Rents hike continue in Mumbai
In spite of developers struggling with their debts in Mumbai, rentals have been soaring. Increase in rents across the city over the past few years has contributed to a record rise.
Rentals in Mumbai are now at par with the highest rental rates in the world. In Andheri (East), the rent for a 3BHK apartment has gone up from last year’s Rs 27,000 to Rs 31,000. In Bhandup, it has shot up by 30 per cent, from Rs 25,500 to Rs 33,000. Rentals have risen to such an extent that it has become difficult for middle income group to rent a house in Mumbai.
Real estate experts are of the opinion that Mumbai is a highly supply-constrained market where demand always outstrips supply by a huge margin, which has been driving the hike in rents.
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