Mumbai might have witnessed a sharp decline in real estate property sales but this has not affected its rental value. Rental value of properties have not only increased in Mumbai but also in other metropolitan cities. In the past year rental value in Mumbai and its outskirts have grown by 11%. This was disclosed by private real estate portal, 99acres.com which had conducted the study. Whereas in Bangalore, Pune and Delhi he rental value has increased by 13%, 11% and 9% respectively.
However properties in South Mumbai localities which is one of the most preferred locations, have witnessed a slump in rental value. For example the Worli residential market witnessed a 21.31% slump and areas like Prabhadevi, Parel and Bandra which falls in west Mumbai saw a dip in rental value by 18%, 12% and 11.57% respectively. All these figures were for last year. A real estate expert while talking to reporters from DNA said that the rental value in South Mumbai localities has indeed skyrocketed. For most people this area is still unaffordable. He said that as a result a lot of people are opting for properties located in the suburbs and outskirts. He further added that it is because of the prevailing exorbitant property rates in Mumbai that the rental value has shot up.
However properties in South Mumbai localities which is one of the most preferred locations, have witnessed a slump in rental value. For example the Worli residential market witnessed a 21.31% slump and areas like Prabhadevi, Parel and Bandra which falls in west Mumbai saw a dip in rental value by 18%, 12% and 11.57% respectively. All these figures were for last year. A real estate expert while talking to reporters from DNA said that the rental value in South Mumbai localities has indeed skyrocketed. For most people this area is still unaffordable. He said that as a result a lot of people are opting for properties located in the suburbs and outskirts. He further added that it is because of the prevailing exorbitant property rates in Mumbai that the rental value has shot up.
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