Migrants generally demand modern apartments that come with high-end kitchen fittings, appliances, bathrooms with branded accessories and standardized interiors. (Representational image)
Gurgaon, Delhi and Mumbai are witnessing a rise in demand for rental housing by expatriates or ‘dollar houses’ with rents increasing by 40-50 per cent
Even though the real estate market in India is witnessing significant growth, expats are also participating in it. As a result, ‘Dollar Homes’ are also becoming popular in the country. according to a money control According to the report, Gurgaon, Delhi and Mumbai are witnessing a rise in demand for rented accommodation by expatriates or ‘dollar houses’ and have seen an increase of 40-50 per cent in rents.
The hike in rents is due to high demand for some houses with modern amenities. Reports quoting brokers say demand here is so high that a home listed today was off the block within 24 hours and potential tenants are out-bidding each other.
The rent ranges between Rs 3 lakh per month to Rs 14 lakh per month. ‘Dollar homes’ guaranteed dollar income to landlords, and had lost their sheen after the 2020 pandemic.
Jor Bagh, Vasant Vihar, Malcha Marg, Shanti Niketan and West End are favorite places in Delhi. These areas are close to embassy schools and consulates.
According to money control In the report, Sush Klez, founding partner of Welcome Home Luxury Real Estate Services, which is helping set up homes in India, said there is a dearth of modern redeveloped apartments.
“Expats generally demand modern apartments that are equipped with high-end kitchen fittings, appliances, bathrooms with branded accessories and standardized interiors, located close to embassy schools and as close as possible to diplomatic areas,” He said. money control Report. She also said that apartment rents depend on meeting these requirements.
Claes also said that with more international companies setting up shop in the country, a growing number of global business alliances and an increase in embassy staff, the demand for luxury rental housing has been hit by a lack of supply.
“There is a rush to find the best apartment. Finding the perfect apartment that offers all modern amenities has become as competitive as London’s Mayfair. You have a list today and it will be gone tomorrow. Tenants are trying to outdo each other, with higher rents and units flying off the shelf within 24 hours,” she said.
“As the sign-and-go syndrome has taken hold, many people are chasing lesser apartments. There is also a new trend of young migrants seeking smaller apartments of 1,600-2,000 sq ft, but with state-of-the-art appliances The rent for these is more than Rs 2 lakh per month,” she said. A security deposit of 2-3 months is also mandatory.
