There is a 28 per cent year-on-year increase on the average monthly rental for premium housing in Gurugram during the time period January to June this year, according to Savills India.
GCER (Golf Course Extension Road & SPR (southern peripheral road) and Golf Course Road saw the highest rise in rentals with 33 per cent and 31 per cent YOY growth respectively, said the report of real estate consultant Savills India.
The report said that the average quoted rentals are for 3BHK and 4BHK apartments on Golf Course Road and 3-BHK apartments in other micro markets. Rs 1,95,941 was the monthly average rental of Golf Course Road, while the average rent at Golf Course Extension Road and Southern Peripheral Road is Rs 1,01,000 a month.
The data showed that average rent in New Gurugram is Rs 47,100 and in Dwarka Expressway is Rs 40,071 per month.
Shveta Jain, Managing Director – Residential Services, Savills India, said that the new working professionals in Gurugram and Noida prefer renting over buying.
According to Jain, a major shift was noticed after the pandemic, as people were willing to opt for larger properties with better amenities. This was the reason for an increased demand of 3-4 BHK homes and higher rentals.
She noted that the past 4-5 years have witnessed a trend of aspirational renting, especially in the luxury and uber-luxury segments.
“High-net-worth families chose to transition from traditional intergenerational homes to lavish experiences offered by high-end condo living. With limited new launches in the luxury segment, the existing supply of luxury properties experienced a notable spike in rentals,” she said.
The monthly rent of DLF’s luxury complex “The Aralias” at Golf Course Road Gurugram has risen to Rs 4.5-4.75 lakh from Rs 2.6-2.7 lakh prior to the pandemic, said a real estate broker. This project’s minimum apartment size is 5,800 square feet. Rent for a furnished flat is between Rs. 5.5 and Rs. 6 lakh.
Similar to this, the monthly rent in DLF’s “The Magnolias” project increased from Rs 3.7–3.8 lakh before the pandemic to Rs 5.5–6 lakh for unfurnished units and Rs 6.5-7 lakh for furnished units. A minimum of 6,400 square feet is required.
The monthly rent for an unfurnished property in DLF’s “The Camellias” project is Rs 8-9 lakh, and the rent for a furnished flat is Rs 11-12 lakh. In this development, a minimum apartment size of 7,400 square feet is required.
Noida-based realty firm Gulshan group Director Deepak Kapoor said the capital values as well as rentals have grown in Delhi-NCR with return to normalcy after the second wave of the COVID pandemic.
Mohit Jain, Managing Director of Gurugram-based Krisumi Corporation, said that Gurugram is currently experiencing a notable surge in housing demand, attracting both homebuyers and individuals seeking rental properties.
Gurugram has also witnessed a growing influx of people from different parts of India, including senior management, CXOs, founders, and foreign expatriates.
This has led to a rise in capital values and rental prices in the high-end property segment, said Jain of Krisumi.
“Additionally, many expatriates are opting for managed and serviced accommodations and are willing to pay a premium for such convenience,” he said.
(With inputs from PTI)