Apartments in Powai witness rental rates hike
Powai, one of the greenest regions in Mumbai has been on everyone’s dream homes list lately. The reason is this locality is well connected to all other areas in the vicinity and all the civic amenities equally available.
Situated near the Powai lake, it has become one of the sought after localities. Due to which, Powai is witnessing a hike in rental rates of apartments.
As per data, the rental rates of properties in Powai have increased manifold due to various factors.
Out of various factors, one main reason is its connectivity with other neighbouring localities. The area is a prime location which is close to the eastern and western expressways and the Jogeshwari-Vikroli link road.
Also, the international airport is just 5 kms distance along with Kanjur Marg and Vikhroli railway stations which are at a distance of 3-4 km.
As per experts, investors and buyers have eyes on this locality as it has all the basic amenities needed and schools, hospitals and shopping complexes are located in close proximity.
More demand has been witnessed for 2 and 3 BHK apartments in Powai. The rental value for 2 and 3 BHK apartments is approximately Rs 45,000-50,000 and Rs 100,000 respectively per month. Furthermore, a newly constructed 3 BHK apartment is given for rent at around Rs 60,000-Rs 65,000 while a 4 BHK is given at Rs 70,000-Rs 80,000 per month.
The demand for rented apartments in Powai is increasing as there are many IT professionals staying in the locality due to the large number of IT parks in the vicinity. Sometimes, the demand exceeds the number of properties available for rent which is another factor for rising rental rates.
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