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Rental Insights: Mumbai Q4-2015

Mumbai, the fashion capital of India, which is also known as the city that never sleeps, is one of India's dominant urban centers. Mumbai, deriving the name by Mumba Devi, the city's patron deity, gradually developed around a fort built by Britishers in the mid 17th century.

From more than a century, Mumbai is creating a frenzied atmosphere with the biggest entertainment industry - Bollywood. Also, this metropolitan city is often quoted as an example when sky-rocketing prices of real estate are considered.

Though, Mumbai is considered a hot spot in terms of luxury homes, majority of the population cannot afford the luxury segment, as the prices of affordable houses only are much more when compared to any other city in India.

You can take the boy out of Bombay, but you can’t take Bombay out of the boy. Watch this video as it slowly tugs at your heartstrings with beautiful images of the city of dreams. Its serene narrative form, encompassing the joys, struggles and romantic moods of the city and its people makes it a tribute worth watching.

If you are a person who wants to choose rent over buy in Mumbai, then this article explains you the top rental localities of Mumbai with their pricing trends:

1BHK

 
AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Andheri East250001850035.1%95%
Andheri West300001850062.2%81%
Mira Road1100018500-40.5%0%
Ghodbunder Road (Thane)1200013500-11.1%36%
Powai290001850056.8%100%
Dombivli East700018500-62.2%0%
Kharghar (Navi Mumbai)900090000%0%
Bandra West5000018500170.3%100%
Goregaon East220001850018.9%78%
Kalyan West700018500-62.2%0%

2BHK

 
AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Andheri West500004080022.5%90%
Kharghar (Navi Mumbai)15000150000%42%
Mira Road1500040800-63.2%23%
Powai450004080010.3%69%
Andheri East510004080025%83%
Dombivli East1000040800-75.5%0%
Thane West (Thane)200001500033.3%76%
Goregaon East3800040800-6.9%33%
Bandra West800004080096.1%100%
Ghodbunder Road (Thane)19000190000%47%

3BHK

 
AreaArea Rent (median)City Rent (median)Area vs City% Listings above City Median Rent
Andheri West850007000021.4%73%
Goregaon East76000700008.6%67%
Andheri East71000700001.4%51%
Khar West15500070000121.4%100%
Kharghar (Navi Mumbai)2350026000-9.6%21%
Chembur6000070000-14.3%10%
Bandra West20000070000185.7%100%
Powai6620070000-5.4%37%
Bandra East1300007000085.7%100%
Mira Road1750070000-75%0%

Real estate market demand and price inflation go hand in hand in Mumbai with the top rental searches happening in Andheri, Powai, Mira Road, Dombivli east, Bandra etc. The apartment rent prices (both 1 and 2 BHK) in Bandra West are beyond reach for common man with almost every property placed higher than city average (1 BHK: ₹19.5K, 2 BHK: ₹40K). Powai, Andheri East and Andheri West closely follow with average locality prices at 1.25 times the normal city trend. As expected, in Powai and Andheri West, 80% of listings have higher prices than city average followed by Andheri East with 50% properties above average. Bandra West, being one of the posh regions of Mumbai has apartments over a wide price range indicating the level of luxury and quality a high end property seeker can look for.

Ask any renter in Mumbai and they’ll tell you that the rents are too damn high. Sadly, they aren’t exaggerating. Buying a home in Mumbai is not cheap. Renting particularly in expensive neighborhoods that are close to a city center, is not cheap either. Affordable housing in both the for-sale and rental markets has become incredibly scarce in desirable neighborhoods in urban centers. So what’s a renter to do?

Is it time to implement rent control measures like New York and San Francisco cities?

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