Rentals move up by 15% in Delhi NCR
Localities in South Delhi such as Kalkaji, Saket, Defence Colony and Safdarjung see residential rentals move up by over 20% in a year
Rentals in the Delhi and NCR region have witnessed a 15% appreciation if one were to take into account rentals of a 3BHK residential apartment in the second quarter of 2012 (Apr- May- June 2012) and compare them with rental values in the same quarter last year, says a new study by 99acres.com, a real estate portal.
Residential areas such as Defence Colony and Saket witnessed the maximum appreci- ation. Both these areas have witnessed 29% and 28% rise in rentals in the second quarter this year over the second quarter last year. Mayur Vihar-1 and IP Extension in East Delhi saw rentals appreciate by 23% and 12% respectively, while Vikaspuri and Janakpuri in West Delhi saw rental values moving up by 18% and 13% respectively in the second quarter this year over last year.
According to Vineet Singh, business head, 99acres.com, “Residential rentals in Delhi/NCR have seen about a 10-15% jump in the past one year. With more people moving into the city for jobs, the residential hotspots have been in high demand for rentals, directly resulting in an increase over the last 12 months, especially in the NCR region where there is lot of supply in this market. Rentals in Noida will increase at a rate of 10-15% yearly. However, Gurgaon will see about 15% to 25% increase in the coming months. This trend will continue in the coming years as well because there are very few projects at the completion stage in Gurgaon, while in Noida there is huge inventory in the pipeline to be delivered over the next few years.”
The NCR region has seen an appreciation in rental values across localities. Key localities of Noida like Sector 50, Sector 93, and Sector 82 have seen rentals escalating in the range of 12% to 16% over a period of one year. Localities in the Ghaziabad region have also seen rental value appreciation. Both Vasundhara and Indrapuram saw approximately 12% increase in rental values during the same time period.
Prime areas of Gurgaon like Palam Vihar, Golf Course Extension Road, MG Road and Sohna Road, have seen 28%, 24%, 22% and 19% rise in rentals in the second quarter this year compared to last year. Both Sushant Lok and Sector 56 Gurgaon saw price appreciation of 15% respectively during the same period.