Rental Yields Across Delhi NCR: Where the 3.8% Actually Is

Rental yield is the number most often quoted and least often computed correctly in Indian property. Gross yield is annual rent divided by capital value. Net yield subtracts maintenance, property tax, vacancy and management - and it is typically a full percentage point lower.

These are the gross figures across every micro-market we track, followed by what actually drives them.

Yield by micro-market

The three drivers

First, proximity to local employment. The Noida Expressway yields 3.4% because the Sector 125-135 IT parks sit within fifteen minutes of the housing. Where tenants can walk or drive ten minutes to work, voids are shorter and rents are firmer. Corridors whose employment base is in another city - most of the Dwarka Expressway - yield less.

Second, unit size. Compact 2 and 3 BHK stock consistently outyields large apartments. Rents do not scale linearly with area, but capital values do. This is why a Rs 1.4 crore two-bedroom near Cyber City can yield 4% while a Rs 12 crore apartment yields under 2.5%.

Third, capital value relative to the local income distribution. Greater Noida West yields 3.8% principally because capital values are low, not because rents are high.

Why luxury underperforms on income

The tenant pool for a Rs 12 crore apartment is tiny - senior expatriates, a handful of corporate leases and a few high-net-worth individuals between homes. That pool does not grow in proportion to capital values.

Luxury also carries the highest maintenance, at Rs 9 to Rs 12 per sq.ft. per month, which comes straight off the net yield. On a large apartment that can be Rs 5 lakh a year against a rent of Rs 36 lakh - roughly 14% of gross rent gone before tax.

The honest framing is that NCR luxury is a capital-preservation and use asset, not an income asset.

What net yield actually looks like

Take a Rs 2.3 crore apartment on the Noida Expressway renting at Rs 68,000 a month. Gross yield is 3.5%. Now subtract maintenance of about Rs 11,000 a month, property tax, one month of vacancy a year and 5% management, and net yield lands near 2.5%.

Compare that to a fixed-income instrument and property looks unattractive on income alone. The case for NCR residential rests on capital appreciation - 12.5% in Gurgaon and 10.2% in Noida over the past twelve months - with rent covering part of the carry.

Practical guidance for a yield-focused buyer

• Buy compact configurations - 2 BHK and small 3 BHK - not large ones.
• Buy within fifteen minutes of a functioning employment cluster, not a planned one.
• Prefer ready-to-move so income starts immediately rather than in 2029.
• Budget one month of vacancy a year and 5% for management if you are not local.
• For NRI landlords, remember the tenant must deduct TDS at 30% plus surcharge on rent paid to you.

On our desk, the best current combination of yield and liquidity is compact stock on the Noida Expressway and in New Gurgaon Sector 79, both at 3.4% gross with short void periods.

Live inventory relevant to this article

Each of these is on our desk today, with a live RERA registration and a price dated within the last month.

Sobha Verdana (Sobha, Sector 150) is quoted at ₹3.4 Cr to ₹6.1 Cr for a March 2030 handover, across 512 units on 12.8 acres with 81% left open. Worth knowing: Sobha backward-integrated construction brought to Noida for the first time. Less good: priced above the Sector 150 average, and Noida resale has not yet tested a quality premium.

Godrej Palm Retreat - Godrej Properties, Noida Expressway. ₹1.95 Cr to ₹3.45 Cr, possession Ready to move. 11.6 acres, 596 units, 77% open. Ready to move with occupation certificate and no GST payable. The trade-off: ready inventory prices above comparable under-construction stock in the same corridor.

Signature Global Park Vistas sits in Greater Noida West from Signature Global, quoted at ₹85 L to ₹1.45 Cr with possession in March 2029. On 9.2 acres it carries 780 units at 70% open area. Its strongest card is that lowest entry price in this list at Rs 85 lakh for a 2 BHK; its weakest is that greater Noida West carries the highest unsold inventory in NCR.

DLF The Grove Dwarka (DLF, Dwarka) is quoted at ₹3.4 Cr to ₹5.8 Cr for a Ready to move handover, across 288 units on 7.8 acres with 75% left open. Worth knowing: One of very few developer-built gated apartment projects inside Delhi. Less good: per-sq.ft. rate above comparable Gurgaon corridor product.

Max Estates Aurelia - Max Estates, South Delhi. ₹8.5 Cr to ₹12 Cr, possession December 2029. 3.4 acres, 96 units, 72% open. New gated apartment supply in the South Delhi colony belt, which is structurally near-zero. The trade-off: highest per-sq.ft. rate in this list at Rs 34,000-41,000.

DLF Privana South sits in Sector 113 from DLF, quoted at ₹6.9 Cr to ₹12 Cr with possession in June 2029. On 25 acres it carries 1,113 units at 78% open area. Its strongest card is that aravalli ridge views from rear stacks, unobstructed and unbuildable; its weakest is that among the highest per-sq.ft. rates on Dwarka Expressway, with limited negotiating room.

DLF The Dahlias Penthouse Collection (DLF, Golf Course Road) is quoted at price on request for a December 2027 handover, across 420 units on 17 acres with 82% left open. Worth knowing: Dedicated penthouse lift core with no lower-floor stops. Less good: price on request only, so comparison shopping is difficult without an advisor.

Smartworld One DXP - Smartworld, Sector 113. ₹2.45 Cr to ₹4.35 Cr, possession March 2028. 9.8 acres, 596 units, 74% open. Rs 13,200-15,800 per sq.ft. against Rs 18,600-plus for the neighbouring DLF product. The trade-off: smartworld has the shortest delivery record of any developer in this list.

Smartworld Sky Arc sits in Sector 79 from Smartworld, quoted at ₹1.35 Cr to ₹2.15 Cr with possession in September 2026. On 7.4 acres it carries 468 units at 71% open area. Its strongest card is that under Rs 1.4 crore entry price with a listed-corridor developer; its weakest is that kherki Daula toll makes the Cyber City commute genuinely slow in the morning.

Krisumi Waterfall Residences (Krisumi, Dwarka Expressway) is quoted at ₹1.85 Cr to ₹5.9 Cr for a Ready to move handover, across 433 units on 12.6 acres with 76% left open. Worth knowing: Ready to move with occupation certificate in hand and no GST payable. Less good: later phases are still under construction alongside occupied phase one.