A Rental Market Boom in Mumbai

Pavithra S
Pavithra S / 2 yrs ago /
  9

Mumbai witnesses a high rental market growth due to the rising demand from people, especially working professionals. Areas like Andheri West, Virar, and Goregaon East observed the maximum hike rental values.

As the country’s largest financial and commercial center, Mumbai always experiences high job and residential demands. As per the India Rent Report 2018, the Mumbai Metropolitan Region witnessed about an 18% rental hike in 2018, which is the highest among other metro cities. The average rental cost in Mumbai raised to about Rs.21150 for a 1 BHK apartment in 2p018 from the rental cost of Rs.17900 in 2017. The other top metro cities like Bangalore, Chennai, Pune, and Gurgaon witnessed a rental hike of about 14%, 15%, 7%, and 11% respectively on a year on year basis.

Here are some top three areas in Mumbai that observed the highest rental appreciation on a yearly basis.

Virar

Virar, a part of Mumbai Metropolitan Region is booming with the developing tourism and establishment of multifarious commercial as well as residential projects. The Vasai-Virar region experiences a high rental appreciation of about 6% mainly due to the recently established metro-rail services by the Mumbai Metropolitan Region Development Authority via Virar-Alibaug Multi-modal Corridor. Presence of massive infrastructure facilities like reputed schools, healthcare centers, shopping complexes, restaurants, and entertainment hubs also attract many people to seek a rental accommodation in this area.

Andheri West

Andheri West is one of the most sought-after residential areas of Mumbai for both developers and homebuyers. There exists a persistent demand for residential properties in this region due to the upcoming IT establishments here. Moreover, it is an emerging commercial hub with several shopping malls and other infrastructural developments happening in the area. Its tremendous connectivity through road and rail networks and proximity to the Versova-Andheri-Ghatkopar Metro Line further boosts the growth of Andheri West. With these advantages, Andheri West of Mumbai experiences a rental hike of about 6% on a yearly basis.

Goregaon East

What was once a middle-class suburb of Mumbai, Goregaon (East) has developed into a posh locality with the establishment of multifaceted residential projects like luxury apartments and villas here. Seamless connectivity through the Western Express Highway and the Jogeshwari-Vikhroli Link Road has attracted a large number of people to seek rental houses here which resulted in the rental appreciation of about 6% in 2018. Situated close to Bandra-Kurla Complex, Goregaon East offers a great opportunity for people, mostly working professionals, to stay close to the workplace and provides easy access to other necessary utilities.

With the rising home prices in the city, it is difficult to buy and maintain a house, therefore the working-class people prefer to rent houses, which is the most viable alternative. Moreover, the geographical factor, shortage of residential supplies and the developers’ constraints due to new residential policy measures have caused the rental market to rise in Mumbai. This, in turn, has hiked the rental values of houses, apartment/flats in various parts of the city.

If you are looking for any houses, apartments/flats for rent in Mumbai, then sign up with Sulekha. A comprehensive list of apartments/flats, houses for rent are available here from which you can choose your desired one.

 



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