The luxury rental market of Golf Course Road in Gurugram has experienced an unprecedented surge in recent times. The area has long been one of the most prestigious addresses in the country, attracting High Net Worth Individuals (HNIs) and Ultra High Net Worth Individuals (UHNIs) from far and wide. As the demand for upscale property increased, so did the rental prices. Golf Course Road has now emerged as the region with the highest rental growth, captivating the attention of real estate enthusiasts and market analysts. For instance, DLF5 Golf Links residences, situated on Golf Course Road, now command some of the highest rentals in the luxury and super-luxury segment nationwide.
The demand for rentals comes not only from regional expatriate residents but also from businessmen, CXOs based in Delhi NCR, and prospective homebuyers seeking to upgrade from bungalows to high-rise condominiums. Over the past three years, DLF5 Golf Links has witnessed the highest-ever rental appreciation for its super-luxury developments. The rental prices for residences at DLF Golf Links currently range from Rs 4.5 lakh per month to Rs 12 lakh per month.
For instance, unfurnished apartments at The Aralias, DLF Golf Links, start at Rs 4.5 – 4.75 lakh per month, while furnished apartments begin from Rs 5.5 – 6 lakh per month for a 5800 sq ft unit. In comparison, pre-pandemic rental prices from January to April 2020 were in the range of Rs 2.6 – 2.7 lakh. Similarly, at The Magnolias, DLF Golf Links, the monthly rental for unfurnished units of 6400 sq ft starts at Rs 5.5-6 lakh, and for furnished units, it begins at Rs 6.5–7 lakh per month. Pre-pandemic rental rates during January to April 2020 were around Rs 3.7 – 3.8 lakh. The Camellias, the latest addition to DLF’s super-luxury portfolio, commands the highest rentals, starting from Rs 8 – 9 lakh per month for unfurnished unit of 7400 sq ft size. The rentals for a furnished apartment of a similar size ranges between Rs 11-12 lakh per month. Even outside of Golf Links, rentals for The Crest at DLF5 on Golf Course Road begin at approximately Rs 3 lakh.
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According to Samir Jasuja, Founder & Managing Director of PropEquity, the capital appreciation in Delhi NCR observed a 40% year-on-year basis increase by the end of 2022 compared to 2021. Rental prices have followed the same upward trend due to limited availability of ready-to-move-in inventory but a high demand that has reached a decade high. The surge in hiring during COVID, particularly in the tech and corporate sectors in Gurugram, has fueled the demand for luxury ready-to-move-in properties, reaching an all-time high in the last 5 years.
DLF properties on Golf Links have experienced a remarkable 100 percent increase in value over a span of two years, and other builders along Golf Course Road are also benefiting from this upward trend. Although not achieving a similar surge, properties such as Bel Monte, Salcon Veranda, La Lagune and Parsvanatha Exotica have witnessed a substantial rise in their worth. Previously valued at Rs 2.8-3 crore in 2020, these properties now command a minimum price of Rs 4.8-5 crore. Tulip Monsela, another luxury property located at Golf Course Road that is yet to be launched, has witnessed a significant surge in its price.
Aside from this, Golf Course Road possesses several attractive qualities that contribute to its desirability and ability to command high rentals. The presence of numerous MNCs and Fortune 500 companies, along with a robust social infrastructure encompassing top schools, malls, and dining destinations, adds to the allure of the area. Moreover, the availability of high-end condominiums with exceptional amenities distinguishes it from many options in the capital city.
Commenting on the same, Shashank Vashishat, Executive Director, eXp India, a global brokerage firm, said, “Amidst the rise in demand for luxury living, the luxury rental market in NCR has only strengthened, particularly in Gurgaon. The millennium city has a number of appealing qualities that make it a desirable place to live and therefore command such high rentals. The biggest of them all is the hub of offices in Gurgaon, with the biggest of the MNCs and Fortune 500 companies that have pulled the rich and mighty from across NCR to Gurugram. Luxury condominiums like The Magnolias, The Aralias, The Camellias and The Crest situated on Golf Course Road have witnessed significant rental appreciation in the past few years.”