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Luxury housing rentals rose between 5-28% in Delhi, Noida, Gurugram: Savills India report

Priya Singh | 2023-09-28

The premium residential market in key cities has witnessed remarkable momentum, leading to a significant appreciation in property values and rentals during the first half of the year
The report said that rental values have stabilised in Delhi, which saw a 5 percent YoY increase in the January-June period compared to the 50 percent spike reported in H1 2022. Representational picture
The monthly rentals for luxury housing rose between 5-28 percent year-on-year (YoY) in Delhi, Noida and Gurugram during the first half of 2023, according to a report by Savills, a real estate consulting firm. It attributed the rise in rentals to a demand-supply gap and appreciation in capital values.

The report said that rental values have stabilised in Delhi, which saw a 5 percent YoY increase in the January-June period compared to the 50 percent spike reported in H1 2022.

At 10 percent, Delhi’s Central 1 micro-market, which includes areas like Golf Links and Jor Bagh, witnessed the highest growth in rentals, followed by the South East micro-market, which grew 8 percent. South East Delhi includes areas like Friends Colony East, Friends Colony West, Maharani Bagh, Greater Kailash I, Greater Kailash II, etc.
Gurugram witnessed a 28 percent average increase in rentals across all markets. While rentals in areas like Golf Course Extension Road and Southern Peripheral Road shot up 33 percent — the highest, properties along Golf Course Road saw a 31 percent hike, the report said