Mumbai/Delhi/Bangalore: Rented houses in major Indian cities like Delhi, Mumbai and Bangalore are fetching 25% less money and demand for rented houses have also gone down significantly as housing budget is being cut by India Inc to deal with the slow economy.The GDP growth has slowed down to 5% in 2012-13 and hence companies which were splurging when GDP was 9.6% in 2006-07 are cutting costs at all level. 5 million jobs in India were lost between 2005 and 2010.Therefore it is no wonder that companies are unwilling to pay high rents to accommodate employees.Locations like Marine Drive, Colaba, NCPA Apartments at Nariman Point, Haveli on Malabar Hill and Maker Towers at Cuffe Parade all of which are the poshest in Mumbai were always on high demand though the rents ranged between Rs 5.5 to 12 lakh per month. These places were preferred mostly by the senior executives of various companies. But now even though rents have fallen by 30% most of the houses are lying empty.Also many companies are relocating from old business districts of Cuffe Parade and Nariman Point to Bandra Kurla Complex and Lower Parel. Therefore people are also losing interest in staying in south Mumbai paying through the nose.Since rents account for 15-20% of the total cost to company (CTC) it is no wonder that companies are cutting down on rents to stabilize their income. Most companies are looking to hire locals. And even if employees are not locals inflation is making them look for cheaper homes. Companies are also cutting on perks and this includes rentals.Cushman & Wakefield India executive director for residential business, Shveta Jain said, “Some transactions in Mumbai may be taking place at 5-10% lower than last year’s rentals.”Delhi and Bangalore are also not doing very well. Delhi neighbourhoods like West End, Shanti Niketean, Vasant Vihar and farmhouses in West End Greens and Chattarpur are fetching rents lesser by 25% than what they were even a year ago. Premium clients of Delhi like expats, clients and top executives seem to be lessening everyday and there are no clients in Delhi to fill up the inventory which has grown by 3 times in the last 3 years.In Bangalore the scenario is somewhat similar. Houses in areas like Epsilon in Yemlur and Prestige Exotica on Cunningham Road where rents ranged between Rs 7-10 lakh are almost empty even though rent has decreased by 35%. Rentals for single homes have also decreased by 40% and for gated communities have decreased by 20% and yet there are hardly any takers. Even queries for rented properties in these cities have gone down. займ на карту без отказов круглосуточновзять кредит онлайн