It's a rocky road ahead for those seeking to rent a home in the country's financial capital. In the past couple of years, rents in Mumbai have shot up considerably, even doubling in some areas.
It's a rocky road ahead for those seeking to rent a home in the country's financial capital. In the past couple of years, rents in Mumbai have shot up considerably, even doubling in some areas.
The monthly rent for a 2-BHK Cuffe Parade home is a staggering Rs1.25 lakh, up from Rs45,000 to Rs80,000 two years ago. At Bandra, the rent for a 2-BHK apartment has shot up from Rs60,000 to Rs1 lakh. A similar apartment can be rented in Andheri for Rs35,000 and in Juhu for Rs40,000, which is a cent per cent rise over the rates in 2005.
Experts say the triggers for this escalation lie in the commercial development that has taken place in these neighbourhoods. “Nepean Sea Road and the Golden Triangle of Altamount Road, Pedder Road, and Malabar Hill have always been popular with FIIs, bankers, and international consulting firms,” says Chetan Narain, CEO of Narains Corp Property Consultants and president of the India Institute of Real Estate.
“The boom in Bandra has been triggered by the BKC, which is developing into a new business hub,” he says. “Expatriates prefer the area for the proximity to the American School at BKC. Besides, Bandra is centrally located and has a host of social attractions.”
The rise in rents at Juhu and Andheri has likewise been triggered by the domestic and international airports in the vicinity. “Frequent corporate travellers working in Mumbai prefer to stay in these areas. Also, Andheri is a major business district. There are many corporate offices in Chakala and Sahar," says Sunil Bajaj, property consultant.
Also, Bandra, Khar, and Juhu are seen as cosmopolitan areas. “These suburbs have hotels, hospitals, schools, colleges, shopping plazas, and everything that one requires to lead a good life. Bandra and Khar are centrally located in the city and thus make travelling to any part of the city very convenient,” says Omi Chandnani, a property dealer from Khar.
b_ameya@dnaindia.net
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