Rental Market overview of Mayur Vihar
Want to earn good Rental returns? Invest in Mayur Vihar
Mayur Vihar is one of the major residential area in East Delhi. Situated on the bank of the River Ganga, it is surrounded by Anand Vihar in the North, Noida in the South and South Delhi and the River Yamuna in the West. One of the recent developments in East Delhi, it is mainly a residential area with little commercial activity.
Mayur Vihar is about 10km away from the New Delhi Railway Station and about 24km from the Indira Gandhi International Airport. The area also enjoys metro connectivity via three stations viz. Mayur Vihar, Mayur Vihar 1 and Ashok Nagar.
Maintained by the New Delhi Municipal Council (NDMC), the area boasts of well-developed social and physical infrastructure. Mayur Vihar has several schools and colleges such as Don-Bosco, Ahlcon Public School, Maharaja Agrasen College, to name a few. Major banks such as ICICI, HSBC, HDFC have their branches in the area. Health care facilities is also available with Metro Hospital and Heart Institute operating in the vicinity.
Mayur Vihar mainly comprises of residential apartments and independent houses and few commercial complexes in phase 3, which have been developed recently. Phase 2 has several schools, institutions, colleges, lot of open spaces and green parks.
The area’s proximity to Noida has made it a preferred rental accommodation destination among Noida workforce. As per data with CommonFloor, about 60 per cent of the properties are multi-storey apartments, followed by 30 per cent independent houses. However, the availability of villas and plots is minuscule.
Rental Yield
Affordability is a major factor boosting rental market of Mayur Vihar. Currently, a 1,000 sq.ft. apartment costs about Rs 1 crore. Thus, with rental yield of 3.3 per cent, an investment of Rs 1 crore can easily give you around Rs 3,30000 annually.
In addition to affordability, owing to its proximity to Noida, the rental market of Mayur Vihar is very vibrant. Though apartments are available in varied configuration ranging from 1 – 4.5BHK units, buyers’ preference in mainly skewed toward 2BHK units, closely followed by 1BHK units. From Figure 1, we can see that the area is mainly preferred by MIG.
As per the rental values, a 1BHK unit sized 450-500 sq.ft. is available in the price brackets of Rs 6,500-15,000
per month. And a 2BHK unit sized 5,00-1,000 sq.ft. can be availed at a monthly rent of Rs 12,000-20,000. However, for a 3BHK apartment of 1,000-1,700 sq.ft., one may have to shell up to Rs 15,000-32,000 per month. However, for independent house, one may have to shell up to Rs 20 per sq.ft. for a 1BHK house sized 350 sq.ft., and Rs 24 per sq.ft. for 2BHK house sized 1,000-2,000 sq.ft.
