3.86 % 15162 14518 - 15805 4081 3962 - 4200 Bangalore North Hennur 3 3.65 % 3.2 % - 4.14 % 17606 16230 - 18983 4067 3888 - 4246 Bangalore North Hennur Overall 3.49 % 3.23 % - 3.77 % 15797 15197 - 16396 4131 4029 - 4234 Bangalore South Hongasandra 2 3.7 % 3.42 % - 4 % 13202 12745 - 13658 3826 3703 - 3950 Bangalore South Hongasandra Overall 2.54 % 2.35 % - 2.74 % 10495 10260 - 10730 3915 3790 - 4040 Bangalore East Bangalore 3 3.47 % 3.05 % - 3.96 % 23096 21663 - 24529 NA NA Hoodi East Bangalore Overall 3.16 % 2.79 % - 3.58 % 19375 18381 - 20369 5433 5174 - 5691 North Hormavu 2 3.75 % 3.58 % - 3.93 % 14972 14495 - 15448 4123 4064 - 4182 Bangalore North Hormavu 3 3.86 % 3.61 % - 4.12 % 19948 19147 - 20748 4158 4053 - 4263 Bangalore North Hormavu Overall 3.67 % 3.51 % - 3.83 % 15820 15356 - 16284 4188 4136 - 4241 Bangalore South Hosakerehalli 2 2.46 % 2.07 % - 2.87 % 9637 8431 - 10843 4106 3976 - 4235 Bangalore South Hosakerehalli Overall 2.39 % 2.1 % - 2.69 % 10555 9561 - 11550 4105 4019 - 4191 Bangalore Hoskote East Bangalore Overall 4.42 % 3.55 % - 5.4 % 15278 13033 - 17522 3355 3293 - 3416 South HSR Layout 2 3.45 % 3.26 % - 3.66 % 18849 18621 - 19077 5790 5590 - 5991 Bangalore South HSR Layout Overall 2.99 % 2.84 % - 3.16 % 17245 17055 - 17436 5679 5509 - 5848 Bangalore South 2 3.86 % 3.57 % - 4.18 % 14309 13586 - 15031 3950 3868 - 4031 Bangalore South Hulimavu 3 3.5 % 3.11 % - 3.93 % 18565 17068 - 20062 4267 4126 - 4409 Bangalore South Hulimavu Overall 3.23 % 3.02 % - 3.47 % 13076 12575 - 13578 4033 3958 - 4109 Bangalore North Jakkuru 2 2.49 % 2.29 % - 2.69 % 13348 12555 - 14142 5470 5357 - 5583 Bangalore North Jakkuru 3 2.96 % 2.7 % - 3.22 % 19017 17685 - 20349 5484 5382 - 5586 Bangalore

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Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) North Jakkuru Overall 2.55 % 2.37 % - 2.74 % 15372 14501 - 16243 5484 5408 - 5560 Bangalore North East 2 2.8 % 2.31 % - 3.35 % 12153 10680 - 13625 NA NA Bangalore North Jalahalli East Overall 2.74 % 2.29 % - 3.24 % 12084 10727 - 13442 NA NA Bangalore North Jalahalli West 2 3.57 % 3.24 % - 3.92 % 12310 11638 - 12981 3711 3624 - 3798 Bangalore North Jalahalli West Overall 3.43 % 3.14 % - 3.75 % 13069 12348 - 13790 3681 3599 - 3762 Bangalore South Jayanagar Overall 2.69 % 2.3 % - 3.16 % 16951 16064 - 17838 NA NA Bangalore Jinkethimmanahall East Bangalore 2 2.89 % 2.54 % - 3.27 % 11954 10933 - 12975 4426 4264 - 4588 i Jinkethimmanahall East Bangalore Overall 2.91 % 2.59 % - 3.26 % 12192 11289 - 13096 4447 4284 - 4611 i Jnana Ganga West 2 2.85 % 2.51 % - 3.24 % 13906 12889 - 14922 NA NA Nagar Bangalore Jnana Ganga West Overall 2.79 % 2.52 % - 3.09 % 14684 13779 - 15589 4672 4457 - 4887 Nagar Bangalore South JP Nagar 2 3.04 % 2.9 % - 3.18 % 13836 13501 - 14171 4701 4601 - 4801 Bangalore South JP Nagar 3 3.26 % 3.06 % - 3.47 % 18851 18106 - 19596 4713 4588 - 4838 Bangalore South JP Nagar Overall 2.7 % 2.59 % - 2.82 % 13969 13667 - 14272 4759 4682 - 4836 Bangalore K R Puram East Bangalore 2 3.55 % 3.37 % - 3.74 % 13683 13289 - 14078 4018 3932 - 4104 K R Puram East Bangalore 3 3.78 % 3.54 % - 4.04 % 18591 17935 - 19246 3974 3866 - 4082 K R Puram East Bangalore Overall 3.52 % 3.35 % - 3.69 % 15193 14801 - 15584 4028 3961 - 4096 South Kada Agrahara 2 7 % 6.47 % - 7.55 % 21215 20098 - 22333 3223 3047 - 3400 Bangalore South Kada Agrahara Overall 6.9 % 6.2 % - 7.68 % 20635 19394 - 21876 3196 3061 - 3331 Bangalore Kadubeesanahalli East Bangalore 2 4.28 % 3.95 % - 4.64 % 18213 17539 - 18888 4310 4166 - 4455 Kadubeesanahalli East Bangalore Overall 3.92 % 3.64 % - 4.23 % 17426 16773 - 18079 4263 4134 - 4392 East Bangalore 2 4.35 % 4.03 % - 4.69 % 15561 15002 - 16121 3752 3618 - 3887 Kadugodi East Bangalore 3 4.06 % 3.63 % - 4.56 % 19411 18485 - 20338 3879 3685 - 4073 Kadugodi East Bangalore Overall 3.58 % 3.31 % - 3.87 % 14794 14273 - 15316 3743 3633 - 3852 East Bangalore 2 3.73 % 3.55 % - 3.92 % 14150 13835 - 14466 4055 3959 - 4150 Kaggadasapura East Bangalore 3 3.73 % 3.33 % - 4.16 % 17777 16576 - 18978 3949 3832 - 4066 Kaggadasapura East Bangalore Overall 3.42 % 3.25 % - 3.6 % 14056 13720 - 14391 4042 3960 - 4123 Kaikondrahalli East Bangalore 2 3.68 % 3.41 % - 3.97 % 18131 17610 - 18652 5167 4880 - 5454 Kaikondrahalli East Bangalore Overall 3.72 % 3.4 % - 4.08 % 19867 19019 - 20715 5242 5002 - 5483 South Kalena Agrahara 2 3.05 % 2.67 % - 3.49 % 13061 12319 - 13804 4625 4252 - 4998 Bangalore South Kalena Agrahara Overall 2.87 % 2.54 % - 3.24 % 13863 12956 - 14770 4543 4306 - 4779 Bangalore North Kalkere 2 3.5 % 3.16 % - 3.88 % 15256 14455 - 16057 4502 4257 - 4748 Bangalore

IREF Bengaluru Rental Yield Report |15

Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) North Kalkere Overall 2.93 % 2.67 % - 3.22 % 15047 14246 - 15848 4349 4189 - 4509 Bangalore North Kalyan Nagar 2 3.35 % 2.9 % - 3.87 % 19327 17967 - 20687 5283 4895 - 5670 Bangalore North Kalyan Nagar Overall 3.26 % 2.89 % - 3.67 % 19537 18349 - 20726 5418 5138 - 5698 Bangalore West Kamla Nagar 2 3.29 % 2.7 % - 3.98 % 12975 11559 - 14391 4616 4348 - 4884 Bangalore West Kamla Nagar Overall 2.78 % 2.26 % - 3.41 % 13397 12071 - 14723 5001 4703 - 5298 Bangalore Kasavanahalli East Bangalore 2 4.68 % 4.3 % - 5.1 % 19581 18796 - 20366 4194 4033 - 4355 Kasavanahalli East Bangalore 3 4.55 % 4 % - 5.18 % 24002 22819 - 25185 4383 4123 - 4643 Kasavanahalli East Bangalore Overall 4.58 % 4.21 % - 4.98 % 20799 19983 - 21615 4261 4125 - 4396 North Kaval Byrasandra 2 3.52 % 2.99 % - 4.18 % 14093 13163 - 15023 4486 4163 - 4809 Bangalore North Kaval Byrasandra Overall 3.28 % 2.85 % - 3.79 % 14525 13629 - 15421 4665 4402 - 4928 Bangalore Satellite West 2 3.6 % 3.45 % - 3.76 % 14740 14379 - 15100 4400 4322 - 4477 Town Bangalore Kengeri Satellite West 3 3.49 % 3.22 % - 3.77 % 18677 17708 - 19646 4472 4361 - 4584 Town Bangalore Kengeri Satellite West Overall 3.35 % 3.19 % - 3.51 % 15517 15076 - 15958 4429 4366 - 4492 Town Bangalore South Kodipur 2 3.73 % 3.35 % - 4.13 % 13785 12741 - 14830 3960 3860 - 4059 Bangalore South Kodipur Overall 3.65 % 3.31 % - 4.01 % 14622 13698 - 15546 4175 4064 - 4287 Bangalore South 2 3.75 % 3.33 % - 4.21 % 14108 13065 - 15152 3861 3689 - 4034 Bangalore South Konanakunte 3 3.36 % 3.03 % - 3.73 % 17135 16137 - 18134 4154 3916 - 4392 Bangalore South Konanakunte Overall 3.46 % 3.13 % - 3.82 % 14672 13831 - 15513 3986 3843 - 4129 Bangalore South 2 3.21 % 2.92 % - 3.54 % 18730 18194 - 19267 5473 5151 - 5794 Bangalore South Koramangala Overall 2.62 % 2.4 % - 2.88 % 15764 15391 - 16137 5403 5113 - 5692 Bangalore South Kudlu 2 4.8 % 4.22 % - 5.44 % 19449 17999 - 20899 4006 3806 - 4206 Bangalore South Kudlu Overall 4.62 % 4.14 % - 5.15 % 20751 19442 - 22060 3975 3829 - 4122 Bangalore Kumaraswamy South 2 2.57 % 2.39 % - 2.75 % 12964 12391 - 13538 5201 5032 - 5370 Layout Bangalore Kumaraswamy South 3 2.88 % 2.47 % - 3.33 % 16222 14539 - 17905 4848 4592 - 5104 Layout Bangalore Kumaraswamy South Overall 2.39 % 2.22 % - 2.56 % 12753 12220 - 13285 4996 4853 - 5139 Layout Bangalore Mahadevapura East Bangalore 2 3.27 % 3.01 % - 3.55 % 15469 14947 - 15991 4626 4426 - 4826 Mahadevapura East Bangalore 3 3.4 % 3.06 % - 3.78 % 19740 18836 - 20644 4747 4497 - 4998 Mahadevapura East Bangalore Overall 2.94 % 2.74 % - 3.15 % 15178 14732 - 15624 4695 4548 - 4842

IREF Bengaluru Rental Yield Report |16

Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) South Mailasandra 2 3.73 % 3.22 % - 4.27 % 16024 14424 - 17624 4527 4310 - 4745 Bangalore South Mailasandra Overall 3.7 % 3.22 % - 4.23 % 18061 16376 - 19746 4237 4081 - 4394 Bangalore West Mallathahalli 2 3.83 % 3.41 % - 4.29 % 15950 14788 - 17112 4510 4318 - 4703 Bangalore West Mallathahalli Overall 3.48 % 3.09 % - 3.91 % 16126 14977 - 17274 4596 4435 - 4756 Bangalore East Bangalore Overall 3.09 % 2.74 % - 3.52 % 16158 15807 - 16509 4773 4414 - 5131 North Margondanahalli 2 2.23 % 1.91 % - 2.58 % 11063 9867 - 12259 5379 5197 - 5561 Bangalore North Margondanahalli Overall 1.81 % 1.56 % - 2.08 % 9741 8779 - 10703 5228 5036 - 5419 Bangalore Muneshwara South 2 4.43 % 3.93 % - 4.98 % 16666 15655 - 17678 NA NA Nagar Bangalore Muneshwara South Overall 3.05 % 2.66 % - 3.5 % 14992 14190 - 15794 4421 4175 - 4667 Nagar Bangalore Munnekollal East Bangalore 2 3.92 % 3.55 % - 4.36 % 16587 16214 - 16960 4021 3768 - 4273 Munnekollal East Bangalore Overall 3.29 % 3 % - 3.62 % 14917 14642 - 15191 4092 3863 - 4320 West 2 2.46 % 2.23 % - 2.7 % 13226 12541 - 13911 5191 4998 - 5385 Bangalore West Nagarbhavi 3 3.06 % 2.6 % - 3.57 % 18157 16161 - 20153 4918 4658 - 5178 Bangalore West Nagarbhavi Overall 2.45 % 2.25 % - 2.67 % 13913 13237 - 14589 5158 5001 - 5315 Bangalore North Nagasandra 2 4.19 % 3.88 % - 4.51 % 14044 13326 - 14761 3794 3720 - 3868 Bangalore North Nagasandra 3 3.88 % 3.47 % - 4.35 % 17201 16494 - 17908 4054 3751 - 4357 Bangalore North Nagasandra Overall 3.96 % 3.59 % - 4.34 % 14520 13617 - 15422 3873 3779 - 3967 Bangalore North Nagavara 2 2.76 % 2.55 % - 3 % 15064 14707 - 15421 5502 5251 - 5754 Bangalore North Nagavara Overall 2.8 % 2.61 % - 3.01 % 16319 15916 - 16723 5441 5260 - 5622 Bangalore North 2 2.38 % 2.16 % - 2.62 % 13284 12447 - 14122 5596 5477 - 5714 Bangalore North Nandini Layout 3 3.24 % 3.01 % - 3.48 % 20878 19981 - 21775 5264 5091 - 5437 Bangalore North Nandini Layout Overall 2.31 % 2.13 % - 2.5 % 14009 13248 - 14771 5411 5301 - 5521 Bangalore North Narayanapura 2 3.44 % 3.11 % - 3.79 % 14699 13743 - 15656 4386 4272 - 4500 Bangalore North Narayanapura Overall 3.59 % 3.2 % - 3.99 % 17364 16015 - 18713 4405 4326 - 4484 Bangalore South 2 3.5 % 3.2 % - 3.8 % 16779 15585 - 17974 4669 4598 - 4739 Bangalore South Nayandahalli 3 3.64 % 3.32 % - 3.98 % 21436 19787 - 23085 4827 4755 - 4899 Bangalore South Nayandahalli Overall 3.46 % 3.19 % - 3.75 % 18204 17076 - 19331 4738 4686 - 4790 Bangalore

IREF Bengaluru Rental Yield Report |17

Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) North Nehru Nagar 2 3.77 % 3.46 % - 4.1 % 17570 16361 - 18780 4668 4568 - 4768 Bangalore North Nehru Nagar 3 3.93 % 3.61 % - 4.27 % 22082 20634 - 23529 4574 4476 - 4672 Bangalore North Nehru Nagar Overall 3.79 % 3.53 % - 4.06 % 19341 18292 - 20390 4625 4553 - 4696 Bangalore Panathur East Bangalore 2 4.22 % 4.06 % - 4.4 % 19723 19259 - 20188 4305 4244 - 4365 Panathur East Bangalore 3 4.15 % 3.91 % - 4.4 % 22071 21314 - 22827 4287 4207 - 4367 Panathur East Bangalore Overall 3.99 % 3.82 % - 4.16 % 19390 18871 - 19909 4302 4254 - 4351 South Panduranga Nagar Overall 3.08 % 2.59 % - 3.7 % 15322 14369 - 16276 4868 4492 - 5245 Bangalore North R.K. Hegde Nagar 2 3.42 % 3.07 % - 3.78 % 14527 13495 - 15558 4425 4272 - 4577 Bangalore North R.K. Hegde Nagar 3 3.43 % 2.9 % - 4 % 18802 16500 - 21104 4585 4382 - 4788 Bangalore North R.K. Hegde Nagar Overall 3.3 % 3 % - 3.62 % 15278 14302 - 16254 4484 4363 - 4605 Bangalore Central 2 2.52 % 2.34 % - 2.72 % 14138 13424 - 14852 5804 5719 - 5888 Bangalore Central Rajajinagar Overall 2.37 % 2.2 % - 2.55 % 13935 13214 - 14656 5677 5591 - 5762 Bangalore Ramamurthy East Bangalore 2 2.97 % 2.76 % - 3.21 % 12686 12264 - 13107 4458 4296 - 4621 Nagar Ramamurthy East Bangalore 3 3.44 % 3.02 % - 3.89 % 17305 15615 - 18995 4380 4163 - 4597 Nagar Ramamurthy East Bangalore Overall 2.85 % 2.64 % - 3.07 % 12699 12276 - 13122 4385 4247 - 4522 Nagar South Rayasandra Overall 2.63 % 2.24 % - 3.09 % 14422 13191 - 15653 NA NA Bangalore RMV Extension North 2 2.5 % 2.23 % - 2.8 % 14980 13973 - 15986 6078 5828 - 6328 Stage 2 Bangalore RMV Extension North Overall 2.36 % 2.13 % - 2.6 % 14627 13679 - 15575 5741 5548 - 5933 Stage 2 Bangalore South RR Nagar 2 3.69 % 3.57 % - 3.8 % 15619 15299 - 15938 4322 4279 - 4364 Bangalore South RR Nagar 3 3.82 % 3.68 % - 3.96 % 20367 19911 - 20823 4406 4347 - 4465 Bangalore South RR Nagar Overall 3.63 % 3.53 % - 3.74 % 17178 16856 - 17501 4363 4328 - 4398 Bangalore South S.Medihalli 2 5.93 % 4.81 % - 7.17 % 17796 15275 - 20318 3049 2888 - 3211 Bangalore South S.Medihalli Overall 5.36 % 4.55 % - 6.26 % 17923 16067 - 19779 3078 2958 - 3199 Bangalore North Sanjay Nagar 2 3.29 % 3.08 % - 3.52 % 16752 16072 - 17431 5691 5562 - 5821 Bangalore North Sanjay Nagar Overall 3.35 % 3.1 % - 3.63 % 17158 16314 - 18002 5693 5573 - 5813 Bangalore South Singasandra 2 3.92 % 3.67 % - 4.19 % 15191 14619 - 15762 4050 3949 - 4150 Bangalore South Singasandra 3 4.48 % 4.02 % - 4.98 % 20787 19497 - 22076 3809 3698 - 3921 Bangalore

IREF Bengaluru Rental Yield Report |18

Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) South Singasandra Overall 3.66 % 3.41 % - 3.91 % 15245 14615 - 15876 3958 3880 - 4036 Bangalore South Somasundarapalya 2 4.7 % 4.25 % - 5.21 % 19062 18282 - 19842 4020 3791 - 4249 Bangalore South Somasundarapalya Overall 4.24 % 3.76 % - 4.8 % 19419 18513 - 20325 4115 3919 - 4310 Bangalore Sompura East Bangalore 2 4.67 % 3.97 % - 5.43 % 13858 12390 - 15325 NA NA Sompura East Bangalore Overall 4.9 % 4.21 % - 5.66 % 15568 14015 - 17121 3377 3152 - 3602 South Srinivaspura 2 4.19 % 3.94 % - 4.46 % 16113 15525 - 16700 4086 3993 - 4179 Bangalore South Srinivaspura 3 4.32 % 3.99 % - 4.68 % 20111 19110 - 21112 4013 3897 - 4128 Bangalore South Srinivaspura Overall 4.26 % 4.03 % - 4.5 % 17965 17374 - 18556 4054 3983 - 4126 Bangalore South Subramanyapura 2 2.75 % 2.47 % - 3.04 % 11271 10358 - 12184 4187 4095 - 4280 Bangalore South Subramanyapura 3 2.46 % 2.13 % - 2.82 % 13122 11665 - 14579 4356 4249 - 4463 Bangalore South Subramanyapura Overall 2.5 % 2.28 % - 2.72 % 11797 11008 - 12587 4295 4225 - 4365 Bangalore West Sunkadakatte 2 2.68 % 2.4 % - 3 % 12529 11811 - 13247 4599 4344 - 4854 Bangalore West Sunkadakatte Overall 2.34 % 2.11 % - 2.6 % 12188 11527 - 12850 4631 4430 - 4831 Bangalore South Sunkalpalya Overall 3.9 % 3.39 % - 4.46 % 15610 14139 - 17082 3781 3646 - 3916 Bangalore South Tejaswini Nagar Overall 3.93 % 3.38 % - 4.54 % 17233 15719 - 18747 3720 3581 - 3859 Bangalore North 2 3.29 % 3.03 % - 3.56 % 14992 14074 - 15909 4612 4508 - 4716 Bangalore North Thanisandra 3 3.65 % 3.29 % - 4.04 % 20440 18992 - 21889 4551 4405 - 4697 Bangalore North Thanisandra Overall 3.27 % 3.01 % - 3.54 % 16224 15265 - 17183 4576 4494 - 4659 Bangalore South Thyvakanahally Overall 5.77 % 5.19 % - 6.41 % 18828 17721 - 19936 3361 3185 - 3537 Bangalore South 2 3.16 % 2.82 % - 3.54 % 13765 12974 - 14556 4126 3952 - 4299 Bangalore South Uttarahalli 3 3.18 % 2.94 % - 3.44 % 19462 18777 - 20148 4823 4684 - 4962 Bangalore South Uttarahalli Overall 3.11 % 2.87 % - 3.36 % 17046 16364 - 17729 4596 4479 - 4712 Bangalore East Bangalore 2 4.55 % 4.15 % - 4.96 % 15114 14191 - 16037 3494 3422 - 3566 Varthur East Bangalore 3 5.11 % 4.65 % - 5.62 % 20503 19446 - 21559 3594 3443 - 3745 Varthur East Bangalore Overall 4.61 % 4.25 % - 4.99 % 16596 15705 - 17487 3535 3464 - 3606 North Veerasagara Overall 5.51 % 5.05 % - 5.99 % 22494 21079 - 23909 3846 3782 - 3909 Bangalore North 2 2.73 % 2.51 % - 2.95 % 12644 11851 - 13436 4763 4672 - 4854 Bangalore North Vidyaranyapura Overall 2.38 % 2.21 % - 2.56 % 11837 11197 - 12476 4636 4557 - 4715 Bangalore

IREF Bengaluru Rental Yield Report |19

Avg. Avg. Avg. Range of Avg. Monthly Range of Avg. Rate per Range of Locality Region BHK Rental Rental Yield Rent Rent (INR) SqFt Avg. Rate Yield (INR) (INR) West Vijayanagar 3 2.69 % 2.22 % - 3.23 % 17072 15236 - 18909 5791 5484 - 6099 Bangalore West Vijayanagar Overall 1.95 % 1.76 % - 2.17 % 11852 11348 - 12356 5690 5435 - 5946 Bangalore North Virupakshapura Overall 2.31 % 1.95 % - 2.75 % 11051 10283 - 11819 4516 4287 - 4746 Bangalore North Voderahalli Overall 3.74 % 2.82 % - 4.75 % 18625 14759 - 22491 4241 4069 - 4413 Bangalore West Volagerekallahalli 2 7.02 % 6.39 % - 7.7 % 23033 21638 - 24429 3270 3175 - 3366 Bangalore West Volagerekallahalli Overall 6.77 % 6.26 % - 7.32 % 23287 22205 - 24370 3278 3197 - 3360 Bangalore Whitefield East Bangalore 2 4.2 % 4.05 % - 4.35 % 16868 16557 - 17179 4046 3981 - 4110 Whitefield East Bangalore 3 4.04 % 3.86 % - 4.24 % 20693 20186 - 21200 4146 4057 - 4234 Whitefield East Bangalore Overall 3.72 % 3.6 % - 3.86 % 16802 16500 - 17104 4095 4043 - 4147 North 2 2.6 % 2.19 % - 3.08 % 12216 11083 - 13349 4542 4278 - 4806 Bangalore North Yelahanka 3 3.49 % 3.15 % - 3.85 % 18963 17839 - 20087 4631 4476 - 4787 Bangalore North Yelahanka Overall 3.01 % 2.72 % - 3.33 % 15799 14814 - 16783 4639 4508 - 4771 Bangalore Yelahanka New North 2 3.86 % 3.25 % - 4.52 % 16340 14396 - 18284 4547 4433 - 4661 Town Bangalore Yelahanka New North Overall 3.69 % 3.06 % - 4.41 % 15664 13835 - 17493 4476 4359 - 4593 Town Bangalore North Yeshwanthpur 2 2.91 % 2.72 % - 3.11 % 16849 16055 - 17644 5522 5451 - 5594 Bangalore North Yeshwanthpur 3 3.21 % 2.83 % - 3.6 % 20451 18344 - 22558 5111 4973 - 5249 Bangalore North Yeshwanthpur Overall 2.84 % 2.67 % - 3.02 % 16934 16143 - 17725 5358 5290 - 5425 Bangalore

Locality-wise Rental Yield for Furnished Houses in Bengaluru

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) North Agrahara Layout 2 7.05 % 5.9 % - 8.29 % 30395 26554 - 34237 4421 4267 - 4575 Bangalore South Akshayanagar 2 7 % 6.26 % - 7.79 % 25791 23651 - 27931 3827 3743 - 3912 Bangalore South Akshayanagar 3 5.76 % 5.13 % - 6.44 % 27346 25450 - 29242 3812 3659 - 3965 Bangalore South Akshayanagar Overall 6.37 % 5.83 % - 6.95 % 25773 24191 - 27354 3823 3750 - 3895 Bangalore North Anantapura 2 5.04 % 4.33 % - 5.84 % 18877 17141 - 20614 3952 3731 - 4172 Bangalore North Anantapura Overall 5.19 % 4.5 % - 5.95 % 22689 20723 - 24654 3998 3842 - 4154 Bangalore

IREF Bengaluru Rental Yield Report |20

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) Annapurneshwari West 2 4.93 % 4.55 % - 5.35 % 21255 20380 - 22130 4621 4447 - 4795 Nagar Bangalore Annapurneshwari West 3 5.6 % 5.2 % - 6.04 % 30573 29306 - 31841 4683 4532 - 4833 Nagar Bangalore Annapurneshwari West Overall 4.76 % 4.44 % - 5.1 % 23718 22797 - 24638 4711 4599 - 4822 Nagar Bangalore South Arakere 2 4.42 % 4.11 % - 4.76 % 21242 20583 - 21901 4736 4553 - 4919 Bangalore South Arakere Overall 3.94 % 3.68 % - 4.22 % 20819 20217 - 21420 4928 4781 - 5075 Bangalore East Balagere 2 7.99 % 7.39 % - 8.63 % 28272 27032 - 29512 3584 3467 - 3700 Bangalore East Balagere 3 8.69 % 8.13 % - 9.29 % 35627 34666 - 36588 3470 3340 - 3599 Bangalore East Balagere Overall 8.44 % 7.96 % - 8.95 % 32058 31054 - 33062 3531 3445 - 3618 Bangalore Central Banashankari 2 3.7 % 3.43 % - 3.99 % 18312 17604 - 19021 5258 5089 - 5428 Bangalore Central Banashankari 3 4.57 % 4.21 % - 4.97 % 28053 26702 - 29403 5081 4930 - 5232 Bangalore Central Banashankari Overall 3.4 % 3.2 % - 3.61 % 19127 18534 - 19720 5144 5032 - 5256 Bangalore North Banaswadi 2 4.02 % 3.56 % - 4.54 % 22335 21149 - 23521 5166 4885 - 5447 Bangalore North Banaswadi 3 4.08 % 3.45 % - 4.79 % 26081 23516 - 28647 5344 5001 - 5687 Bangalore North Banaswadi Overall 3.75 % 3.41 % - 4.12 % 22420 21391 - 23449 5264 5053 - 5475 Bangalore Bangalore City Municipal South 2 6.13 % 5.77 % - 6.5 % 21810 21135 - 22485 3815 3730 - 3901 Corporation Bangalore Layout Bangalore City Municipal South 3 6.1 % 5.47 % - 6.76 % 26252 24005 - 28499 3827 3715 - 3938 Corporation Bangalore Layout Bangalore City Municipal South Overall 5.96 % 5.61 % - 6.33 % 23277 22417 - 24138 3830 3762 - 3898 Corporation Bangalore Layout South Basapura 2 6.92 % 6.55 % - 7.31 % 24941 24020 - 25861 3781 3716 - 3847 Bangalore South Basapura 3 6.5 % 6.16 % - 6.85 % 27752 26981 - 28522 3659 3581 - 3737 Bangalore South Basapura Overall 6.6 % 6.29 % - 6.92 % 25563 24778 - 26347 3740 3686 - 3794 Bangalore Basaveshwara West 2 3.89 % 3.52 % - 4.29 % 20927 19723 - 22132 5706 5551 - 5861 Nagar Bangalore Basaveshwara West 3 4.48 % 4.07 % - 4.93 % 29520 28121 - 30918 5695 5455 - 5935 Nagar Bangalore Basaveshwara West Overall 3.82 % 3.51 % - 4.15 % 22466 21411 - 23522 5701 5572 - 5830 Nagar Bangalore

IREF Bengaluru Rental Yield Report |21

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) East Battarahalli 2 4.5 % 4.04 % - 5 % 17087 16122 - 18051 4035 3836 - 4234 Bangalore East Battarahalli Overall 4.2 % 3.79 % - 4.66 % 17522 16576 - 18468 4051 3888 - 4214 Bangalore North Begur 2 5.42 % 5.09 % - 5.78 % 19141 18492 - 19791 3878 3774 - 3982 Bangalore North Begur 3 6.17 % 5.52 % - 6.88 % 28245 26163 - 30327 3760 3647 - 3872 Bangalore North Begur Overall 5 % 4.69 % - 5.32 % 19467 18820 - 20114 3851 3770 - 3932 Bangalore East Bellandur 2 5.97 % 5.65 % - 6.3 % 27140 26471 - 27808 4368 4254 - 4482 Bangalore East Bellandur 3 6.45 % 5.96 % - 6.99 % 32927 31737 - 34117 4207 3999 - 4415 Bangalore East Bellandur Overall 5.6 % 5.3 % - 5.91 % 26811 26053 - 27569 4317 4207 - 4426 Bangalore South Bikasipura 2 4.77 % 4.21 % - 5.39 % 21911 20512 - 23309 4804 4504 - 5105 Bangalore South Bikasipura Overall 4.78 % 4.29 % - 5.34 % 24196 22910 - 25482 4822 4604 - 5039 Bangalore South Bilekahalli Overall 4.39 % 3.98 % - 4.87 % 21153 20617 - 21690 5058 4760 - 5356 Bangalore South Bommanahalli 2 5.75 % 5.4 % - 6.12 % 23309 22541 - 24076 4224 4127 - 4321 Bangalore South Bommanahalli 3 4.83 % 4.47 % - 5.2 % 29818 28153 - 31483 4742 4657 - 4826 Bangalore South Bommanahalli Overall 4.05 % 3.84 % - 4.27 % 21490 20896 - 22084 4567 4497 - 4637 Bangalore East Bommasandra 2 6.67 % 6.25 % - 7.1 % 18048 17218 - 18878 2981 2936 - 3025 Bangalore East Bommasandra Overall 5.87 % 5.49 % - 6.27 % 16963 16264 - 17661 3092 3037 - 3147 Bangalore South BTM Layout 2 4.6 % 4.19 % - 5.07 % 23188 22601 - 23775 4859 4569 - 5149 Bangalore South BTM Layout 3 6.35 % 5.68 % - 7.09 % 34669 32754 - 36585 4360 4122 - 4598 Bangalore South BTM Layout Overall 3.67 % 3.45 % - 3.91 % 19293 18945 - 19640 4616 4426 - 4807 Bangalore South BTM Layout 1 Overall 2.76 % 2.55 % - 2.99 % 19950 19224 - 20675 NA NA Bangalore West Byadarahalli 2 3.54 % 2.94 % - 4.27 % 18279 16409 - 20148 NA NA Bangalore West Byadarahalli Overall 3.69 % 3.07 % - 4.43 % 18580 16712 - 20447 NA NA Bangalore South Byagadadenahalli Overall 8.35 % 6.5 % - 10.65 % 25229 21729 - 28729 3037 2886 - 3188 Bangalore East C V Raman Nagar 2 5.11 % 4.66 % - 5.62 % 21748 20835 - 22661 4479 4304 - 4653 Bangalore East C V Raman Nagar Overall 4.53 % 4.15 % - 4.96 % 21431 20618 - 22243 4445 4299 - 4591 Bangalore East 10.24 9.46 % - 11.07 Chambenahalli 2 30781 29604 - 31958 3513 3416 - 3610 Bangalore % %

IREF Bengaluru Rental Yield Report |22

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) East 10.33 Chambenahalli Overall 9.6 % - 11.12 % 31142 30019 - 32265 3484 3392 - 3577 Bangalore % Chandra Layout West 2 4.03 % 3.6 % - 4.49 % 20766 19352 - 22180 5472 5313 - 5632 Extension Bangalore Chandra Layout West Overall 4 % 3.58 % - 4.46 % 20810 19367 - 22254 5480 5335 - 5625 Extension Bangalore South Chansandra 2 7.05 % 6.24 % - 7.88 % 25100 22632 - 27569 3723 3654 - 3791 Bangalore South Chansandra Overall 5.23 % 4.75 % - 5.74 % 19166 17764 - 20567 3732 3670 - 3794 Bangalore South Chikkakannalli 2 7.76 % 7.09 % - 8.48 % 28852 27261 - 30443 3859 3768 - 3949 Bangalore South Chikkakannalli 3 7.34 % 6.8 % - 7.94 % 36845 36120 - 37570 4378 4172 - 4584 Bangalore South Chikkakannalli Overall 7.78 % 7.23 % - 8.38 % 34508 33516 - 35500 4146 4023 - 4268 Bangalore South Chikkalasandra 2 4.42 % 3.91 % - 4.99 % 17910 16788 - 19032 4234 4045 - 4424 Bangalore South Chikkalasandra 3 5.54 % 4.96 % - 6.17 % 26255 24442 - 28068 4068 3949 - 4187 Bangalore South Chikkalasandra Overall 4.08 % 3.7 % - 4.49 % 18580 17532 - 19627 4163 4057 - 4270 Bangalore North Chokkanahalli 2 5.91 % 5.44 % - 6.4 % 27002 25391 - 28614 4455 4370 - 4540 Bangalore North Chokkanahalli Overall 5.55 % 5.07 % - 6.06 % 27397 25547 - 29247 4571 4496 - 4645 Bangalore East Choodasandra 2 6.1 % 5.4 % - 6.92 % 22972 21775 - 24168 3848 3646 - 4050 Bangalore East Choodasandra Overall 4.95 % 4.43 % - 5.53 % 21936 20863 - 23009 3856 3713 - 3998 Bangalore South Choudadenahalli 2 8.35 % 7.78 % - 8.94 % 29492 28049 - 30934 3700 3602 - 3799 Bangalore South Choudadenahalli Overall 8.22 % 7.62 % - 8.85 % 30245 28773 - 31716 3743 3645 - 3840 Bangalore North Dasarahalli Overall 4.38 % 3.86 % - 4.95 % 21093 19528 - 22658 4462 4191 - 4733 Bangalore Devarachikkana South 2 6.51 % 5.87 % - 7.19 % 23873 22221 - 25525 3839 3714 - 3963 Halli Bangalore Devarachikkana South 3 6.61 % 5.73 % - 7.59 % 32961 29895 - 36028 3994 3807 - 4181 Halli Bangalore Devarachikkana South Overall 6.02 % 5.47 % - 6.61 % 24813 23260 - 26366 3891 3788 - 3995 Halli Bangalore North Devinagar 2 3.53 % 3.03 % - 4.09 % 19355 17765 - 20945 4920 4699 - 5142 Bangalore North Devinagar Overall 3.36 % 2.91 % - 3.86 % 20376 18600 - 22151 4837 4684 - 4990 Bangalore Doddabommasand North Overall 3.01 % 2.29 % - 3.96 % 17361 15084 - 19637 5058 4512 - 5604 ra Bangalore East Doddakannelli Overall 5.01 % 4.34 % - 5.75 % 24431 22197 - 26666 4667 4453 - 4881 Bangalore East Doddanekundi 2 6.2 % 5.57 % - 6.93 % 23221 22330 - 24111 3821 3614 - 4028 Bangalore

IREF Bengaluru Rental Yield Report |23

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) East Doddanekundi Overall 5.33 % 4.78 % - 5.98 % 21724 21008 - 22439 4057 3823 - 4292 Bangalore South Electronic City 1 7.2 % 6.3 % - 8.29 % 12613 12145 - 13082 3302 2953 - 3652 Bangalore South Electronic City 2 7.2 % 7.03 % - 7.37 % 20782 20530 - 21034 3196 3160 - 3231 Bangalore South Electronic City 3 6.96 % 6.64 % - 7.29 % 25186 24592 - 25781 3181 3114 - 3248 Bangalore South Electronic City Overall 6.91 % 6.74 % - 7.08 % 21060 20783 - 21337 3199 3168 - 3231 Bangalore West Gnana Bharathi 2 4.76 % 4.23 % - 5.34 % 21301 19697 - 22904 4653 4470 - 4835 Bangalore West Gnana Bharathi 3 5.27 % 4.81 % - 5.78 % 27058 25885 - 28232 4340 4122 - 4559 Bangalore West Gnana Bharathi Overall 4.81 % 4.39 % - 5.25 % 23193 21935 - 24451 4523 4387 - 4659 Bangalore South Gottigere 2 5.14 % 4.71 % - 5.6 % 19559 18740 - 20378 4080 3919 - 4240 Bangalore South Gottigere 3 5.81 % 5.26 % - 6.39 % 26099 24454 - 27744 3919 3787 - 4052 Bangalore South Gottigere Overall 4.88 % 4.55 % - 5.23 % 20378 19595 - 21161 4025 3922 - 4127 Bangalore East Gunjur Palya 2 7.62 % 7.19 % - 8.08 % 21952 21478 - 22425 3311 3219 - 3403 Bangalore East Gunjur Palya Overall 7.2 % 6.58 % - 7.89 % 21323 20547 - 22100 3348 3277 - 3418 Bangalore East Halanayakanahalli 2 7.82 % 7.1 % - 8.6 % 29984 28447 - 31521 4149 4010 - 4288 Bangalore East Halanayakanahalli Overall 7.18 % 6.52 % - 7.89 % 29476 27865 - 31086 4223 4110 - 4335 Bangalore East Hallehalli 2 5.78 % 5.06 % - 6.6 % 18440 17193 - 19687 3451 3235 - 3666 Bangalore East Hallehalli 3 6.51 % 5.91 % - 7.15 % 23585 22027 - 25143 3160 3044 - 3275 Bangalore East Hallehalli Overall 6.09 % 5.56 % - 6.66 % 20683 19606 - 21759 3312 3179 - 3445 Bangalore South Harlur 2 6.97 % 6.15 % - 7.89 % 30311 28297 - 32325 4249 4105 - 4392 Bangalore South Harlur 3 7.61 % 7.04 % - 8.24 % 37637 36607 - 38668 NA NA Bangalore South Harlur Overall 7.13 % 6.48 % - 7.83 % 32321 30736 - 33906 4299 4160 - 4437 Bangalore North HBR Layout 2 5.26 % 4.98 % - 5.55 % 24966 24138 - 25795 4805 4722 - 4888 Bangalore North HBR Layout 3 5.12 % 4.69 % - 5.59 % 30019 28382 - 31657 4814 4668 - 4961 Bangalore North HBR Layout Overall 4.88 % 4.65 % - 5.13 % 25003 24272 - 25733 4811 4739 - 4883 Bangalore North Hebbal 2 3.94 % 3.54 % - 4.38 % 19194 18363 - 20026 5015 4756 - 5275 Bangalore North Hebbal Overall 3.65 % 3.33 % - 4.01 % 20387 19553 - 21220 4978 4805 - 5150 Bangalore

IREF Bengaluru Rental Yield Report |24

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) Hebbal North 2 4.82 % 4.46 % - 5.2 % 21416 20384 - 22449 4762 4603 - 4921 Kempapura Bangalore Hebbal North 3 5.14 % 4.52 % - 5.86 % 29300 27445 - 31155 NA NA Kempapura Bangalore Hebbal North Overall 4.8 % 4.41 % - 5.22 % 22640 21520 - 23761 4770 4622 - 4919 Kempapura Bangalore West Hegganahalli 2 3.91 % 3.57 % - 4.26 % 17003 15879 - 18127 4445 4362 - 4527 Bangalore West Hegganahalli Overall 3.2 % 2.95 % - 3.46 % 14301 13550 - 15052 4478 4388 - 4569 Bangalore North Hennur 2 5.18 % 4.71 % - 5.71 % 22390 21440 - 23340 4081 3962 - 4200 Bangalore North Hennur 3 5.38 % 4.73 % - 6.11 % 26000 23967 - 28033 4067 3888 - 4246 Bangalore North Hennur Overall 5.15 % 4.76 % - 5.57 % 23328 22442 - 24213 4131 4029 - 4234 Bangalore South Hongasandra 2 5.46 % 5.06 % - 5.9 % 19495 18821 - 20169 3826 3703 - 3950 Bangalore South Hongasandra Overall 3.75 % 3.48 % - 4.05 % 15499 15152 - 15846 3915 3790 - 4040 Bangalore East Hoodi 3 5.13 % 4.51 % - 5.84 % 34107 31990 - 36224 NA NA Bangalore East Hoodi Overall 4.66 % 4.12 % - 5.28 % 28612 27145 - 30080 5433 5174 - 5691 Bangalore North Hormavu 2 5.54 % 5.29 % - 5.8 % 22109 21406 - 22813 4123 4064 - 4182 Bangalore North Hormavu 3 5.7 % 5.34 % - 6.09 % 29458 28275 - 30640 4158 4053 - 4263 Bangalore North Hormavu Overall 5.42 % 5.19 % - 5.66 % 23362 22677 - 24047 4188 4136 - 4241 Bangalore South Hosakerehalli 2 3.63 % 3.06 % - 4.24 % 14231 12451 - 16012 4106 3976 - 4235 Bangalore South Hosakerehalli Overall 3.53 % 3.1 % - 3.98 % 15588 14119 - 17057 4105 4019 - 4191 Bangalore East Hoskote Overall 6.53 % 5.25 % - 7.98 % 22561 19246 - 25876 3355 3293 - 3416 Bangalore South HSR Layout 2 5.09 % 4.81 % - 5.4 % 27835 27498 - 28172 5790 5590 - 5991 Bangalore South HSR Layout Overall 4.42 % 4.19 % - 4.67 % 25467 25186 - 25748 5679 5509 - 5848 Bangalore South Hulimavu 2 5.7 % 5.27 % - 6.17 % 21130 20064 - 22197 3950 3868 - 4031 Bangalore South Hulimavu 3 5.17 % 4.59 % - 5.81 % 27415 25204 - 29626 4267 4126 - 4409 Bangalore South Hulimavu Overall 4.78 % 4.45 % - 5.12 % 19311 18569 - 20052 4033 3958 - 4109 Bangalore North Jakkuru 2 3.67 % 3.38 % - 3.97 % 19712 18541 - 20883 5470 5357 - 5583 Bangalore North Jakkuru 3 4.37 % 3.99 % - 4.76 % 28083 26116 - 30050 5484 5382 - 5586 Bangalore North Jakkuru Overall 3.76 % 3.49 % - 4.04 % 22700 21414 - 23987 5484 5408 - 5560 Bangalore

IREF Bengaluru Rental Yield Report |25

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) North Jalahalli East 2 4.13 % 3.41 % - 4.95 % 17946 15772 - 20121 NA NA Bangalore North Jalahalli East Overall 4.04 % 3.39 % - 4.79 % 17845 15840 - 19850 NA NA Bangalore North Jalahalli West 2 5.27 % 4.79 % - 5.79 % 18178 17187 - 19170 3711 3624 - 3798 Bangalore North Jalahalli West Overall 5.07 % 4.64 % - 5.53 % 19299 18235 - 20364 3681 3599 - 3762 Bangalore South Jayanagar Overall 3.97 % 3.4 % - 4.66 % 25032 23723 - 26342 NA NA Bangalore Jinkethimmanahall East 2 4.27 % 3.75 % - 4.83 % 17653 16146 - 19161 4426 4264 - 4588 i Bangalore Jinkethimmanahall East Overall 4.3 % 3.82 % - 4.82 % 18005 16670 - 19340 4447 4284 - 4611 i Bangalore Jnana Ganga West 2 4.22 % 3.7 % - 4.78 % 20535 19034 - 22036 NA NA Nagar Bangalore Jnana Ganga West Overall 4.12 % 3.71 % - 4.56 % 21685 20348 - 23021 4672 4457 - 4887 Nagar Bangalore South JP Nagar 2 4.49 % 4.28 % - 4.7 % 20432 19937 - 20927 4701 4601 - 4801 Bangalore South JP Nagar 3 4.82 % 4.52 % - 5.12 % 27837 26737 - 28938 4713 4588 - 4838 Bangalore South JP Nagar Overall 3.99 % 3.82 % - 4.16 % 20629 20182 - 21076 4759 4682 - 4836 Bangalore East K R Puram 2 5.24 % 4.98 % - 5.52 % 20207 19624 - 20790 4018 3932 - 4104 Bangalore East K R Puram 3 5.59 % 5.23 % - 5.97 % 27454 26485 - 28422 3974 3866 - 4082 Bangalore East K R Puram Overall 5.2 % 4.95 % - 5.45 % 22436 21858 - 23013 4028 3961 - 4096 Bangalore South 10.33 9.56 % - 11.14 Kada Agrahara 2 31330 29680 - 32980 3223 3047 - 3400 Bangalore % % South 10.19 9.15 % - 11.34 Kada Agrahara Overall 30472 28639 - 32305 3196 3061 - 3331 Bangalore % % East Kadubeesanahalli 2 6.31 % 5.83 % - 6.85 % 26896 25900 - 27892 4310 4166 - 4455 Bangalore East Kadubeesanahalli Overall 5.8 % 5.38 % - 6.24 % 25734 24770 - 26698 4263 4134 - 4392 Bangalore East Kadugodi 2 6.42 % 5.95 % - 6.93 % 22980 22154 - 23806 3752 3618 - 3887 Bangalore East Kadugodi 3 6 % 5.36 % - 6.73 % 28665 27297 - 30034 3879 3685 - 4073 Bangalore East Kadugodi Overall 5.28 % 4.89 % - 5.72 % 21848 21077 - 22618 3743 3633 - 3852 Bangalore East Kaggadasapura 2 5.5 % 5.24 % - 5.78 % 20897 20430 - 21363 4055 3959 - 4150 Bangalore East Kaggadasapura 3 5.5 % 4.92 % - 6.14 % 26252 24479 - 28026 3949 3832 - 4066 Bangalore East Kaggadasapura Overall 5.05 % 4.8 % - 5.32 % 20757 20261 - 21252 4042 3960 - 4123 Bangalore East Kaikondrahalli 2 5.43 % 5.04 % - 5.86 % 26775 26006 - 27544 5167 4880 - 5454 Bangalore

IREF Bengaluru Rental Yield Report |26

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) East Kaikondrahalli Overall 5.5 % 5.02 % - 6.03 % 29339 28086 - 30591 5242 5002 - 5483 Bangalore South Kalena Agrahara 2 4.5 % 3.95 % - 5.15 % 19288 18192 - 20385 4625 4252 - 4998 Bangalore South Kalena Agrahara Overall 4.24 % 3.75 % - 4.78 % 20472 19133 - 21812 4543 4306 - 4779 Bangalore North Kalkere 2 5.17 % 4.67 % - 5.73 % 22530 21347 - 23713 4502 4257 - 4748 Bangalore North Kalkere Overall 4.33 % 3.94 % - 4.76 % 22220 21037 - 23404 4349 4189 - 4509 Bangalore North Kalyan Nagar 2 4.95 % 4.28 % - 5.72 % 28541 26532 - 30549 5283 4895 - 5670 Bangalore North Kalyan Nagar Overall 4.81 % 4.26 % - 5.42 % 28852 27096 - 30607 5418 5138 - 5698 Bangalore West Kamla Nagar 2 4.85 % 3.98 % - 5.88 % 19161 17070 - 21252 4616 4348 - 4884 Bangalore West Kamla Nagar Overall 4.1 % 3.34 % - 5.03 % 19784 17826 - 21743 5001 4703 - 5298 Bangalore East Kasavanahalli 2 6.91 % 6.35 % - 7.53 % 28916 27757 - 30075 4194 4033 - 4355 Bangalore East Kasavanahalli 3 6.71 % 5.91 % - 7.65 % 35445 33698 - 37192 4383 4123 - 4643 Bangalore East Kasavanahalli Overall 6.76 % 6.22 % - 7.36 % 30715 29510 - 31920 4261 4125 - 4396 Bangalore North Kaval Byrasandra 2 5.2 % 4.41 % - 6.17 % 20812 19438 - 22185 4486 4163 - 4809 Bangalore North Kaval Byrasandra Overall 4.85 % 4.21 % - 5.6 % 21449 20126 - 22772 4665 4402 - 4928 Bangalore Kengeri Satellite West 2 5.32 % 5.09 % - 5.56 % 21767 21235 - 22299 4400 4322 - 4477 Town Bangalore Kengeri Satellite West 3 5.16 % 4.76 % - 5.57 % 27582 26151 - 29012 4472 4361 - 4584 Town Bangalore Kengeri Satellite West Overall 4.95 % 4.72 % - 5.19 % 22914 22263 - 23565 4429 4366 - 4492 Town Bangalore South Kodipur 2 5.51 % 4.95 % - 6.1 % 20358 18815 - 21900 3960 3860 - 4059 Bangalore South Kodipur Overall 5.38 % 4.88 % - 5.92 % 21593 20229 - 22957 4175 4064 - 4287 Bangalore South Konanakunte 2 5.54 % 4.92 % - 6.21 % 20835 19294 - 22375 3861 3689 - 4034 Bangalore South Konanakunte 3 4.96 % 4.47 % - 5.5 % 25304 23830 - 26779 4154 3916 - 4392 Bangalore South Konanakunte Overall 5.11 % 4.63 % - 5.64 % 21667 20425 - 22909 3986 3843 - 4129 Bangalore South Koramangala 2 4.74 % 4.32 % - 5.23 % 27660 26868 - 28452 5473 5151 - 5794 Bangalore South Koramangala Overall 3.87 % 3.54 % - 4.26 % 23279 22728 - 23830 5403 5113 - 5692 Bangalore South Kudlu 2 7.09 % 6.23 % - 8.04 % 28722 26580 - 30863 4006 3806 - 4206 Bangalore South Kudlu Overall 6.82 % 6.11 % - 7.6 % 30644 28711 - 32577 3975 3829 - 4122 Bangalore

IREF Bengaluru Rental Yield Report |27

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) Kumaraswamy South 2 3.79 % 3.53 % - 4.06 % 19145 18298 - 19992 5201 5032 - 5370 Layout Bangalore Kumaraswamy South 3 4.25 % 3.65 % - 4.92 % 23956 21470 - 26441 4848 4592 - 5104 Layout Bangalore Kumaraswamy South Overall 3.52 % 3.28 % - 3.78 % 18832 18046 - 19619 4996 4853 - 5139 Layout Bangalore East Mahadevapura 2 4.82 % 4.44 % - 5.25 % 22844 22074 - 23615 4626 4426 - 4826 Bangalore East Mahadevapura 3 5.02 % 4.52 % - 5.59 % 29151 27815 - 30486 4747 4497 - 4998 Bangalore East Mahadevapura Overall 4.34 % 4.05 % - 4.65 % 22414 21756 - 23073 4695 4548 - 4842 Bangalore South Mailasandra 2 5.5 % 4.76 % - 6.31 % 23663 21301 - 26026 4527 4310 - 4745 Bangalore South Mailasandra Overall 5.47 % 4.76 % - 6.24 % 26672 24184 - 29159 4237 4081 - 4394 Bangalore West Mallathahalli 2 5.66 % 5.04 % - 6.33 % 23555 21839 - 25271 4510 4318 - 4703 Bangalore West Mallathahalli Overall 5.14 % 4.57 % - 5.77 % 23813 22117 - 25509 4596 4435 - 4756 Bangalore East Marathahalli Overall 4.56 % 4.04 % - 5.2 % 23862 23343 - 24380 4773 4414 - 5131 Bangalore North Margondanahalli 2 3.3 % 2.83 % - 3.81 % 16337 14571 - 18103 5379 5197 - 5561 Bangalore North Margondanahalli Overall 2.67 % 2.31 % - 3.07 % 14385 12964 - 15805 5228 5036 - 5419 Bangalore Muneshwara South 2 6.54 % 5.81 % - 7.36 % 24612 23118 - 26106 NA NA Nagar Bangalore Muneshwara South Overall 4.5 % 3.93 % - 5.17 % 22140 20955 - 23324 4421 4175 - 4667 Nagar Bangalore East Munnekollal 2 5.79 % 5.24 % - 6.44 % 24495 23944 - 25046 4021 3768 - 4273 Bangalore East Munnekollal Overall 4.86 % 4.43 % - 5.35 % 22028 21623 - 22433 4092 3863 - 4320 Bangalore West Nagarbhavi 2 3.63 % 3.29 % - 3.99 % 19531 18519 - 20542 5191 4998 - 5385 Bangalore West Nagarbhavi 3 4.52 % 3.84 % - 5.28 % 26813 23866 - 29760 4918 4658 - 5178 Bangalore West Nagarbhavi Overall 3.62 % 3.33 % - 3.94 % 20546 19548 - 21543 5158 5001 - 5315 Bangalore North Nagasandra 2 6.18 % 5.74 % - 6.65 % 20739 19680 - 21798 3794 3720 - 3868 Bangalore North Nagasandra 3 5.72 % 5.12 % - 6.42 % 25401 24358 - 26445 4054 3751 - 4357 Bangalore North Nagasandra Overall 5.84 % 5.31 % - 6.41 % 21442 20108 - 22775 3873 3779 - 3967 Bangalore North Nagavara 2 4.08 % 3.77 % - 4.44 % 22246 21718 - 22773 5502 5251 - 5754 Bangalore North Nagavara Overall 4.13 % 3.85 % - 4.45 % 24100 23504 - 24696 5441 5260 - 5622 Bangalore North Nandini Layout 2 3.52 % 3.19 % - 3.87 % 19618 18381 - 20854 5596 5477 - 5714 Bangalore

IREF Bengaluru Rental Yield Report |28

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) North Nandini Layout 3 4.78 % 4.44 % - 5.14 % 30832 29507 - 32157 5264 5091 - 5437 Bangalore North Nandini Layout Overall 3.41 % 3.14 % - 3.69 % 20688 19564 - 21812 5411 5301 - 5521 Bangalore North Narayanapura 2 5.08 % 4.59 % - 5.6 % 21707 20295 - 23120 4386 4272 - 4500 Bangalore North Narayanapura Overall 5.3 % 4.73 % - 5.9 % 25642 23650 - 27635 4405 4326 - 4484 Bangalore South Nayandahalli 2 5.16 % 4.73 % - 5.61 % 24779 23015 - 26542 4669 4598 - 4739 Bangalore South Nayandahalli 3 5.38 % 4.91 % - 5.87 % 31656 29221 - 34091 4827 4755 - 4899 Bangalore South Nayandahalli Overall 5.12 % 4.71 % - 5.53 % 26883 25218 - 28548 4738 4686 - 4790 Bangalore North Nehru Nagar 2 5.57 % 5.11 % - 6.06 % 25947 24160 - 27733 4668 4568 - 4768 Bangalore North Nehru Nagar 3 5.81 % 5.33 % - 6.3 % 32609 30472 - 34746 4574 4476 - 4672 Bangalore North Nehru Nagar Overall 5.6 % 5.22 % - 5.99 % 28562 27012 - 30112 4625 4553 - 4696 Bangalore East Panathur 2 6.24 % 5.99 % - 6.49 % 29126 28440 - 29812 4305 4244 - 4365 Bangalore East Panathur 3 6.13 % 5.78 % - 6.5 % 32593 31475 - 33710 4287 4207 - 4367 Bangalore East Panathur Overall 5.89 % 5.65 % - 6.14 % 28634 27867 - 29401 4302 4254 - 4351 Bangalore South Panduranga Nagar Overall 4.55 % 3.82 % - 5.47 % 22627 21219 - 24036 4868 4492 - 5245 Bangalore North R.K. Hegde Nagar 2 5.04 % 4.54 % - 5.59 % 21452 19929 - 22976 4425 4272 - 4577 Bangalore North R.K. Hegde Nagar 3 5.06 % 4.28 % - 5.9 % 27765 24366 - 31165 4585 4382 - 4788 Bangalore North R.K. Hegde Nagar Overall 4.87 % 4.42 % - 5.35 % 22562 21121 - 24004 4484 4363 - 4605 Bangalore Central Rajajinagar 2 3.73 % 3.45 % - 4.01 % 20879 19824 - 21933 5804 5719 - 5888 Bangalore Central Rajajinagar Overall 3.5 % 3.24 % - 3.77 % 20578 19514 - 21643 5677 5591 - 5762 Bangalore Ramamurthy East 2 4.39 % 4.07 % - 4.73 % 18733 18111 - 19356 4458 4296 - 4621 Nagar Bangalore Ramamurthy East 3 5.08 % 4.46 % - 5.74 % 25555 23059 - 28051 4380 4163 - 4597 Nagar Bangalore Ramamurthy East Overall 4.21 % 3.9 % - 4.53 % 18753 18128 - 19377 4385 4247 - 4522 Nagar Bangalore South Rayasandra Overall 3.89 % 3.31 % - 4.56 % 21298 19480 - 23115 NA NA Bangalore RMV Extension North 2 3.7 % 3.3 % - 4.13 % 22121 20635 - 23607 6078 5828 - 6328 Stage 2 Bangalore RMV Extension North Overall 3.48 % 3.14 % - 3.84 % 21601 20201 - 23000 5741 5548 - 5933 Stage 2 Bangalore South RR Nagar 2 5.44 % 5.28 % - 5.61 % 23065 22593 - 23537 4322 4279 - 4364 Bangalore

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Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) South RR Nagar 3 5.64 % 5.44 % - 5.85 % 30077 29403 - 30750 4406 4347 - 4465 Bangalore South RR Nagar Overall 5.37 % 5.21 % - 5.52 % 25368 24892 - 25844 4363 4328 - 4398 Bangalore South 7.11 % - 10.59 S.Medihalli 2 8.75 % 26280 22557 - 30004 3049 2888 - 3211 Bangalore % South S.Medihalli Overall 7.91 % 6.72 % - 9.24 % 26468 23727 - 29209 3078 2958 - 3199 Bangalore North Sanjay Nagar 2 4.86 % 4.54 % - 5.2 % 24738 23735 - 25742 5691 5562 - 5821 Bangalore North Sanjay Nagar Overall 4.95 % 4.57 % - 5.36 % 25339 24092 - 26585 5693 5573 - 5813 Bangalore South Singasandra 2 5.79 % 5.41 % - 6.19 % 22433 21589 - 23277 4050 3949 - 4150 Bangalore South Singasandra 3 6.61 % 5.93 % - 7.36 % 30697 28793 - 32601 3809 3698 - 3921 Bangalore South Singasandra Overall 5.4 % 5.04 % - 5.78 % 22514 21583 - 23444 3958 3880 - 4036 Bangalore South Somasundarapalya 2 6.95 % 6.28 % - 7.69 % 28150 26998 - 29302 4020 3791 - 4249 Bangalore South Somasundarapalya Overall 6.26 % 5.55 % - 7.09 % 28677 27339 - 30015 4115 3919 - 4310 Bangalore East Sompura 2 6.89 % 5.87 % - 8.02 % 20464 18297 - 22632 NA NA Bangalore East Sompura Overall 7.23 % 6.21 % - 8.36 % 22990 20696 - 25283 3377 3152 - 3602 Bangalore South Srinivaspura 2 6.19 % 5.82 % - 6.59 % 23794 22926 - 24662 4086 3993 - 4179 Bangalore South Srinivaspura 3 6.38 % 5.89 % - 6.91 % 29699 28221 - 31177 4013 3897 - 4128 Bangalore South Srinivaspura Overall 6.29 % 5.95 % - 6.64 % 26530 25657 - 27402 4054 3983 - 4126 Bangalore South Subramanyapura 2 4.06 % 3.65 % - 4.48 % 16645 15296 - 17993 4187 4095 - 4280 Bangalore South Subramanyapura 3 3.64 % 3.14 % - 4.16 % 19378 17226 - 21529 4356 4249 - 4463 Bangalore South Subramanyapura Overall 3.69 % 3.37 % - 4.02 % 17421 16255 - 18587 4295 4225 - 4365 Bangalore West Sunkadakatte 2 3.96 % 3.54 % - 4.42 % 18502 17442 - 19562 4599 4344 - 4854 Bangalore West Sunkadakatte Overall 3.46 % 3.12 % - 3.83 % 17999 17022 - 18976 4631 4430 - 4831 Bangalore South Sunkalpalya Overall 5.76 % 5.01 % - 6.59 % 23053 20880 - 25225 3781 3646 - 3916 Bangalore South Tejaswini Nagar Overall 5.8 % 4.99 % - 6.7 % 25449 23214 - 27685 3720 3581 - 3859 Bangalore North Thanisandra 2 4.86 % 4.47 % - 5.26 % 22139 20784 - 23494 4612 4508 - 4716 Bangalore North Thanisandra 3 5.39 % 4.86 % - 5.96 % 30185 28046 - 32325 4551 4405 - 4697 Bangalore North Thanisandra Overall 4.83 % 4.45 % - 5.23 % 23959 22543 - 25374 4576 4494 - 4659 Bangalore

IREF Bengaluru Rental Yield Report |30

Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) South Thyvakanahally Overall 8.52 % 7.66 % - 9.46 % 27805 26169 - 29441 3361 3185 - 3537 Bangalore South Uttarahalli 2 4.66 % 4.16 % - 5.22 % 20328 19160 - 21495 4126 3952 - 4299 Bangalore South Uttarahalli 3 4.69 % 4.34 % - 5.07 % 28741 27729 - 29754 4823 4684 - 4962 Bangalore South Uttarahalli Overall 4.59 % 4.24 % - 4.97 % 25173 24165 - 26181 4596 4479 - 4712 Bangalore East Varthur 2 6.71 % 6.14 % - 7.32 % 22319 20956 - 23682 3494 3422 - 3566 Bangalore East Varthur 3 7.55 % 6.86 % - 8.29 % 30277 28716 - 31838 3594 3443 - 3745 Bangalore East Varthur Overall 6.8 % 6.27 % - 7.37 % 24508 23192 - 25824 3535 3464 - 3606 Bangalore North Veerasagara Overall 8.14 % 7.46 % - 8.85 % 33218 31128 - 35308 3846 3782 - 3909 Bangalore North Vidyaranyapura 2 4.03 % 3.7 % - 4.36 % 18671 17501 - 19842 4763 4672 - 4854 Bangalore North Vidyaranyapura Overall 3.51 % 3.26 % - 3.77 % 17480 16535 - 18424 4636 4557 - 4715 Bangalore West Vijayanagar 3 3.97 % 3.28 % - 4.78 % 25211 22499 - 27923 5791 5484 - 6099 Bangalore West Vijayanagar Overall 2.89 % 2.6 % - 3.21 % 17502 16759 - 18246 5690 5435 - 5946 Bangalore North Virupakshapura Overall 3.41 % 2.88 % - 4.06 % 16320 15186 - 17454 4516 4287 - 4746 Bangalore North Voderahalli Overall 5.52 % 4.17 % - 7.01 % 27504 21795 - 33214 4241 4069 - 4413 Bangalore West 10.37 9.44 % - 11.37 Volagerekallahalli 2 34014 31954 - 36075 3270 3175 - 3366 Bangalore % % West 9.24 % - 10.81 Volagerekallahalli Overall 10 % 34390 32791 - 35988 3278 3197 - 3360 Bangalore % East Whitefield 2 6.2 % 5.99 % - 6.42 % 24910 24451 - 25369 4046 3981 - 4110 Bangalore East Whitefield 3 5.97 % 5.7 % - 6.26 % 30558 29809 - 31307 4146 4057 - 4234 Bangalore East Whitefield Overall 5.5 % 5.31 % - 5.69 % 24812 24366 - 25258 4095 4043 - 4147 Bangalore North Yelahanka 2 3.84 % 3.24 % - 4.54 % 18040 16367 - 19714 4542 4278 - 4806 Bangalore North Yelahanka 3 5.15 % 4.66 % - 5.69 % 28003 26344 - 29663 4631 4476 - 4787 Bangalore North Yelahanka Overall 4.45 % 4.02 % - 4.92 % 23330 21876 - 24785 4639 4508 - 4771 Bangalore Yelahanka New North 2 5.7 % 4.81 % - 6.67 % 24130 21259 - 27001 4547 4433 - 4661 Town Bangalore Yelahanka New North Overall 5.45 % 4.52 % - 6.52 % 23132 20431 - 25832 4476 4359 - 4593 Town Bangalore North Yeshwanthpur 2 4.3 % 4.02 % - 4.59 % 24882 23709 - 26055 5522 5451 - 5594 Bangalore North Yeshwanthpur 3 4.74 % 4.17 % - 5.32 % 30201 27089 - 33312 5111 4973 - 5249 Bangalore

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Avg. Avg. Avg. Rate Range of Range of Avg. Monthly Range of Avg. Locality Region BHK Rental per Avg. Rate Rental Yield Rent Rent (INR) Yield SqFt(INR) (INR) (INR) North Yeshwanthpur Overall 4.19 % 3.94 % - 4.45 % 25007 23839 - 26175 5358 5290 - 5425 Bangalore

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