[ecis2016.org] With Greater Noida emerging as a preferred rental destination in the region, especially for people working in Delhi or Noida, we look at the advantages, price points and teething issues that tenants should be aware of
Greater Noida is an upscale residential area in the Delhi National Capital Region (NCR), which offers easy access to educational institutes, malls, hospitals, bazaars and restaurants. It is connected to the major areas of Delhi by the Delhi Metro line (via Noida), as well as the Noida-Greater Noida Expressway. The property market in Greater Noida has started to gain traction, because of the incentives offered by the state government, to establish offices here.
You are reading: A guide to renting a house in Greater Noida
Why you should opt for Greater Noida
“There are numerous residential condominiums and townships coming up in Greater Noida, which are ideal for people working in the region. This region is largely driven by end-users and provides affordable options at various ticket sizes, compared to Delhi or Gurugram where prices are definitely much higher,” says Dr Prodipta Sen, expert – retail and real estate, MRICS (UK).
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Greater Noida is an ideal rental destination for those working in Delhi or Noida, or seeking an upgrade in their lifestyle. Different sectors in Greater Noida offer housing units with all modern conveniences, in addition to green and open areas, away from the congestion of Delhi/Noida.
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Rental prices in Greater Noida
The average rental price for a 1-bedroom unit, occupying an area of 60 sq meters, is around Rs 6,000 per month. For a 2/3-bedroom unit, the rental cost may vary, but you are likely to get a good bargain for around Rs 15,000. Also, look for sectors that are close to metro stations, or at least have good connectivity to the nearest metro station.
Problems in staying in Greater Noida
While buses and autos ply in the area, inter-city connectivity is still an issue and the area needs an efficient public transport system. The metro provides connectivity to neighboring areas, but this needs to be expanded, to further boost the rental market in Greater Noida.
What should prospective tenants in Greater Noida do?
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“There are numerous things that tenants should keep in mind, while opting for a rental accommodation, whether in Greater Noida or anywhere else. These include, the terms of the lease agreement, advance rent if any, security deposit, lock-in period, monthly maintenance charges, access to common areas, grounds for termination of the lease, fixtures and fittings provided by the landlord, rent escalation clause specifying when the rent is to be increased and at what rate and provisions for minor and major repairs. Also, if the lease deed needs to be registered, you need to decide who will pay the stamp duty and registration charges,” explains Geetanjali Anand, director, Andy Home.
“Ultimately, the tenant and landlord both, need to be vigilant about their own interests and a lawyer’s inputs and advice are always useful, especially for long-term leases. Tenants should also check for basic infrastructural development in the area before finalising a rental property,” adds Sen.
It is always advisable to do a thorough check of the apartment or society you choose to stay in. Ideally, the housing complex should be more than 50% occupied. Also interact with the neighbours, as this will give you a fair idea about the rent to be paid in the region, as well as charges for electricity, water connection and amenities like swimming pools, playground, gym, etc.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Property Trends
