If data from Makaan.com is to be believed, the rentals in NCR region have nosedived severely during the last year 2014 in comparison to the previous year.
Average rentals in Noida have nosedived from 17k for 3bhk in year 2013 to 15bhk in 2014 (around 12% decline). 2bhks however were relatively less affected with an average 7% decline.
This year has been even worst and within the first quarter, rentals have further reduced by approximately 5%.
The rentals in the established societies in Noida expressway region like sector 82 and sector 93 have gone down by a whooping 15% on average. Vivek vihar in sector 82 has seen the worst fall with around 20%.
Supertech in sector 93 is is a close second with a decline of 18%.
The two societies incidentally happen to be considered the ones where quality has degraded considerably over the past couple of years.
Similarly, Rentals in central Noida sectors like sector 41 and 50 have also reduced by 12%-15%. Rentals in ATS Village 2 for example reduced by around 15% during the period.
Rentals in sector 6x and 12x in Noida have also reduced by approximately 10%.
The reason for this fall is attributed to the sluggish growth of job market in Noida coupled with the movement of tenants to their own homes majority of whom invested during the last decade.
The situation is set to worsen further in next two to three years with more people slated to move to their upcoming residences at Noida expressway, 7x and Noida extension in Noida.
Average rentals in Gurgaon have declined by around 6% to 8% during last 1.5 years.
The reason for this decline is again being attributed to more tenants shifting to their own accomodations. But, with limited options available in regions with good infrastructure, the decline is still limited in comparison to Noida.
Also, the job market has not been as depressive as has been the case with Noida.
The situation however in Gurgaon as well is set to worsen further in next two to three years with more people slated to migrate to their upcoming abodes at Dwarka Expressway and Sohna road extn in Gurgaon.
Source: Rental trends in NoidaLast updated: August 6, 2015 at 13:15 pm