DLF City woos tenants

Different phases of the DLF City in Gurgaon are witnessing a high demand for rental property as indicated in the upcoming edition of the PropIndex, (Jul-Sep 2014). According to the report, DLF City Phase-II has moved up four spots as compared to the previous quarter and registered a rise of 10 per cent in rental values. Similarly, DLF City Phase III and IV recorded a rise of 4-8 per cent during the same period.

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According to Magicbricks data, mostly 2, 3 and 4BHK units are available here for rent. A 2BHK apartment is available for rent within Rs 18,000-50,000 per month with size ranging between 1200-1500 sq ft. A 3BHK apartment is the most supplied unit in these areas and can be rented for Rs 30,000-80,000 per month with size varying from 1500-3000 sq ft. A 4BHK unit is a little expensive with rental values varying from Rs 40,000 to Rs 2 lakh per month. Size of these units varies from 2200-7000 sq ft.

There are two important reasons that keep the rental market upbeat here. One of the prevalent reasons is its proximity to IT, MNCs and ITeS and the availability of all basic facilities. Professionals pursuing job opportunities have been pushing up the demand for rented accommodation here.

“Another vital reason for the growth of the rental market is the strong promotion of residential projects done by developers. This strategy has significantly popularised the DLF City among prospective rent seekers as compared to other nearby areas,” says Partho Kunar, director, Suhaskrit, a Delhi-based consultant firm.

As per the PropIndex data, Nirvana Country is at the seventh position and Sushant Lok at ninth in the top ten preferred localities for rent in Gurgaon.

Connectivity

Gurgaon has been the recipient of a number of infrastructural developments. It is well connected to the national capital via National Highway 8. Indira Gandhi International Airport is hardly half an hour’s drive and the nearest railway station at Basai Dhankot located 5.3 km away. DLF Phase II and III are two key rapid metro stations in Gurgaon catering to the needs of the people staying in the DLF City. The residents of DLF Phase 3 will be benefitted the most as the station will be at a walking distance. Phase 3 station also gives direct access to Infinity Towers, Cyber Green and Building No 7 and 9.

Effective project promotion by developers and factors such as connectivity and upgrading basic civic amenities makes DLF City the most preferred rental location.

Pushpa Rawat, Magicbricks.com Bureau

Pushpa Rawat is a real estate market research enthusiast with a penchant for reporting on emerging real estate and infrastructure trends. She currently works with Magicbricks editorial team.

Source: http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/dlf-city-woos-tenants/76720.html