The average premium housing rent increased by 28% in the first half of this year as a result of increased demand, limited supply, and growing capital values, according to Savills India.
The average rental rate in Gurugram “seen an increase of 28% year-on-year across all segments. The prime locations like Golf Course Road, and Golf Course Extension Road witnessed the largest increases in rental rates, with 33% and 11%, respectively.
As per the survey, 3BHK and 4BHK apartments on Golf Course Road and the 3BHK flats in other micro markets have gained the highest rentals.
The average rent on Golf Course Road is around 2 lakhs per month, while it is more than one lakh per month on Golf Course Extension Road and Southern Peripheral Road, in the first half of 2023.
The average monthly rent in New Gurugram is Rs. 47,100 and 40,071 in Dwarka Expressway, because of its proximity to the National Capital.
Savills India MD-Residential Services Shveta Jain said Gurugram and Noida draw a continual arrival of migrant working professionals who prefer renting to buying in response to the rental boom.
She pointed out that the pandemic caused a significant change in housing demand, with many people choosing to move up to bigger homes with complete facilities. This increased demand for properties with three to four bedrooms and raised rental prices in NCR.
House renting has been more popular over the last four to five years, especially in the luxury and ultra-luxury classes, because of its amenities.
High-net-worth families made the decision to switch from living in small homes to the luxury living. Because there were insufficient new launches in the premium market, rentals in the current inventory of luxury homes increased significantly.
“The city has seen significant infrastructure expansions over the past few years, with many global companies launching their head offices in the NCR region.”
In a nutshell, the Gurugram is experiencing a huge migration of talent from various states of the country, including founders, start-ups, and foreign expats who are all looking for housing in this prime region.
Source- Zee Business
