House rents in the apartments recently built and let out in Noida range between Rs 10,000 for a 2 bedroom flat and Rs 15,000 for a 3 bedroom flat.

The coming months will see a consistently rising demand for houses on rent in both, residential as well as commercial domains of the real estate sector in Noida. This boost will be affected by the inauguration of the Magenta Line on December 25, by the Delhi Metro Railway Corporation (DMRC). The source metro station of the train will be Botanical Garden.

Once this line becomes operational, it will directly connect Noida to South Delhi thereby making travel between the two regions hassle-free. Another benefit that will be served by this line will be that working professionals employed in South Delhi have the option of renting an apartment in Noida.

Under the present scenario, 2BHK flats and 3BHK flats in Noida offered by the recently developed apartments come with a rental tag of Rs 10,000 to Rs 15,000 respectively.

Pankaj Bajaj, President, CREDAI – NCR says, “The Metro connectivity is expected to usher in a shift in occupancy and augurs well for the rental market. Rent in Noida is less than half of South Delhi apartments. Easily, people can live in Noida and work in South Delhi and beyond”.

This upcoming metro line will give an impetus to the residential real estate inventory, primarily at hand in the Noida region.

Surabhi Arora, Senior Associate Director, Research, Colliers International states that the apartments that have been vacant even after having been delivered for possession are waiting to be rented as owners have not occupied them. In due course of time, as the line stretches to touch more areas, it will be convenient for those who are employed in Gurgaon also to rent an apartment in Noida.

In the opinion of one of the CREDAI members, this streamlined infrastructure would attract keener buyers of homes to new and budding projects. The Magenta Line will be a direct commuting vehicle that will connect Noida to most of the commercial places of Delhi and the jewel in the crown will be the network offering direct connectivity to the domestic airport terminal. Amit Modi, Vice-President, CREDAI – UP West opines that this makes Noida a dream place to live in.

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