In South Mumbai apartment rentals dip by 30 per cent
South Mumbai real estate
In last few months it is reported that apartment rentals in South Mumbai, South Delhi have fallen by 20 to 30 per cent. According to property brokers and consultants, the slowdown in the job market and leasing in the commercial office spaces have put the rentals in check.
In present owners are finding it difficult to rent out their apartments or homes to rental seekers unless they are willing to reduce the rent of apartment or home, said by Sunil Kapur, KK Real Estate, a Delhi based real estate developer. According to, Ramesh Nair, CEO and Director at Property Consultancy JLL India, “While analyzing the problem of rise in supply of apartments and homes in many locations, corporate have reduced their rental budget for employees, but most of the landlords still have unrealistic expectations”.
In South Delhi the rentals have dropped by up to 50 per cent in the areas like; Greater Kailash, Vasant Vihar and Shanti Niketan, when it comes to Vasant Vihar, it is down to Rs 2 lakh to 2.5 lakh a month from Rs 3-5 lakh a year ago, following the same pattern rentals in Shanti Niketan have dropped from 5 to 6 lakh to 3 to 3.5 lakh in a year. While in South Mumbai the situation is same, because expats have started to move towards Bandra. According to, Akhil Kapur, AJ Housing-a Mumbai based broker, “In few parts of South Mumbai you can even get two-year-old rentals today, the supply of rentals is very high but the demand still slack”. As per borkers and real estate experts, rentals in posh buildings in south Mumbai are down by 10 to 30 per cent and these areas are; Imperial Heights, Beau-Monde and NCPA, Raheja Atlantis, Samudra Mahal, etc.
In present most of the owners are offering to let existing tenants continue without asking for an increase even after the end of tenure period because they know the market conditions. In Gurgoan, where several companies are setting up shop, rentals have fallen significantly, where as the prime projects on Golf Course Road, Belaire, Palm Springs, Exotica, Pinnacle and many other rentals have fall be 30 per cent in the past one year.
