What Makes East Delhi A Sought-After Rental Market

What Makes East Delhi A Sought-After Rental Market

What Makes East Delhi A Sought-After Rental Market
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Proximity to job districts, including Noida, Greater Noida and Ghaziabad, and the developing residential corridors alongside have given east Delhi a repute among investors, homebuyers and even those looking for rented accommodation. The locality, which is well-equipped with conveniences such as provision stores, parks, places of worship, theatres, entertainment areas, schools, hospitals, colleges and crèches for children. However, there are only certain pockets in east Delhi that garner good rental yields.

Data with Makaan.com suggest that starting at Rs 2,000 per month, there are 1RK (room, kitchen) units popular in areas like Shakarpur. Delhi may be going the Mumbai way — smaller configurations are becoming popular. Hence, investors banking on rental returns prefer leasing out even the smallest of extra available spaces in these areas. However, problems, including congestion and overcrowding cannot be overlooked in these areas.

Areas, including Mayur Vihar not just offer studio apartments but also have options going up to 4BHK configuration. These apartments are available at a starting price of Rs 5,000 per month. Mayur Vihar Extension, Mayur Vihar Phase III, New Ashok Nagar, Mandawali, Pandav Nagar, Kapashera, Vaishali, Anand Vihar, Vigyapan Lok and Preet Vihar are some of the popular areas where rents may go up to Rs 1 lakh or more, depending on the size of the house and the amenities provided. Rents may also be high if the flat is fully- or semi-furnished.

There are over 2,100 rental properties available. Check out these over here. Depending upon the rents, security deposits, too, may be in the range of Rs 4,000- 80,000. Therefore, before you finalise on a home, set aside this initial budget.

What’s new?

  • According to the reports, east Delhi along with South Delhi is ready to announce itself Open Defecation Free (ODF), in line with the vision of the Swachh Bharat Mission. However, residents have another story to tell. "Our officials have been pursuing the goal very sincerely. Besides building toilets, we have also focused on enforcing discipline among people to use toilets," Mayor Neema Bhagat was quoted as saying.
  • Sanitation has been one of the pressing concerns as municipal corporation's safai karamcharis go on strike every now and then stating pending wages. Despite the cash deficit, the east Delhi Municipal Corporation has agreed to clear all backlogs and even give bonuses to its employees by Diwali.
  • The Delhi Metro Rail Corporation (DMRC) is strategising traffic re-engineering solutions to decongest the stations, remodelling the busy stations such as Rajiv Chowk, New Delhi and HUDA City Centre, and 14 more stations, suggest reports. At Laxmi Nagar for instance, the DMRC is planning to relocate the security check point that usually led to a lot of congestion. Once the strategies are in place, it would mean a better commute experience for those who live or travel to east Delhi day in and out.
  • The east Delhi Residents’ Welfare Associations Joint Front recently opposed the decision of the administration that allowed parking outside homes chargeable. If abided, this clause would have meant a higher cost of living for homebuyers. However, the matter is now under consideration as the association has submitted its plea to the Transport Department, Delhi government and the Municipal Corporation.

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