Maharashtra

Increase in demand for rental houses in the state including Mumbai

 

Fare reduction, survey information

Mumbai: After the second wave of corona, the demand for rental houses in Mumbai has increased significantly, but the pre-corona rent has declined. According to a survey conducted by Anarock, the decline is as high as 10 per cent and the demand for rented offices is also on the rise.

Rental homes were in demand even before Corona. Rents range from Rs 50 to Rs 75 per square foot, while luxury homes range from Rs 90 to Rs 200 to Rs 400. Prices in Bandra West, Khar, Santacruz, Parle never fluctuated. The same was true of rented houses in South and South Central Mumbai. The rates for rental houses from Andheri to Borivali vary depending on the area. But after Corona, many rented houses became vacant. Many vacated their homes because they were too tired to rent. The second wave wreaked havoc and it became difficult to find tenants. After the second wave subsided, demand for rented houses began to rise again. But the rent was not received as before. Many who lost their homes due to the corona lost ten percent of their rent. Tenants seeking to rent a new house again showed inability to pay the same rent as before. Eventually, that led to a drop in rent, some estate agents said. He also said that most of the rented houses in Mumbai are still vacant.

As per the records of the State Inspector General of Stamps ..

At the end of August this year, 79,761 contracts were registered for rented houses and offices in the state and 23,230 in Mumbai.

Last August, there were 52,553 in the state and 16,100 in Mumbai. In August 2019, the number of contracts for rental houses and offices was 66,989 in the state and 20,839 in Mumbai.

If you look at these figures, the demand for rented houses and offices in the state and in Mumbai has increased significantly in August this year. However, at the same time, the fall in rents has led to an increase in demand, say experts in the field.

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