The average monthly rental for premium housing rose 28% YoY in Gurgaon during the first six months of 2023 (H1 2023) due to higher demand, limited supply and appreciation in capital values, according to a report by Savills India. Golf Course Extension Road (GCER) and Southern Peripheral Road (SPR) and Golf Course Road saw the highest rise in rentals with 33% and 31% YoY growth, respectively.
As per the report, the average quoted rentals are for 3 BHK and 4 BHK apartments on Golf Course Road and 3 BHK apartments in other micro markets. In H1 2023, Golf Course Road commands a monthly average rental of Rs 1,95,941, while the average rent at GCER and SPR is Rs 1,01,000 a month. The data showed that average rent in New Gurgaon is Rs 47,100 and in Dwarka Expressway is Rs 40,071 per month.
The report notes 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. With limited new launches in the luxury segment, the existing supply of luxury properties experienced a notable spike in rentals.
Market experts noted a significant increase in monthly rents for prominent projects such as ‘The Aralias’ and ‘The Magnolias’ on Golf Course Road. ‘The Aralias’ experienced a surge from Rs 2.6-2.7 lakh pre-pandemic to Rs 4.5-4.75 lakh in monthly rent in H1 2023. Meanwhile, ‘The Magnolias’ saw rents increase to Rs 5.5-6 lakh for unfurnished units and Rs 6.5-7 lakh for furnished ones. Similar trends were observed in other upscale projects like ‘The Camellias’, with monthly rents ranging from Rs 8-9 lakh for unfurnished apartments to Rs 11-12 lakh for furnished residences.
Housing News Desk is the news desk of leading online real estate portal, Housing.com. Housing News Desk focuses on a variety of topics such as real estate laws, taxes, current news, property trends, home loans, rentals, décor, green homes, home improvement, etc. The main objective of the news desk, is to cover the real estate sector from the perspective of providing information that is useful to the end-user.
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