Madhapur is the hub for the IT industry, construction companies, hotels, malls, and a large number of various commercial complexes. This has created employment for migrants. But then, the rents in the area are unaffordable to most people and so, the demand for rented houses is high in the Allapur division which is near Madhapur.
Land rates have skyrocketed and large buildings have sprung up to rent houses. Employees choose this area so that they can easily travel from home to office in less time without traffic problems. The nearest places to Madhapur are the colonies like Motinagar, PR Nagar, Gayathrinagar, Vivekananda Nagar, and Parvat Nagar. Demand for rent is high in these areas.
Single bedroom flats are available for Rs. 10,000-14,000 while double bedroom costs Rs. 16 to 20,000 per month. As soon as the house became vacant, it would get occupied immediately. But as the corona pandemic has had a severe impact on businesses across all sectors over the past year, software employees are working from their homes leaving these houses vacant.
Earlier, To-Let boards are a rare sight here but now the situation has changed. To-Let boards are hanging on the front door of many houses. House owners are have now decreased the rents to Rs 7,000 to Rs 8,000 for single bedroom flats as they feel something is better than keeping them vacant.