 "House rent")
The average monthly rental for premium housing rose 28 per cent year-on-year in Gurugram during the January-June period of this year on higher demand, limited supply and appreciation in capital values, according to Savills India.
In Gurugram, the "average rentals witnessed an increase of 28 per cent YOY (year-on-year) across all markets. GCER (Golf Course Extension Road & SPR (southern peripheral road) and Golf Course Road saw the highest rise in rentals with 33 per cent and 31 per cent YOY growth, respectively," real estate consultant Savills said in its report.
As per the report, the average quoted rentals are for 3BHK and 4BHK apartments on Golf Course Road and 3-BHK apartments in other micro markets.
As per the Savills data of the first half of 2023, Golf Course Road commands a monthly average rental of Rs 1,95,941, while the average rent at Golf Course Extension Road and Southern Peripheral Road is Rs 1,01,000 a month.
The data showed that average rent in New Gurugram is Rs 47,100 and in Dwarka Expressway is Rs 40,071 per month.
Commenting on the rental surge, Savills India MD-Residential Services Shveta Jain said Gurugram and Noida attract a constant influx of migratory working professionals who prefer renting over buying.
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She noted that the pandemic brought about a major shift in housing preferences, with many individuals opting to upgrade to larger properties with better amenities. This led to an increased demand for 3-4 BHK homes and higher rentals.
Jain noted that the past 4-5 years have witnessed a trend of aspirational renting, especially in the luxury and uber-luxury segments.
"High-net-worth families chose to transition from traditional intergenerational homes to lavish experiences offered by high-end condo living. With limited new launches in the luxury segment, the existing supply of luxury properties experienced a notable spike in rentals," she said.
According to a real estate broker, the monthly rent in DLF's ultra premium project 'The Aralias' at Golf Course Road Gurugram has increased to Rs 4.5-4.75 lakh from Rs 2.6-2.7 lakh pre-pandemic. The minimum apartment size in this project is 5,800 square feet. Furnished flat is available for rent at Rs 5.5-6 lakh.
Similarly in DLF's 'The Magnolias' project, the monthly rent stood at Rs 3.7-3.8 lakh pre-pandemic and now it is Rs 5.5-6 lakh for unfurnished and Rs 6.5-7 lakh for furnished. The minimum size is 6,400 square feet.
In DLF's 'The Camellias' project, the monthly rent is Rs 8-9 lakh for an unfurnished flat and Rs 11-12 lakh for furnished apartment. The minimum apartment size in this project is 7,400 square feet.
Noida-based realty firm Gulshan group Director Deepak Kapoor said the capital values as well as rentals have grown in Delhi-NCR with return to normalcy after the second wave of the COVID pandemic.
Gurugram-based Krisumi Corporation MD Mohit Jain said: "Gurugram is currently experiencing a notable surge in housing demand, attracting both homebuyers and individuals seeking rental properties.
"Over the past few years, the city has witnessed significant improvements in infrastructure, with numerous global companies establishing their head offices and capability centres."
Consequently, he said, there is a growing influx of talent from different parts of the country, including senior management, CXOs, founders, and foreign expatriates, all seeking accommodation in Gurugram.
"This increased demand has led to a rise in capital values and rental prices, particularly in the high-end property segment. Additionally, many expatriates are opting for managed and serviced accommodations and are willing to pay a premium for such convenience," said Jain of Krisumi, which is building a luxury housing project on Dwarka Expressway.
