The luxury rentals on Golf Course Road Gurgaon and the prime locations of south Delhi have grown significantly as top executives and expatriates began work.
Rentals on Golf Course Road in Gurgaon have climbed 14% year on year, while rentals at DLF5 Golf Links apartments such as The Magnolias, The Aralias, The Camellias, and The Crest have more than doubled since 2020.
Savills India reported considerable rises in luxury house rentals in a number of other micro markets, including central Noida, select regions of south and central Mumbai, and south and east Bengaluru.
“It is clear that the rental market for luxury properties has risen, with landlords commanding higher rents as a result of increased demand and limited supply of such luxury spaces.”
DLF5 Golf Links apartments on Golf Course Road attract some of the highest rentals in the country’s luxury and super-luxury segments.
The demand for rentals in this area has increased due to an increase in regional expatriate residents, businesses, CXOs headquartered in Delhi-National Capital Region (NCR), and prospective purchasers looking to transition and upgrade from bungalows to high-rise buildings.
The spike in demand for luxury and high-end properties is not limited to the main market; the secondary market is also experiencing a shortage of such properties, particularly in high-demand regions in major cities such as Delhi, Mumbai, and Bengaluru.
Rents in the top eight real estate markets that offer ultra-luxurious apartments have risen over the last two years, according to data from Housing.com. Rents are rising in tandem with occupancy levels as more people enter the workforce in India’s main cities such as Mumbai, Bengaluru, Delhi, and Hyderabad.
“The capital appreciation in Delhi-NCR was 40% year on year at the end of 2022 when compared to 2021.” According to Savills research, the average monthly rental for a luxury three-bedroom house in south Delhi would be Rs 2.5 lakh in 2022, up from Rs 2.25 lakh in 2021 and Rs 1.75 lakh in 2020.
Unfurnished apartments at The Aralias, DLF Golf Links, begin at Rs 4.5 lakh per month, while furnished apartments start at Rs 6 lakh per month and up. Rentals were roughly Rs 2.6 lakh per month two years ago.
Monthly rent at The Magnolias, DLF Golf Links starts at Rs 5.5 lakh for unfurnished homes and Rs 6.5 lakh for equipped units.
The Camellias, DLF’s newest super luxury addition, attracts the highest rentals, with unfurnished units starting at Rs 7.5 lakh per month and furnished units starting at Rs 10.5 lakh per month.
Source- ET
