Substantial Rise Seen in Upscale Rentals in South Delhi and Gurgaon
Market analysts report a notable surge in high-end leasing within prime regions of South Delhi and Gurgaon’s Golf Course Road, attributed to the return of senior executives and expatriates to work.
The rentals along Gurgaon’s Golf Course Road have observed a 14% year-on-year increase. Similarly, residences within DLF5 Golf Links, including The Magnolias, The Aralias, The Camellias, and The Crest, have witnessed a twofold rise in rentals since 2020.
Sitting along Golf Course Road, the residences within DLF5 Golf Links hold sway over the luxury and ultra-luxury rental segments nationwide. This region has experienced a spike in rental demand from local expatriates, business professionals, CXOs residing in the Delhi-National Capital Region (NCR), and potential homeowners aiming to shift from bungalows to upscale condominiums.
The heightened desire for upscale and premium properties extends beyond the primary real estate market, as the secondary market also grapples with a scarcity of such properties. This scarcity is particularly pronounced in coveted locations within major cities like Delhi, Mumbai, and Bengaluru.
In the year 2022, the mean monthly rent for a three-bedroom luxury residence in South Delhi climbed to Rs 2.5 lakh, marking an escalation from Rs 2.25 lakh in 2021 and Rs 1.75 lakh in 2020.
Average Rental as of August 2023
- The Aralias in DLF Golf Links offers unfurnished apartments starting at a monthly rental of Rs 4.5 lakhs while furnished apartments start at a higher rate of Rs 6 lakhs per month. Comparatively, two years ago the rentals were only around Rs 2.6 lakhs per month.
- Moving on to The Magnolias in DLF Golf Links, their monthly rental for unfurnished units begins at a higher price of Rs 5.5 lakhs whereas furnished units start even higher at a rate of Rs 6.5 lakhs per month.
- Lastly we have The Camellias which is the latest luxurious addition to DLF’s portfolio and it commands the highest rentals among all three properties mentioned above with unfurnished units starting as high as Rs 7.5 lakhs per month and furnished units reaching an even more extravagant rate of Rs 10.5 lakhs per month
