Mumbai’s redevelopment activity surge sparks rental housing market boom
housing society redevelopment across Mumbai has led to a significant surge in rental demand, pushing up rents in key areas of the country’s commercial capital and even in neighbouring cities like Thane and Navi Mumbai.
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With thousands of residents temporarily displaced as their aging buildings undergo reconstruction, Mumbai’s rental market is witnessing unprecedented activity, giving landlords an upper hand.
Mumbai has one of the oldest housing stocks in India, with many buildings over 50-60 years old requiring structural upgrades. The Maharashtra government’s push for self-redevelopment and cluster redevelopment, coupled with policy support from the Municipal Corporation of Greater Mumbai (MCGM), has led to a sharp rise in such projects.
According to property brokers, average rentals across localities have risen over 25-30% over the last 12-18 months as against usual 5-7% increase after every 11 months.
“The demand for rental homes has skyrocketed in the last year due to redevelopment activity. Lack of adequate availability of like-to-like transit accommodation is making things difficult. Many families need homes for at least 2-3 years, landlords are aware of the scenario and are looking to make the most of this supply strain and push rents upward,” said Yashwant Dalal, president, The Estate Agents Association of India.
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