Mumbai: Demand for plush rental apartments on the decline
In Mumbai, owners of premium apartments in the south, central and western suburbs are finding it increasingly difficult to rent out their apartments because there are not many takers for these dwelling units.
The demand for plush rental apartments in the mentioned areas has apparently been on the decline of late; thanks to the lacklustre economy, increasing job uncertainty, and mediocre salary hikes.
Going by the sectoral estimates, the fall in demand for high-rent apartments is evident from the fact that there are nearly 85 ready-to-move-in apartments on rent in Mumbai’s Bandra West area, but there are hardly any potential tenants interested in rental deals. The area was, at one time, a much-sought rental destination because a number of film stars and other VIPs reside here.
The ‘plush apartment rental’ situation in the Parel-Lower Parel area is no better. The area, which is the new business district in Mumbai, has more than 50 premium apartments available for rent, but there are very few tenants interested in the deal.
With regard to the somewhat disquieting supply-demand situation of plush rental apartments in Mumbai, Om Ahuja – CEO, residential services, at property consultant Jones Lang LaSalle – said: “Capital values have gone up and investors want high rentals but nobody wants to rent at the rates demanded by owners.”
Source – Business Standard
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