Noida-Greater Noida Witness Up To 25 Per Cent Increase In Rent In One Year

Noida: Noida- Greater Noida is witnessing an increased rent since the pandemic, which is now making its impact on the household economy. There has been an unprecedented increase ranging between 15-25 per cent in rent of houses in last one year, which includes luxury and residential homes.

Noida ExpressWay

According to experts, during the pandemic, loss of livelihoods and cuts in income has dwindled the demand for buying new homes. As a result, the demand for homes on rent has increased. A year after the Covid-19 induced restrictions were removed and work from home ended, people started coming to workplaces, which in turn, also increased the demand for homes on rent. Seeing this growing opportunity, the landlords have increased the rent amount as well.

DEMAND INCREASED BY 12 PER CENT, SUPPLY DECLINED BY 18 PER CENT

As per a report released by a private firm, the demand for rental homes in Noida has increased by 12.5 per cent in the last one year. Meanwhile, there is also a decrease in fulfilment of the demand by 18.5 per cent. Similarly, in Greater Noida, the demand for rental homes has increased by 37 per cent and has faced a decline in supply by 14 per cent. Owing to this, dealers and landlords have increased the rent amount. Enrock’s recent report says that there has been an increase in rent amount by 18 per cent in affluent areas of the city, whereas the local reports have claimed an increase up to 30 per cent.

RENT INCREASED IN THESE AREAS

Earlier where a 2-BHK house in Noida Extension would be available in Rs 8000 only, now rent has gone up to Rs 10,000. A 3-BHK would cost around Rs 12,000 a year ago but now a renter has to pay Rs 14,000 for the same.

2BHK fully furnished flats

In areas like Noida Sector 137, 62,76 a 2-BHK would be available for rent in around Rs 12,000-13,000 a year ago but the present rent amount in these areas has increased up to Rs 15,000. A 3-BHK would earlier cost Rs 16,000 but now one has to shell out no less than Rs 22,000 in these areas.