Housing rental increased by 40% in Delhi-NCR due to high demand

27 Apr 2023 CW Team

According to a media source, rents for residences in Delhi-National Capital Region (NCR) have climbed by 25% to 40% over the previous year due to a shortage of supply and increased demand from businesses urging staff to return to work. According to the survey, landlords are seeking to make up for losses by taking advantage of the supply-demand imbalance by raising rental costs for micro-markets in Noida and Gurugram. The inflow of relocating expats has also caused rents for farmhouses and serviced flats in the high-end market to increase.

According to the survey, the monthly rent for a two-bedroom condo in this location increased from Rs 45,000 to Rs 50,000 to Rs 75,000 in 2019. It used Gurugram's Central Park Resort on Sohna Road for instance. According to CMD of Central Park, Amarjit Bakshi, new recruiting practises and the return of regular office hours have increased demand for both new homes and rental properties across all locations. According to property specialists, Sohna Road is among the top three markets in the NCR region where rental value growth is picking up.

People want to prioritise their quality of life and live more comfortably as they return to the workforce and their responsibilities rise, according to Aakash Ohri, Group Executive Director and Chief Business Officer of DLF Ltd. Whether they are renting or buying a property, he explained, this simply implies that they would want to move to a new house or perhaps even a different neighbourhood. With a number of significant commercial and residential assets, Gurugram has been a real estate powerhouse during the past 20 years, drawing millennials and Ultra High Net-Worth Individuals (UHNIs).

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