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In the first half of 2023, Delhi, Noida, and Gurugram witnessed a remarkable increase in luxury housing rentals, with a jump ranging from 5% to a whopping 28% year-on-year (YoY). This surge was revealed in a recent analysis by Savills, a leading real estate consultancy. This upward shift can be attributed to a widening demand-supply gap coupled with a boost in capital values.
Delhi's rental landscape showed signs of stabilization after a tumultuous 50% spike in the first half of 2022. The January-June 2023 period revealed a more modest 5% YoY increment. Notably, the Central 1 micro-market of Delhi, encompassing posh areas such as Golf Links and Jor Bagh, recorded the steepest climb at 10%. Trailing closely was the South East micro-market, which includes luxurious locales like Friends Colony and Greater Kailash, registering an 8% uptick.
Meanwhile, Gurugram's rental market was ablaze with a 28% average escalation across its sectors. Specifically, the Golf Course Extension Road and Southern Peripheral Road areas led the pack with a 33% rental inflation. This was closely followed by properties on Golf Course Road, which experienced a 31% increase.
Turning to Noida, upscale residences in sectors like 50, 78, and 107 marked a noteworthy 19% surge in rentals. The Noida-Greater Noida Expressway micro-market wasn't far behind, with an 18% YoY rise in the same duration.
Shedding light on actual figures, the Savills report indicated that the average monthly rent for 3 and 4 BHK apartments on Golf Course Road stood at Rs 1.95 lakh. In contrast, apartments in the Golf Course Extension Road and Southern Peripheral Road hover around Rs 1.01 lakh. Comparatively, places like Dwarka Expressway and New Gurugram command monthly rentals of Rs 40,000 and Rs 47,000, respectively.
In the Noida-Greater Noida corridor, the average rental is pegged around Rs 60,000, with sectors 50, 78, 79, and 107 falling in the range of Rs 55,000 to Rs 60,000. Central Delhi's plush areas, including Golf Links and Jor Bagh, boast an impressive Rs 2.75 lakh monthly average, while Vasant Vihar and Shanti Niketan follow suit with a Rs 2.5 lakh average.
In conclusion, The substantial surge in luxury housing rentals across Delhi-NCR is a testament to the region's growing real estate allure and the escalating demand-supply dichotomy. As these cities continue to thrive and evolve, the rental market is set to be a dynamic space to watch.
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