Rental Insights: Delhi NCR Q4-2015

Delhi, the then capital of ‘Pandavas’ and the present capital of the land with most ancient civilization, India, has a unique facet, that makes it the most attractive city of the country. This city of royal power, is now a centre of bureaucratic and corporate power, where political fortunes are made or marred and the dignity of the nation is written.

Way back in 1962, the Government was forced to create satellite cities for Delhi owing to the growing population and shortage of land mass for industrialisation. That’s when, the neighbouring states like Haryana, Rajasthan and Uttar Pradesh came into consideration for developing the satellite cities like Gurgaon, Noida, Faridabad, and Ghaziabad – which together is called, the National Capital Region – NCR.

This video captures the juxtaposition of New and Old Delhi as well as the rich culture and heritage. Chaos combined with a visual feast, this will make you nostalgic!

Since the inception of Delhi NCR, the infrastructure, connectivity, real estate, and opportunities have shot up, making way for surfeit of investments, especially in the real estate sector. India’s largest residential market, the national capital region has witnessed plenty of fluctuations over the years with exploration of real estate activities in all the satellite cities, especially Gurgaon and Noida.

With a surge in the number of properties for both sale and rent, NCR is witnessing a gap in supply and demand. However, experts feel that the national capital region will stabilize, as the world is looking at this region as a hot spot for investment.

This article explains the current rental market conditions of Delhi, Gurgaon and Noida. If you live in the national capital region, or if you are moving to NCR, then this surely is a must read!

1BHK in Delhi


Looking at the quite widespread localities in prime city Delhi, there is a lot of demand for 1bhk's in areas like Vasant Kunj, Mayur Vihar Phase 3, Chhatarpur followed by Dwarka Sector 14, Saket among others. But the other factor being affordability, Mayur Vihar Phase 3, Chhatarpur, Dwarka Sector 14, Sarita Vihar are some of the areas where statistically, the average listing prices are below the city averages (~ ₹9,500/-) with almost 90% properties priced below city trends.

Some localities like Mayur VIhar Phase 1, Kalkaji, Indraprastha Extension, Tilak nagar have a wider range in terms of price of properties which helps users find homes with various features and sophistication. The variation is well depicted by prices ranges like ~ ₹7,500 to ~ ₹26,000 for Mayur Vihar Phase 1 while for Tilak Nagar it is spread across the spectrum with limits being ~ ₹4,500 to ~ ₹22,000.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Vasant Kunj18000950089.5%93%
Mayur Vihar Phase 380009500-15.8%25%
Dwarka Sector 1488009500-7.4%30%
Mayur Vihar Phase 117000950078.9%75%
Indraprastha Extension13300950040%88%
Sarita Vihar82509500-13.2%20%
Tilak nagar190009500100%67%

1BHK in Noida


In the widespread environment in Noida, the most demand localities for 1 bhk flats comprise of Sectors 45, 77, 62, 19, 71 along with others. Looking at the price distribution, it is evident that there many choices of properties with different prices for seekers looking in specific localities. Sector 19, 71 and 72 contain the most scattered prices followed by sectors 62, 28. Stressing on the affordability front, for young professionals, there are fewer choices in top regions but sectors 45, 50, 40, 39 are some areas where property rates are below the city averages (median: ₹8,000/-). While sector 19 provides seekers with lot of property rate variations, it generally stands tall in the high priced section ranging from ~ ₹6,500 to ~ ₹17,000.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent

1BHK in Gurgaon


Among the top searched for areas for 1 bhk apartments, Sector 49, Sector 4, Sector 47, Sushant Lok 1 are among the top demand localities. Looking at the price distribution of properties, we can say that excluding few areas like Sushant Lok 1, Sector 52, almost all localities have fixed price range where a home seeker wont be able to find many options to choose from. While Sector 49, Sector 4, Sector 47, Sector 23 A, Sector 56, Sector 14 form the affordable segment with property rates trending below the city average values (median: ₹15,000/-).

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Sushant Lok I210001500040%50%
Sector-23 A800015000-46.7%0%

2BHK in Delhi


House seekers looking at 2 bhk's are searching in areas like Vasant Kunj, Vikas Puri, Mayur Vihar Phase 1 followed by Dwarka, Saket, Janakpuri etc. While areas like Vasant Kunj, Mayur Vihar Phase 1, Saket, Vikas Puri, Pitampura and Dwarka have a huge variation in property prices the more affordable localities among them would be Vikas Puri, Dwarka as they rank in the bottom segment of prices with more than 70% flats priced below the city median which is around ₹17,000/-.

While Vasant Kunj, Saket possess properties with lot of price options, the noticeable points being the higher price limits going to around ~ ₹50,000 (Vasant Kunj) vs ~ ₹46,000 (Saket) suggesting availability of luxurious apartments. Looking at the other areas, one can also go for Dwarka Sector 19, Chattarpur where there are significant amount of low priced apartments with the lower end of the limits being around ₹7,000/-.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Vasant Kunj200001700017.6%64%
Vikas Puri1500017000-11.8%30%
Mayur Vihar Phase 1250001700047.1%100%
Dwarka Sector 191500017000-11.8%25%
Mayur Vihar Phase 31300017000-23.5%17%

2BHK in Noida


Sectors 137, 76, 78, 62, 77 are some of the top searched for localities for 2 bhks. While the prices are quite scattered across localities, most of them have their average locality prices close to the city averages (median: ₹15,000/-). In terms of finding both luxurious and affordable properties, sectors 62 and 93-B offer a very wide price range of properties from ~ ₹8,000 to ~ ₹29,000. Areas like sector 78, 77, 120 are some of the economically preferred regions where there are significant amount of comparatively lower priced properties than other localities.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Sector-93 B200001500033.3%87%

2BHK in Gurgaon


Sector 49, Sector 47, Sector 56, Sector 27 are some of the top demand areas where young professionals are looking for 2 bhks. As per their general expectation, most of the localities have prices within or around the city avg. prices (median: ₹28,000/-) with Sector 49, Sector 47, Sector 50 among others having their entire property distribution within the overall price averages of Gurgaon with medain lying around ₹25,000/- for sectors 49, 50 while it is ₹22,500/- for Sector 47. Palam Vihar is one striking locality to look at, with almost everything priced within and the entire distribution being way below the city trend, possessing properties starting ₹10,000/- and median being ₹20,000/-. If someone is searching for price variations within localities, Sector 56, 47 and Golf Course road offer a lot to choose from, mostly high end properties rising as high as ~ ₹50,000/-.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Palam Vihar2000028000-28.6%0%
Golf Course Road28000280000%44%

3BHK in Delhi


While the demand for 3bhk's is also across the Mayur Vihar Phase I, Vasant Kunj, Dwarka etc, but the leader in this bhk segment is Dwarka with areas like Dwarka Sector 23, Sector 22, Sector 4, Sector 18 featuring in the areas top searched for in search for bigger households. While almost all localities are quite constrained in terms of price variations, only Vasant Kunj offering significant variation in property rates going upto as high as approx ₹78,000/- while the city median is ₹23,000/-. Dwarka contains substantial amount of lesser priced properties with 60% apartments falling in this category.

One can easily see that the top locality price averages are almost close to city values signalling uniform property rates distribution spread across localities.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Dwarka Sector 2323000230000%45%
Mayur Vihar Phase 1330002300043.5%100%
Vasant Kunj400002300073.9%95%
Dwarka Sector 2224000230004.3%67%
Dwarka Sector 42200023000-4.3%39%
Rohini Sector 925000230008.7%64%
Dwarka Sector 1823000230000%40%
Dwarka Sector-102200023000-4.3%25%
Indraprastha Extension260002300013%72%

3BHK in Noida


The average prices for 3 bhk apartments in Noida is around ₹20,000/- with majority of demand across localities like sectors 78, 137, 77, 76 among others. If you look at the price dispersion at locality level, sectors 62, 104 and 50 provide properties over a large range from ~ ₹14,000 to ~ ₹60,000 and as expected lie in the high end spectrum with median being ₹27,500 and ₹25,000 for sectors 104 and 50 respectively. It comes as a relief for middle class home seekers as most of the top demand localities have prices within the city averages like sectors 78, 137, 77 among others while there may not be many choices to choose from given the limited spectrum of properties available.

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent

3BHK in Gurgaon


Home seekers who are looking for 3 bhk flats mostly prefer to search in the areas Sectors 51,54, 56, 43, 50 among others. If one looks at the price dispersion over the top demand localities, sectors 54, 56, 25, 47 offer a large range of properties to consider for opting. Along with offering large spectrum, average prices in sector 54 are on the higher side as the median is ₹48,000/- with majority of properties lying between ~ ₹33,000/- and ~ ₹68,000/- while for Sector 45, prices are slightly restricted with median being ₹48,000/- spread over from ₹35,000/- to ₹59,000/-. Barring these almost all top localities have their average prices almost at par with the city average trends (median: ₹35,000/-).

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent

Ask any renter in Delhi-NCR and they’ll tell you that the rents are too damn high, especially in Delhi and Gurgaon. Sadly, they aren’t exaggerating. Buying a home in Delhi-NCR is not cheap. Renting particularly in expensive neighborhoods that are close to a city center, is not cheap either. Affordable housing in both the for-sale and rental markets has become incredibly scarce in desirable neighborhoods in urban centers. So what’s a renter to do?

Is it time to implement rent control measures like New York and San Francisco cities?

AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
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