5 Best Places To Rent A Home In Delhi
Renting out can be a great way to earn additional income. In smaller cities, the rental yield is usually low when compared to metropolitan cities such as Bengaluru, Mumbai and Delhi. The rental yield in metros can be as high as six to seven per cent as against two to four per cent an average in smaller cities. The Delhi–Mumbai Industrial Corridor (DMIC) and the Amritsar-Delhi-Kolkata Industrial Corridor (ADKIC) will boost industrial network and infrastructure in the national capital. This will definitely have a positive impact on the demand for housing and the rental yield in Delhi.
MakaanIQ lists the localities that have seen an increase in the rental value over the past few months.
Greater Kailash 1
Greater Kailash 1 is one of the prime localities that saw a surge in rental rates. From December 2015 to November 2016, the rental rates of apartments in Greater Kailash 1 increased from Rs 33 per square feet to Rs 35 per square foot. This means that if earlier you received a rent of Rs 33,000 for 1,000 square feet flat, now, you would earn Rs 35,000 for the same. The locality is one of the plushest localities of South Delhi.
In the period between December 2015 and November 2016, rental values in Safdarjung Enclave witnessed an increase from Rs 32 per square feet to Rs 34 per square feet. This means on a 1,000-square-feet-flat, one could earn an extra income of Rs 2,000. On the scale of 10, Safdarjung Enclave offers a liveability index of 9.4. Sound social infrastructure along with strong connectivity and the presence of Hazrat Nizamuddin railway station stimulates the demand for apartments in Safdarjung Enclave.
Since January 2016, the rental values here increased from Rs 17 per square feet to Rs 18 per square feet. For instance, if your tenant was paying Rs 17,000 for 1,000 square feet in January 2016, then as per the rates of November 2016, he would have had to pay Rs 18,000 per square feet. Although rental rate fluctuates depending on amenities provided by the landlord, the prime reason for rental surge is the locality’s proximity to Tilak Nagar, Hari Nagar, Subash Nagar and Rajouri Garden. Tenants looking for apartments in Ashok Nagar will get good metro connectivity owing to its proximity to Subhash Nagar and Tilak Nagar metro stations.
Uttam Nagar is another area where rental rates saw a surge over the last year. In December 2015, the rental rate in Uttam Nagar was Rs 14 per square feet. This rose to Rs 15 per square feet in September 2016. This means if earlier you earned a rent of Rs 14,000 per square feet on 1,000 sq ft. As per the rates changed, one earned around Rs 15,000 per sq ft for the same space. Affordability and good metro connectivity are the prime reasons that spur demand for houses on rent in Uttam Nagar. Easy accessibility to Gurgaon and the international airport are a few factors that stimulate rental demand for apartments in Uttam Nagar.
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Mayur Vihar witnessed an increase in the rental values over the last year. In December 2015, the price per square feet was Rs 22 per square feet. This increased to Rs 24 per square feet in November 2016. This means that on renting out 1,000 square feet one could have earned an additional income of Rs 2,000. The main reason behind increased rental value is its proximity to Noida. The working class in Noida look for options in the nearby areas. Thus, spurring demand for apartments in Mayur Vihar.