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Delhi-NCR news: 2BHK monthly rent surges highest 23% in Noida, 14% in Gurugram, 13% in Dwarka

Priya Singh | 2023-11-10

The average monthly rents for 1,000 square feet 2BHK flats surged by up to 23 percent across India’s top 7 cities from 2019 level, a latest survey revealed.
Monthly rentals for letting out 2BHK flats of 1,000 square feet area have gone up by 23% from 2019 to 2022 across 7 major cities, property consultant Anarock said in a report. The highest rent rise came from Noida, where Sector 150 saw rental prices rise highest at 23%. Rent in the area has gone up from Rs 15,500 to Rs 19,000 for a 1000 sq. ft. 2BHK flat on average.
Other places in Delhi-NCR area where marked rise in rentals was observed were Sohna Road, Gurugram and Dwarka. Rent at Sohna Road area in Gurgaon went up by 14 percent, from Rs 25,000 per month to Rs 28,500 per month on average from 2019. In Delhi’s Dwarka locality, the average rent for a 1000 sq. ft. area 2BHK flat went from Rs 19,500 to Rs 22,000, a 13 percent hike.

“Rental demand increased substantially in 2022,” said Anuj Puri, Chairman, Anarock Group.
With more companies calling their employees back to the office, including in the hybrid mode, rental demand is rising across the 7 top cities, after plummeting during the two worst Covid-19 waves,” he added. He said that the demand for rent will continue to rise in 2023.

In other cities, Hyderabad’s Hitech City saw rent go up by 7 percent while the city’s Gachibowli area saw rent rise by 6 percent. Chembur in Mumbai Metropolitan Region (MMR), saw average rent go up by 13 per cent from Rs 45,000 to Rs 51,000. In Kolkata, average rent went up between 11 to 16 percent. Average rent in Bengaluru’s popular localities like Sarjapur Road, Whitefield rose 14 and 18 percent, respectively, as per the report.