Indian Economy News

Housing rentals surge by 40% in Delhi-NCR as demand outstrips supply

  • IBEF
  • April 26, 2023

As per a report by the Economic Times, the rents for properties in Delhi-National Capital Region (NCR) have climbed by 25–40% over the previous year due to a shortage of supply and rising demand from businesses asking employees to return to work. According to the report, the rental costs for micro-markets in Noida and Gurugram have risen.

The report, as an example stated that the monthly rent for a two-bedroom (2BHK) flat in Gurugram's Central Park Resort on Sohna Road increased from US$ 549-610 (Rs. 45,000-50,000) in 2019 to US$ 915 (Rs. 75,000).

With several significant commercial and residential assets, Gurugram has been a real estate powerhouse during the past 20 years, drawing millennials and Ultra High Net-Worth Individuals (UHNIs).

As per an Industry Leader, during the Covid-19 pandemic, rents in urban areas saw a decline due to a shift in demand as many people relocated to their hometowns. The surge in demand came from people who previously moved out of cities due to the pandemic as well as new residents.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.