Delhi: Property rental up by 20 percent
Delhi-NCR: Rental rates of properties in Delhi and NCR have increased by 20 percent in the last two quarters.
A DDA flat offered at Rs 18,000 in Mayur Vihar, East Delhi around six months ago is not available now for less than Rs 20,000. The rates have increased in all areas of the nation’s capital. Besides this, the relationship between owners and tenants is also getting affected.
Few years ago, South Delhi stood at top in terms of hike in rentals. But at present, upsurge in rentals has been witnessed in most parts of Delhi-NCR.
The rise in rental values of properties in Delhi-NCR because of changing lifestyles of residents, modern facilities available in the surroundings and kind of infrastructure present in the area, observe market experts. Mostly IT and other professionals looking for rented houses are preferring apartments to independent houses. Young generation gets attracted towards apartment living as the apartments provide modern amenities, uninterrupted power supply, water supply and other facilities.
Properties in Noida and DLF Phase V have witnessed abrupt rise in rentals. With the entry of Metro, areas including Indirapuram, Vaishali, Vasundhara and others have also observed significant rise in the rental values. Malviya Nagar, Lajpat Nagar, Safdarjung Enclave, IP Extension, Kalkaji and Paschim Vihar have also witnessed massive growth.
A renowned realtor said that people should think of owning a house instead of spending so much on paying huge rents for years together. Many other realtors and market experts have expressed same opinion.
South Delhi seems to be no longer the most preferred choice for people looking to rent properties because the rentals are already sky high there, alleged market analysts.
Even the landlords are under some stress as most of the tenants, being high-salaried MNC employees, demand all the modern fixtures and fittings compatible with the latest lifestyle living. Landlords are no longer lying on the superior side, like earlier, as it is now tenants’ time to be superior in many cases. There were a lot of dos and don’ts for tenants, both in residential and commercial properties. But, the current market dynamics are gradually transforming the whole relationship. The owners have to attend to every house-related request and provide them the best.
While tenants are looking for rental accommodations suiting their needs, the landlords are also in need of having trustworthy tenants who would not only pay the rent on time but also maintain their houses well. In some cases, owners have been renegotiating rent to retain their old tenants.
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