DELHI: Are you looking for an affordable rental accommodation in Noida but are anxious about the rising rental values in the sub-city? You need not worry! Sectors 119 and 120 offer low rental values compared to several other residential localities in Noida.
Apartments of 2 & 3BHK are available for Rs 12,000-18,000 per month in these sectors whereas, other areas are offering rented accommodation for anything above Rs 20,000 per month.
One of the prime reasons for the low rental values is the large number of options available on rent. “In the last 3-4 months several projects were delivered and are ready-to-move-in. Thus, owners are not able to increase the rent as tenants have multiple options to look for. They prefer to rent out their apartments on lower rental values than keeping them vacant for long periods,” says Gaurav Sachaan, Partner, Realty Bytes.
This over-supply has led to a dip of 15 per cent in rental values in the last few months, adds Sachaan. For instance, a 2BHK unit that was available for Rs 15,000-18,000 per month in March 2013 now fetches approximately Rs 12,000-14,000 per month. “My last transaction was a 2BHK unit which I rented out for Rs 12,000 per month including maintenance,” informs Jitendra Singh Bhati, Owner, Housing Destination Financial Consultancy. “In localities such as Sector 51, a 2BHK is available for Rs 20,000-25,000 per month whereas, in Sectors 119 and 120 one can find a 3BHK for Rs 18,000 per month,” states Sachaan.
Giving a peek into the number of housing units available in these sectors today, Bhati adds, “Earlier only Gaur Grandeur had ready-to-move-in units in these sectors. Recently Eldeco has given possession for around 300 units in their project Eldeco Aamantran in Sector 119 while Amrapali has delivered their third and fourth tower of Amrapali Zodiac in Sector 120. Thus, releasing a total of around 400-500 units into the market.” Prateek Laurel is another project that has recently handed possession in Sector 119. Further, even older projects such as Amrapali Platinum and Gaur Grandeur, which had partially delivered, have now given possession of their new towers. As can be seen, there is no dearth of rented dwelling in Sectors 119 and 120.
So, if you are looking for rented apartment within a reasonable budget in Noida, you know where to hunt.