New Delhi, February 28 – Rental prices in the Delhi-NCR region surged significantly in the last quarter of 2024, with landlords quoting an average of 18.4% higher rents for 1,000 sq. ft. apartments, according to a recent report by Magicbricks.
Rising Trends in Rental Prices Across NCR
As per the report, the average asking rent for a 2BHK unit in the region increased to ₹28,439 per month, compared to ₹24,956 per month in the same period last year.Among NCR cities, Delhi witnessed the steepest rise in asking rents, jumping 27% year-on-year (YoY) to ₹40,265 per month from ₹31,708 per month. In contrast, Noida remained the most affordable option, despite a 17.3% YoY increase, with average rents reaching ₹22,089 per month.
In Gurugram, rental rates also saw a sharp hike, with premium locations like Sector 65 (₹57,700 per month) and DLF Cyber City (₹57,000 per month) commanding high rents. However, areas like South City 2 (₹37,800 per month) and Sector 49 (₹31,800 per month) offered relatively more affordable options.
Premium Rental Localities in Delhi
Within Delhi, Greater Kailash emerged as the costliest rental area, with landlords demanding an average of ₹59,400 per month for a 2BHK and ₹1,14,300 per month for a 3BHK. Other upscale rental hubs included:- CR Park – ₹45,700 per month (2BHK)
- Vasant Kunj – ₹42,200 per month (2BHK)
- Dwarka – ₹22,600 per month (2BHK)
- Pitampura – ₹23,100 per month (2BHK)
- Saket – ₹27,200 per month (2BHK)
Affordable Rental Markets in Noida
While rents in Noida also climbed, the city continues to be a budget-friendly alternative within NCR. Sector 151 remains the cheapest, with rents starting at ₹17,000 per month for a 2BHK. Other affordable sectors include:- Sector 137 – ₹25,800 per month
- Sector 70 – ₹27,000 per month
- Sector 150 – ₹24,700 per month
Market Outlook
The continued surge in rental prices across NCR is driven by high demand, increasing urban migration, and a limited supply of quality housing in prime areas. As working professionals and families seek well-connected residential locations, the rental market is expected to remain strong in the coming months.For potential tenants, affordability remains a concern, particularly in Delhi and Gurugram, where rental hikes have been more pronounced. However, Noida continues to offer budget-friendly options, making it a preferred choice for cost-conscious renters.
As the demand for rental housing remains robust, experts predict a sustained upward trend in rental prices across key residential hubs in Delhi-NCR.
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