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Home rentals in Gurgaon finally stabilized in the second quarter of 2007, after remaining the subject of sturdy movement towards north at least for the past couple of years.
A lobby of real estate experts believes that this is the time when the city is undergoing a slew of mega residential projects all across and perhaps the supplies of fresh housing property will be able to meet the demand side in quite a balanced way.
From another perspective the same has cast a little of impact on home rents as more and more options are available to the prospective tenants and the landlords have to be competitive in order to rent a residential property.
Adjusting dynamics
Owing to the high residential rentals in Gurgaon, people tend to look for alternative locations near the city. In general, rents for apartments in Gurgaon start from Rs 10,000 per month and go anywhere from this level to Rs 2.5-lakh.
These rental values of flats in comparison with the nearby locations of South Delhi, including Dwarka, Rohini and Saket are quite higher.
The case with rentals of other residential properties in Gurgaon like duplexes, triplexes and condominiums however is different. The rentals of 60 square yard residential units start with Rs 6,000 a month here and suits most of the prospective tenants, but the issue is low availability.
So in case a tenant does not get a house within his budget, he rents it at a given price and then shift to other location adjacent to Gurgaon within a few months from then.
With such trends prevailing in the market, the possibilities of any further increase in rental values go to minimal. Real estate experts themselves say that the house rent in Gurgaon is on top-ceiling and there is no room for any further hikes at this moment.
Great news for tenants in deed!
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