Rentals rise in areas near Metro stations RENTAL INCREASE
Dwarka Sector 10 registers a 7% hike; Gurgaon’s Sector 71 sees 13% increase
In Dwarka, sectors 10 and 11 each registered a 7% rise in rentals year on year. Apart from proximity to Metro stations, these sectors owe their rental space growth to a proposed financial hub in the vicinity and affordability, says a report by 99acres titled Insite. The quarterly report captures the capital and rental price trends of the residential realty market across seven major cities of India.
The inauguration of the elevated Metro route between Jahangirpuri and Badli played a pivotal role in improving rental sentiments in Rohini. Rentals there witnessed a surge of 5% year-on-year.
Builder floor rent in west and north Delhi and Dwarka fell by an average of 3% in JanuaryMarch 2016 as against the same quarter last year. South Delhi Rohini Dwarka South Delhi North Delhi Ghaziabad Gurgaon witnessed rental rates of builder floors succumbing to pressure created by the popularity of society apartments, which offer better amenities and a secure environment.
Rentals in localities such as Defence Colony, Saket and Greater Kailash I and II, Green Park and Malviya Nagar rose by 4 to 5% in builder floors yearon year.
Rentals in Noida remained passive, registering a decline of 3% between January and March. The highest gainer was Sector 78, Noida.
Although rates of builder floors in Noida plateaued yearon-year, the rental markets in sectors 20 and 31 performed well.
In Ghaziabad, two sub-localities of Indirapuram – Abhay Khand and Ahinsa Khand I – recorded growth in yearly rentals, by a margin of 8% and 7%, respectively.
In Gurgaon, Sector 71 took a healthy rental leap by 13% due to proximity to Gurgaon Metro and office complexes.
Rentals in Golf Course Road and Golf Course Extension Road surged by 4 to 6% year-on-year. The promise of improved connectivity via the rapid metro network has lifted sentiments and demand in these pockets.