West Delhi Real Estate Switches to Top Gear

By: George Gonigal

The rental market for residential properties in West Delhi is observed as quite active in the past few years. 'Three years ago, landlords were finding it difficult to find a tenant but now its difficult to find a vacant house for a tenant," says a property broker based in Vikaspuri, Delhi.

Today the rentals in the residential colonies have gone up by over 50 per cent in Dwarka and 15-20 per cent in Janakpuri and Vikaspuri, over a period of 3-4 years. However, the tenants, on the other hand, hit back with newer demands. A certain user profiles become sought after by landlords.

Today, property owners in Delhi end up giving tenants more value for their buck. This includes airconditioners, refridgerators, microwaves, washing machines etc in the tenanted accommodation. According to advisor Sameer Saxena, tenants are looking for properties with a lifestyle. And landlords are seeking tenants who can afford a lifestyle. So they are both driving hard bargains. The trend of semi-furnished homes is a globally accepted phenomenon and it was only a matter of time before the Indian markets matured enough to follow global tenancy practices.

Marketnomics behind

When capital values are in the affordable range in residential properties, rental values grow only marginally. But when the capital values become unaffordable to the end users, they go for rental accommodation which in turn triggers demand and therefore rise in values.

Take the case of property values in Noida in the Delhi NCR region. Along the proposed Metro route property prices have shown a downward trend. However, rental values have hardened or even escalated in these areas. Two reasons for this say analysts. The buyer is not sure that after the metro route is commissioned he will get better values for the property.

For those seeking rental accommodations, it is important to pick up rental property in those areas which will become accessible in the medium to long term. If they wait too long, these may not be available and they may either have to go further away from the transit corridor or pay more for the same property.

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