Rental Yield Reality Check (2025): Delhi vs. Goa vs. Dehradun

The "Golden Rule" of Indian real estate has always been: Buy for appreciation, not for rent. Historically, residential yields in India hovered at a pathetic 2-3%. You put ₹1 Crore in a South Delhi flat, you get ₹25,000 rent. A Fixed Deposit would pay you three times that.

In 2025, that rule has fractured. The rise of the "Short-Term/Airbnb" economy in vacation markets has created a new asset class: High-Yield Residential.

Here is the asymmetric data on where your money works hardest.

The Benchmark: Delhi-NCR (The "Safety" Play)

• Asset Type: 3BHK Apartment (Noida/Gurgaon).
• Average Yield: 2.5% - 3.5%.
• The Reality: In premium hubs like Golf Course Road or Central Delhi, yields are actually lower because capital values are astronomical.
• Who is this for?: The "Sleep Well" Investor. You want a steady tenant, an 11-month lease, and zero headaches. You are banking on the property price doubling in 10 years, not the monthly cash flow.

The Challenger: Dehradun & Hills (The "Hybrid" Play)

• Asset Type: Independent Floor / Cottage (Rajpur Road, Sahastradhara).
• Average Yield: 3.5% - 5% (Long Term) | 6% (Homestay).
• The Reality: Dehradun is transitioning. The influx of "Digital Nomads" and retirees has pushed rental demand up. However, the season is 9-10 months; monsoons can be slow.
• Who is this for?: The "Retirement Planner". You want a home you can use for 2 months and rent for 10. The yield breaks even with maintenance, but it’s not a cash cow yet.

The Outlier: North Goa (The "Cash Flow" Play)

• Asset Type: 3BHK Villa with Private Pool (Assagao, Parra, Vagator).
• Average Yield: 6% - 9% (Net of Fees).
• The Reality: This is not "Rent". This is "Hospitality".
  • A luxury villa in Assagao rents for ₹30,000 - ₹50,000 per night in December.
  • Even with 50% occupancy and heavy management fees (20-30%), net yields often crush metro markets.
• Who is this for?: The "Active Investor". You are okay with fluctuating income. You accept that "wear and tear" will be higher. You want the asset to pay for your holidays and generate a surplus.

The "Management" Tax Comparison

High yield comes with high friction. Do not look at the Gross numbers alone.

The Asymmetric Insight: Even after paying a massive 30% cut to a management agency, Goa's Net Yield is double that of Delhi. This is why capital is moving south.

Summary Checklist

1. Strictly Appreciation? Stick to Delhi-NCR (or Dholera Land for high risk/high reward).
2. Appreciation + Usage? Pick Dehradun.
3. Strictly Cash Flow? North Goa is the only sub-market delivering commercial-grade returns on residential assets.

Before you calculate the profit, calculate the Hidden Costs. High yields mean nothing if you overpaid by 20% at entry.