Vasant Vihar Rentals Touch New High

January 25, 2007	(5 votes, average: 4 out of 5)  Loading ...
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New Delhi’s Vasant Vihar, the choice residential area for diplomats and expatriates, set a new record in rentals, with its latest deal at Rs.114 per sq. ft. The independent bungalow stands on 14,400 sq.ft and has been leased by an African consulate in India

Though current rates are Rs.45-70 per sq. ft in the neighborhood, this bungalow fetched more than twice the rate. The rent for the month works out to Rs.16.5 lakh, and Rs. 1.98 crore for the year. The deal also includes an advance of 2 years’ rent at the time the deal was signed.

Vasant Vihar is an up market locality located in South Delhi and is relatively close to the international airport. The diplomatic enclave in Chanakyapuri is conveniently located for the diplomats, and Connaught Place, the nucleus of the city, is a 20 minute drive from here. The Basant Lok market is a popular hangout with youngsters and expatriates with its multi-national chain stores, restaurants and newly-opened lounges

Rental rates in Delhi average between Rs. 2 lakh to Rs. 6 lakh a month, depending on the location of the bungalow. In Mumbai, rents per sq. ft for bungalows are higher, but the time duration of the lease is only for a few weeks, as they are generally hired for film shoots by producers.

This rent deal brings to light the shortage of independent bungalows available for expatriates and diplomats in the capital. They prefer to live in independent bungalows instead of single floors for security reasons, and homes to suit their lifestyle are hard to come by. Well, till an alternative is found, Vasant Vihar landlords can make hay while the sun shines!

News Published Under:   Delhi |

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