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Rentals spiraling up in delhi and ncr

Rentals Spiraling up in Delhi and NCR

Delhi and Mumbai are among the hottest and most expensive property destinations in the world. Be it buying, selling, leasing/renting, developing or investing, real estate in Mumbai and Delhi are the most preferred ones today. The property rates as well as rental values in both the cities are growing higher every quarter.

The economic meltdown slowed down the rapid pace of the property developments taking place in India. But, the real estate sector is back with a bang and doing much better than ever before while creating new benchmarks. The property market across the country is reaching new heights-from metros to tier-II, III & IV cities to suburbs & towns-the entire country is witnessing a boom in realty. Both realty prices and rents across the national capital, Delhi has soared higher and will continue to grow further.

In Delhi real estate, slowdown in tenant demand had hit retail sector the worst as compared to residential and commercial segments. The demand for rented offices is growing at the fastest pace followed by the industrial sector. The confidence in letting activities is returning to the market in retail sector as well after a long period of lull and slowdown. But, rents for retail property in Delhi are expected to remain broadly flat for three months and will see a hike there after. This is true for commercial and residential properties also as the shortage of spaces have led to increase in rentals.

Residential property has been a favorite with all and is currently the hottest segment in Delhi real estate. Even in the times of economic slowdown, the demand for housing never died down- be it for buying or renting purposes. Since buying flats in Delhi became expensive for large number of home buyers, they started opting for rented accommodations like flats and PGs. With an already acute shortage of rented housing in the capital city, this shift added all the more to the supply deficit in the sector. This ultimately resulted in a 50-100% increase in home rentals across the city including NCR. Rented homes in Delhi are going to get costlier in the coming few months due to the forthcoming events like Commonwealth Games, expansion of Metro rail and the ever increasing shortage of land in the city.

With Commonwealth Games approaching the city in barely four months, lot of development on housing front has taken place. From hotels to serviced apartments to bed & breakfast (B & B) service to paying guest houses to rented flats- all sorts of living spaces are being developed at an alarming rate. To cater to the needs of foreign tourists and athletes coming to the city for the spectacular event, the transportation and infrastructure are undergoing a massive change. This event is surely one of the reasons for hike in home rentals across the city and its peripheral areas.

Delhi Metro has been crossing new boundaries everyday, covering almost all parts of the national capital and even surrounding regions. The coming up of Metro rail to West, North & East Delhi and Noida has already inflated rentals as it has make commuting a much easier and convenient process. With its entry to South Delhi and Gurgaon in a few weeks from now, both property prices and rentals are set to go higher.

Delhi has been witnessing an acute crunch in rented properties and the decision of Delhi University to vacate the hostels is adding to the woes. With nearly 20,000 students looking for housing for next 3 months, rentals have fuelled up across the North and South campus areas.

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