The market for rental accommodation in the Delhi-National Capital Region (NCR), has remained strong, especially along the outskirts. With the government’s demonetisation drive affecting real estate sales, the rental market has gained momentum. Consequently, people should carefully weigh the advantages and disadvantages of renting, to arrive at the best choice. While renting a house, it is important to consider the rental price, as much as the real benefits of living on rent.
Gurgaon and its new sectors in particular, continue to be favorite destinations, for prospective tenants. The metro system, which covers the millennium city, makes it fairly easy to travel within Gurgaon.
“Golf Course Extension and Sectors 47, 50, 55 and 56, are the most-preferred rental destinations in Gurgaon, owing to their proximity to established social infrastructure, such as educational institutions, healthcare centres, entertainment zones, commercial hubs and connectivity by metro and other modes of transport,” says Geetanjali Anand, director, Andy Home.
Another workable option is Faridabad, which is finally getting its due. It has turned into a hub for buying property in India.
The uniform level of occupancy, makes Faridabad a very affordable option to rent a house, as well. The area enjoys good connectivity with Noida, Gurgaon and Delhi.
The metro connects the satellite town to Noida and Delhi. The Gurgaon-Faridabad Expressway also helps commuters to cover the distance between the two towns swiftly.
If you still long for a rental house in Delhi, Dwarka offers a wide range of affordable choices, among other options. This sub-city is connected through the Delhi Metro and is at a close distance to Gurgaon and the airport.
According to Anand, “The best locations for rental accommodation in Delhi-NCR include Saket, Vasant Kunj, Lajpat Nagar and Freedom Fighter Enclave in the south, Palam Vihar and Dwarka in the west and Mayur Vihar Phase I in the east.”
Jitendra Parmar, PR associate at PR Grid, adds that in west Delhi, people can also consider Rajouri Ganden, Punjabi Bagh, east Patel Nagar or Janakpuri B and C Blocks and Krishna Park.
“The best places to stay on rent in south Delhi are Katwaria Sarai, Munirka, Vasant Vihar, Anand Lok, Lajpat Nagar III and IV, as these areas have good connectivity with the rest of Delhi. In east Delhi, the areas are Preet Vihar, Vivek Vihar, Karkardooma and Rajdhani Enclave and in north Delhi, Model Town, Shalimar Bagh, Rohini and Pitampura and Palam Vihar near Gurgaon, are viable locations for rental space,” says Parmar.
Low rentals and employment opportunities, make this region an attractive option for living on rent.
“In Noida, sectors 74 and 78 are the ideal places to live on rent, due to its proximity to employment hubs in Noida and Greater Noida,” explains Parmar.
See also: Greater Noida: The best rental market of Delhi-NCR
Other sectors that have large demand for rental accommodation in Noida, include sectors 137 and 144. “In the luxury segment that many diplomats and expatriates look for, Diplomatic Enclave, Golf Links, Sundar Nagar, Prithvi Raj Road and Jor Bag, are some options,” adds Parmar.
Checklist for tenants, before finalising a rental house
While tenants have numerous options for renting properties in Delhi-NCR, the process is often not so simple due to different factors. Prospective tenants should prepare a checklist and consider the following factors, before arriving at a final decision:
Commuting distance and time, especially traffic. Public transport network even if you are dependent on your car, for last mile connectivity. Occupancy in the society you choose to live in. Safety and security in your neighborhood. Availability of basic amenities in the area. Paperwork to be done, including studying of rights of tenants and landlords. Check the rent agreement format and make sure you are not paying an annual rent for a benami property.