Delhi house rents up 10-25%

Farm house rents increased by 10%: Cushman and Wakefield

Residential rents rose 10-25 per cent in May 2004 in the prime localities of the Capital compared to the same month a year ago, while property prices recorded a 10-15 per cent rise, said a real estate consulting firm.

"The Delhi residential real estate market has maintained buoyancy in 2004," said Cushman and Wakefield in its latest market updates.

Localities like Golf Links, Jor Bagh, Sundar Nagar, Shanti Niketan, Westend and Chanakyapuri clocked a 25 per cent increase in residential rents in May 2004, in comparison to the rental values that prevailed a year ago.

Rental values at Prithviraj Road, Aurangzeb Road, Friends Colony, Maharani Bagh, Greater Kailash (I and II), Hauz Khas, South Extension, New Friends Colony recorded a 10 per cent rise.

Interestingly, rent of farm houses was also up by 10 per cent. Both rentals and property prices witnessed a 35 per cent increase at Gurgaon.

Residential rents in Vasant Vihar and Anand Niketan areas were up by 22 per cent in May 2004.

Property prices at Chana-kyapuri, Prithviraj Road, Sunder Nagar, Jor Bagh, Golf Links, Anand Lok and Anand Niketan increased by 10 per cent, while Vasant Vihar, Shanti Niketan and Westend recorded a 15 per cent rise.

Growing housing demand of the burgeoning middle and upper middle class continues to drive rental demand, while high net worth individual and non-resident Indian buyers are looking for property at posh localities.