Mumbai's Western Suburbs See Sharp Rise in Residential Rentals Amidst High Demand
Rental growth across premium gated societies in Mumbai has cooled down to 5-9% in 2024 after a growth of almost 50-60% in the last two years between 2021-23.
MumbaiWestern SuburbsResidential RentalsReal EstateHousing MarketReal Estate MaharashtraSep 25, 2024
Industry experts have weighed in on this growing trend, citing various factors such as the influx of professionals, the city's expanding infrastructure, and the development of premium housing projects. Developers feel this shift is reshaping Mumbai's rental landscape, creating opportunities for both developers and investors.
According to data shared by Zapkey.com research, rental growth across premium gated societies in Mumbai has cooled down to 5-9% in 2024 after a growth of almost 50-60% in the last two years between 2021-23.
A 3 BHK apartment in Malad East along the Western Express Highway near the Metro station, which was available on rent for Rs 55,000 per month in 2021, went up to Rs 85,000 per month in 2023, while in 2024 the rentals were at Rs 87,000 per month.
Commenting on the trend, Shraddha Kedia-Agarwal, Director, Transcon Developers, noted, “The rise in rental prices in Mumbai’s western suburbs is a direct reflection of the demand for modern, well-equipped homes. The area's connectivity, proximity to commercial hubs, and lifestyle amenities has made it an attractive choice for both locals and expatriates.”
Speaking from the demand perspective, Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers said, “We are observing increased demand from tenants looking for premium rental options in key western suburb localities. With the improved metro connectivity and infrastructure, this trend is likely to sustain.”
A 2 BHK apartment in a premium building of Borivali was available for a monthly rent of Rs 39,000 in 2021 and went up to Rs 58,000 in 2023. However, in 2024, that same building has 2 BHK apartments being offered for a monthly rent of Rs 65,000.
Dhiraj Mandal, Director of Mumbai Realtors opined, \
Frequently Asked Questions
What is the current trend in Mumbai's residential rental market?
The residential rental market in Mumbai's western suburbs has witnessed a sharp increase, driven by rising demand and limited supply of quality homes.
What are the factors contributing to the rise in rental prices in Mumbai's western suburbs?
Industry experts cite various factors such as the influx of professionals, the city's expanding infrastructure, and the development of premium housing projects.
How much has the rental growth cooled down in Mumbai in 2024?
Rental growth across premium gated societies in Mumbai has cooled down to 5-9% in 2024 after a growth of almost 50-60% in the last two years between 2021-23.
What is the expected trend in rentals in the coming years?
The upward trend in rentals is expected to continue, with experts forecasting further increase as new infrastructure projects are nearing completion.
What is the impact of redevelopment on narrow roads on the rental market in Mumbai?
The redevelopment on narrow roads has resulted in thousands of old and dilapidated societies going for redevelopment, creating a huge shortfall in rental housing and pushing rentals up by 30 to 50%.
Related News Articles
Dividend Delights: Tata Elxsi, Titan, IndusInd Bank, BoB, and More to Issue Dividends and Bonus Shares
Several companies, including Tata Elxsi, Titan, IndusInd Bank, and Bank of Baroda, are set to issue dividends and bonus shares this week.
BJP Victory in Maharashtra to Boost Adani's $3 Billion Dharavi Redevelopment Project
The resounding victory for the BJP-led alliance in Maharashtra is set to provide a significant boost to Gautam Adani's ambitious $3 billion Dharavi slum redevelopment project. This project, aimed at transforming one of the world's largest slums, has been
Mumbai Property Registrations See 5% Increase in November: Knight Frank Report
Property registrations in the Mumbai municipal region witnessed a 5% rise in November 2024, registering over 10,200 units.
Lotus Developers Files DRHP for INR 1,000 Crore IPO: A Leap into the Future
Lotus Developers, a leader in Mumbai's premium real estate market, has filed its Draft Red Herring Prospectus (DRHP) for an IPO in the range of INR 800 to 1,000 crore. The company has garnered significant attention with its impressive list of pre-IPO inve
Washington DC Faces Real Estate Market Crash as Thousands Sell Homes and Flee City
Residents of Washington DC are reportedly selling their homes in droves, sparking fears of a real estate market crash. Images of numerous homes listed for sale have been shared on social media, indicating that many are packing up and leaving the city en m
Mumbai's Real Estate Sector Thrives, But Affordable Housing Remains a Challenge
Rental rates in Mumbai are rising due to redevelopment-driven demand, pushing the real estate market forward. However, affordable housing still faces significant challenges, according to Knight Frank India.