Mumbai real estate: As redeveloped apartments hit the market, will rental growth in the city start to cool off? Hindustan Times
A 3 BHK in a premium building in Andheri area of Mumbai was available for a monthly rent of ₹77,000 in 2021, which went up to ₹1.14 lakh in 2023 as redevelopment of old buildings in Mumbai picked up pace. Rents are currently hovering around ₹1.18 lakh per month due to increase in supply of redeveloped homes in the city. In the last few years, the surge in rental growth in Mumbai was driven by an increase in the number of redevelopment projects. Rental demand went up with several old buildings going in for redevelopment. Property owners of such buildings required temporary rental accommodation which was difficult to get in the same area as supply was limited. However, this growth seems to have tapered off in 2024, according to real estate consultants and brokers.
