In recent times, most of the people in India are frequently choosing to rent luxurious residential properties, even if they have the option to buy it. High-income earners are now giving preference to renting a house in a posh area, rather than purchasing it because of several justified reasons.
Firstly, renting a residential property offers flexibility and freedom to the tenants as one can easily relocate from one city to another without having to take unnecessary tensions of maintenance and security of the house. Another area where a renter has a better financial deal is the up-front cost. Tenants generally have to pay a fixed amount as monthly rent to the landlord and they can enjoy the perks of living in a luxurious property without spending much. However, a homeowner has to spend a hefty amount of money in order to maintain his house, especially if it is located at an expensive location.
Although, there are many high-priced locations in India where you can rent a residential property, we have prepared a comprehensive list of the most-sought-after localities which you could actually consider without giving second thoughts.
1. Malabar Hill (Mumbai)
Located in Mumbai, Malabar Hill is a home to several millionaires. Comprising luxurious bungalows, penthouses and fancy condos, this locality is one of the best places to live in the “city of dreams”. The rental prices of a property here starts over INR 50,000 per sq.ft. (approx). The rent of a 4 BHK apartment/villa can go as high as INR 10 lakhs while 2 BHK apartments can be rented for more than one lakh.
2. Juhu (Mumbai)
Often touted as the “Address of Affluent”, Juhu is a suburb in the western part of Mumbai. Many renowned Bollywood celebrities such as Amitabh Bachchan and Akshay Kumar reside in this area, making it a most-desirable location for several individuals. In this location, the rental price for a 1 BHK starts from Rs 50,000. In case you are looking for a bigger space, a 4 BHK apartment can cost anywhere between INR 2-4 lakh per month while the rent for a 5 BHK can be as high as INR 8 lakhs a month.
3. Cuffe Parade (Mumbai)
Cuffe Parade is one of the most sought after destinations in Mumbai for renting an apartment. Rental price for a small 1 BHK apartment in this locality is Rs 65,000. The monthly rent for a fully-furnished 2 BHK apartment usually costs beyond INR 1 lakh here. On the other hand, if you own a 3 BHK apartment in Cuffe Parade, it can generate more than Rs 2 lakh rental income per month.
4. Green Park (Delhi)
Renting out a fully-furnished house in South Delhi’s Green Park can get you up to INR 12.50 lakhs a month, making it an ideal place to invest when it comes to real estate. Moreover, a 2 BHK apartment can help you generate an income flow of over INR 1 lakh per month.
5. Greater Kailash (Delhi)
Greater Kailash, commonly referred to as GK, is an upscale area for residential properties in Delhi. Average rental rates for a 2 BHK apartment in GK are more than Rs 50,000 while a fully-furnished 3 BHK house can get you over Rs 1 lakh rent per month.
6. Bellandur (Bengaluru)
Located in South Bangalore, Bellandur is one of the best localities in the city. It is well connected to the commercial hubs of Electronic City and Baiyyappanahalli via suburban railway system. A 2 BHK apartment can get you 30,000 to 40,000 rent a month in this area whereas rental prices for 4 BHK houses can go beyond one lakh per month.
7. Golf Course Road (Gurgaon)
Golf Course Road is considered as one of the poshest areas in Delhi-NCR. This high-end locality is a home to several expats, high net worth individuals, Ultra high net worth individuals and top executives of MNCs. A small 2 BHK apartment here can be rented out for INR 50,000 per month where a fully-furnished 4 BHK home can generate 3-4 lakh per month as a rental income.
8. Sushant Lok ( Gurgaon)
Located between MG Road and St. Thomas Marg, Sushant Lok 1 is one of the best places to live in Gurgaon. Rental prices for a 2 BHK apartment here hover between Rs 25,000-30,000 per month while rates for a 3 BHK apartment can go up to Rs 90,000 a month