Written By Amarendra Sahu:
Gurugram has witnessed rapid growth and development in the past decade. It is the country’s third-largest financial and banking hub and the country’s second-largest technology hub, respectively. The city’s real estate market is, however, close to saturation. The market has experienced some changes over the last two to three years. With the establishment of several multinational companies and startups in Cyber City, Udyog Vihar, and Golf Course Road, there has been a surge in demand for rental housing in Gurugram.
The operations of large IT companies have grown, and Gurugram’s consulting firms and conglomerates have shown that they can expand quickly. In order to succeed in the IT industry, many young, talented professionals have moved to Gurugram.
The city’s multiculturalism is another factor making Gurugram a desirable location for rental housing. People from different regions of the nation live and work in the city, which has a diverse population. Gurugram is a hospitable and welcoming city where people from various backgrounds can coexist and prosper thanks to its cultural diversity. The city also offers a variety of dining and entertainment options in addition to a lively nightlife, making it an exciting place to live.
Moreover, the development of top-notch facilities like the Indira Gandhi International Airport and the Delhi Metro has led to a significant improvement in the city’s infrastructure over time. Due to these developments, Gurugram is now a very accessible and practical place to live.
According to the recent Anarock report, from 2019 to 2020, the average rent in Gurugram’s Sohna Road neighbourhood increased by 14 per cent, from Rs 25,000 per month to Rs 28,500 per month.
The COVID-19 pandemic has caused a surge in demand for rental housing in Gurugram as well. Many people are searching for rental homes in more affordable cities and towns as remote work becomes more common. Hence, Gurugram is a desirable option for people who want to live close to the capital city without having to pay the high cost of living due to its proximity to Delhi and relatively lower cost of living. This has led to skyscrapers, booming infrastructure, quick urbanisation, and economic prosperity, making them the prime features of Gurugram.
With more people opting to rent rather than buy homes in recent years, Gurugram has emerged as a promising rental housing hub. This trend has a number of causes. First off, a sizable population of working professionals who moved to the city for employment resides in Gurugram. Even though they may not be interested in real estate investing, these people still need a place to live. They can have a convenient home through renting without making the long-term financial commitment of purchasing.
Second, renting in Gurugram is frequently less expensive than purchasing a home. Many people find it impossible to purchase a home because of the high cost of real estate in the city and the added financial strain of a down payment and mortgage payments. Contrarily, renting enables people to pay a monthly rent that is frequently less than a mortgage payment.
Third, flexibility is a benefit of renting a home in Gurugram. Many people who relocate to the city for work might not want to settle down in one place for the long term. By renting, they can relocate or upgrade to a larger home without having to deal with the hassle of selling their current home or going through the drawn-out process of buying a new one.
Investors are drawn to the Gurugram rental housing market. Investors can generate a consistent income from renting out their properties due to the rising demand for rental properties. For those willing to invest in rental properties, Gurugram presents a lucrative investment opportunity as rental yields there are frequently higher than in other Indian cities.
The availability of high-quality housing options is one of the elements that has helped the Gurugram rental housing market grow. Modern amenities like swimming pools, gyms, and parks can be found in a lot of the city’s new rental housing developments. These homes appeal to renters who want to live in a posh neighbourhood because they are frequently found in desirable areas.
Gurugram is a promising location for rental housing due to its strategic location, cosmopolitan culture, improved infrastructure, and expanding real estate market. Due to the rise in demand for rental homes following the COVID-19 pandemic, Gurugram is well-positioned to become a popular choice for tenants looking for reasonably priced and luxurious living quarters.
(The author is founder and CEO of Nestaway Technologies)
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