{"id":31488,"date":"2024-09-25T10:01:15","date_gmt":"2024-09-25T04:31:15","guid":{"rendered":"https:\/\/marudharchronicle.com\/index.php\/2024\/09\/25\/residential-rentals-soar-in-mumbais-western-suburbs-amidst-high-demand\/"},"modified":"2024-09-25T10:01:15","modified_gmt":"2024-09-25T04:31:15","slug":"residential-rentals-soar-in-mumbais-western-suburbs-amidst-high-demand","status":"publish","type":"post","link":"https:\/\/marudharchronicle.com\/index.php\/2024\/09\/25\/residential-rentals-soar-in-mumbais-western-suburbs-amidst-high-demand\/","title":{"rendered":"Residential Rentals Soar in Mumbai\u2019s Western Suburbs amidst High Demand"},"content":{"rendered":"<div>\n<div>\n<p><strong>Mumbai (Maharashtra) [India] September 24:\u00a0 <\/strong>The residential rental market in Mumbai\u2019s western suburbs has witnessed a sharp increase, driven by rising demand and limited supply of quality homes. Popular localities such as Andheri, Goregaon, Malad, and Borivali have seen rental prices surge over the past year, making it one of the hottest real estate markets in the city.<\/p>\n<p>\u201cRental 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,\u201d according to data shared by Zapkey.com research.<\/p>\n<p>Several industry experts have weighed in on this growing trend, citing various factors such as the influx of professionals, the city\u2019s expanding infrastructure, and the development of premium housing projects. This shift is reshaping Mumbai\u2019s rental landscape, creating opportunities for both developers and investors.<\/p>\n<p>Commenting on the trend,\u00a0Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers, noted,\u00a0\u201cThe rise in rental prices in Mumbai\u2019s western suburbs is a direct reflection of the demand for modern, well-equipped homes. The area\u2019s connectivity, proximity to commercial hubs, and lifestyle amenities has made it an attractive choice for both locals and expatriates. At Transcon, our projects are designed to meet the evolving preferences of tenants who seek high-quality living spaces.\u201d<\/p>\n<p>A 3 BHK apartment in Malad East along the Western Express Highway near the Metro station was available on rent for\u00a0\u20b955,000 per month in 2021. This went up to\u00a0\u20b985,000 per month in 2023, and in 2024 the rentals were at\u00a0\u20b987,000 per month according to research data by Zapkey.com.<\/p>\n<p>Speaking from the demand perspective,\u00a0Mr. Umesh Jandial, Chief Business Officer, Omkar Realtors &amp; Developers\u00a0said,\u00a0\u201cWe are observing increased demand from tenants looking for premium rental options in key western suburb localities. Our developments, like Omkar Alta Monte in Malad East, cater to this segment by offering a blend of luxury and convenience, which has contributed to the overall rental escalation in these neighborhoods. With the improved metro connectivity and infrastructure, this trend is likely to sustain.\u201d<\/p>\n<p>A 2 BHK apartment in a premium building of Borivali was available for a monthly rent of\u00a0\u20b939,000 in 2021 and went up to\u00a0\u20b958,000 in 2023. However, in 2024, that same building has 2 BHK apartments being offered for a monthly rent of\u00a0\u20b965,000, according to research data shared by Zapkey.com.<\/p>\n<p>Highlighting the factors for the rental surge,\u00a0Mr. Rohan Khatau, Director, CCI Projects\u00a0mentioned,\u00a0\u201cThe rental market in Mumbai\u2019s western suburbs is benefiting from the city\u2019s infrastructural growth, such as the completion of new metro lines and arterial roads. This is particularly evident in Borivali and Kandivali, where tenants are seeking homes that offer superior connectivity and contemporary living. Developments such as Rivali Park by CCI Projects are strategically located to cater to this growing demand.\u201d<\/p>\n<p>The upward trend in rentals is expected to continue, with experts forecasting further increases as new infrastructure projects near completion. The rise in demand is also attracting investors who view the rental market as a lucrative opportunity, with returns expected to outpace those in other parts of the city.<\/p>\n<p><em>If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai (Maharashtra) [India] September 24:\u00a0 The residential rental market in Mumbai\u2019s western suburbs has witnessed a sharp increase, driven by rising demand and limited supply&hellip; <\/p>\n","protected":false},"author":1,"featured_media":31489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[656],"class_list":["post-31488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/posts\/31488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/comments?post=31488"}],"version-history":[{"count":0,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/posts\/31488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/media\/31489"}],"wp:attachment":[{"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/media?parent=31488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/categories?post=31488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marudharchronicle.com\/index.php\/wp-json\/wp\/v2\/tags?post=31488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}