“Are rental homes available in Gurgaon?” asked the new consultant who assumed his office recently. And in fact this is the first question asked by any new person coming to the city either for employment or for business or for any other purpose and expected to stay long. It is because of the growing demand for residential accommodation in the city. Gurgaon is a growing commercial city in Delhi NCR. Owing to its increasing commercial significance, more and more commercial establishments and Corporations, both national and multinational, are opening their offices in Gurgaon. The resultant urbanization is an ongoing addition to the population of the city. This ever growing population of the city has created a difficult situation. In consequence, any new entrant to the city is concerned whether rental homes are available in Gurgaon.
This does not mean rental homes are not available in Gurgaon. There are rental properties of different sizes and standards available in Gurgaon. There are luxury flats, penthouses, condominiums, villas, etc available. Though there is availability of these kinds of accommodation, there is a high demand for them. Independent houses and villas are of more attraction to the expatriates and MNC employees in the city.
Apartment rental rates are higher in Gurgaon than those of the neighboring places. For a 2BHK flat in a good location, the rent would be in the range of Rs. 10,000 to 20,000. As a matter of fact, the rent rates in the neighboring South Delhi locations are less than those of Gurgaon. Expectedly, the demand for rental homes will come down in Gurgaon in the near future because a number of heavy residential projects are nearing completion in the locality. On their completion, there will be more supply of residential units and rental homes. As there will be a higher supply, the demand will come down and the rental will be less. Hence, we can expect lesser rent rates when the projects are ready for occupation.
Among the rental homes available in Gurgaon, luxury apartments have great demand. Luxury villas and penthouses with modern five star facilities have a ready demand. Gurgaon has become a centre for IT and BPO companies. Also, there are a host of MNC offices functioning in the city. Owing to the incessant growth in the population of the city, accommodation requirements are on a high priority.
With better transportation facilities like the Delhi-Jaipur N.H., the 8-line express highway from Delhi to Gurgaon, and the metro rail from Delhi to Gurgaon, the commercial significance of Gurgaon is expected to be on the increase. Naturally there will be growing urbanization with a big addition to the resident population in Gurgaon. This will result in the less availability of rental home in Gurgaon. Thus in the near future rental homes may not be very well available in Gurgaon.
Owing to the growing commercial significance of Gurgaon, there is growing urbanization and increase in population. Alongside, persons hired by the MNCs and other corporations also stay in the city for longer period and they also need better rental accommodation.