Rental Property Sector In Noida Sees An Uptick
The exodus of the migrant population that resulted after lockdown in the country last year had a huge impact on Noida’s rental and paying guest (PG) accommodation business. As working professionals and students who lived in the city left for their hometowns, brokers and landlords were left scouting for tenants. Upward curve in residential rental income. Between April and July, the situation was so bad that some landlords even reduced their prices to ₹8,000 for a three BHK in Sector 77 in order to earn a rental income during the lockdown.
Now however, almost a year since the lockdown was imposed, the situation has become better with many renters returning to the city. From this year, the prices have increased to about ₹14,000-15,000. Though the demand is not the same, but we are hopeful that by June this year, it will get back to its original strength.
“The WFH option is not going away anytime soon, and those who were living in two BHK apartments on rent in prime locations near their offices, like sectors 61-62, sectors 126-135 or sectors 91-93 near the NSEZs (Noida Special Economic Zones), are now exploring the two BHK+study apartments further along the expressway towards Sectors 150, 151 and even Noida Extension. The apartments there are bigger but cost the same at about ₹15,000,” says Santosh Agarwal, chief financial officer (CFO) and executive director of AlphaCorp, which has an upcoming project in Sector 150. He adds that a majority of such tenants are families whose children now need a separate study due to classes being held online.