Gurugram, known for its bustling corporate landscape and rapid urbanization, has witnessed a significant surge in demand for rental housing, reflecting the diverse population that have located to the city. The rental housing market in Gurugram today caters to the varied needs and preferences of its residents. With a robust economy fuelled by the presence of numerous multinational corporations, IT hubs, and thriving industries, the city has observed a strong advent of workforce from across the country as well as abroad. This influx of professionals seeking career opportunities has intensified the demand for rental accommodations, ranging from upscale apartments in prime locations to more budget-friendly options in emerging residential pockets.
Popular Rental Housing Markets
An in-depth examination of the thriving online rental landscape in Gurugram highlights a pronounced inclination toward leasing properties in central localities, specifically in proximity to Cyber Hub, along Golf Course Extension, and Sohna Road. This heightened demand and interest in these areas have resulted in a substantial average rental growth of 18–20 per cent from the pre-pandemic levels of 2019.
Interestingly, potential renters display a preference for both apartments and independent floors, particularly with 2 BHK and 3 BHK configurations Gurugram. This inclination reflects the diverse housing preferences within the city, showcasing a demand for both the contemporary living offered by apartments and the individuality provided by independent floors. The popularity of 2 BHK and 3 BHK homes suggests a balance between space and affordability, catering to the evolving needs of renters in Gurugram, and shaping the housing market to accommodate a wide spectrum of preferences and lifestyles.
Rental Trends
At present, Golf Course Road and Golf Course Extension Road claim the top spots for the highest median rents in Gurugram, ranging from INR 130,000–135,000 and INR 70,000–75,000 per month, respectively, which are comparable to rents in Mumbai’s Central region.
This preference is rooted in the strategic positioning of these areas, offering proximity to commercial districts, easy access to Delhi, and convenient airport accessibility. Consequently, these areas are prioritized over locations like New Gurgaon, despite their more affordable rents (INR 35,000–40,000 per month). New Gurgaon, being distant from commercial centres and hindered by the Kherki Daula toll, is considered to hold relatively lesser appeal to many renters.
Catalysts for Growth
The driving forces behind Gurugram's rental market encompass the growing employment opportunities in the region. Essentially, what distinguishes Gurugram is its strategic identity as a corporate hub, attracting diverse industries and professionals in pursuit of a cosmopolitan lifestyle. The city's infrastructure has adeptly evolved alongside its growth, featuring well-designed roads, superb connectivity, and contemporary amenities that enhance residents' quality of life. This development has not only elevated Gurugram's rental housing market but has also established an ecosystem seamlessly blending work and leisure. The success story of this housing segment, thus, is founded on a narrative of progressive urban planning, strategic location advantages, and a steady commitment to delivering a superior living experience.
Summing Up
Fuelled by high property prices and a limited supply of ready-to-occupy homes, Gurugram's rental demand has experienced a significant surge, particularly concentrated around the major road network near DLF Cyber Hub and central areas. This surge has led to a noteworthy increase in rents in these locations over the past two years. While areas like New Gurgaon and sectors beyond boast relatively lower property prices and rents, their full potential awaits realization with the completion of the Dwarka Expressway, promising improved commute times. In light of ongoing infrastructure development and the city's constrained supply of ready homes, rental demand and prices along Golf Course Road, Golf Course Extension Road, and Cyber Hub are anticipated to sustain an upward trajectory in the foreseeable future.
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