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Renting a House in Ludhiana Goes Simple
Real estate agents in Punjab are fast cashing in on nowadays. A major part of the credit goes to the construction boom which has nurtured the growth of real estate business in the state. Although, property prices in most part of the state are going through roof but rentals are growing at a stable rate. One of the cities witnessing such a trend is Ludhiana.
House rentals in the areas accommodating middle class income group as well as the posh like Sarabha Nagar have recorded a sharp increase in the last 1 year. Rent for an independent house built over 250 sq yards in Sarabha Nagar is hovering anywhere between Rs 7,000 – Rs 15,000 per month.
However, the rents were believed to be the same last year as well, which clearly underlines that there is no considerable hike. On an average, the rentals have not seen an increase of more than Rs 2,000.
Residential colonies in Ludhiana such as Vikas Nagar, Gurudev Nagar, Haibowal, and Dugri offer accommodation at a monthly rental in between Rs 4,200 – Rs 7,800. The factors deciding the amount of rent primarily depends on the type of construction.
Residents feel that there has been no substantial increase in the house rentals for the past two years because of easy availability of home loans. Add to that, people nowadays don’t mind paying high EMIs for their home sweet home. Of course! They find the option far better than paying high rentals every month.
Only the working class relocating in Ludhiana is tending for rented premises. And, they hardly feel any problem to pay rent as they get their HRA from the company, says Kushal Kapoor, Ludhiana.
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