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Rental Property in Mumbai

Mumbai is the hideout for business travelers, professionals, and students who are willing to have a vibrant career in the city that is known never to sleep. The growing demand for housing has vastly promoted rental property in Mumbai. The financial capital of India, Mumbai is home to important financial institutions in the country such as the Reserve Bank of India, the Bombay Stock Exchange and the National Stock Exchange of India. 

The film world in India is also based in the city and is the most glamorous part of entire Maharashtra. But, the most intriguing fact of Mumbai remains the vast difference that exists between the haves and the have-nots. While the film production industry in the state boasts of crores of revenue every year, there are people who live in the largest slums of India that is situated across Mumbai. 
The diverse place called Mumbai thus is an example where the top-notch politicians, models, and film personalities have apartments and bungalows that are worth 2-3crores, the lower-middle class and the middle-income group in forced to satisfy themselves with rental homes in Mumbai. They are considered to be one of the budget shelters by many who are either unable to pay for ownership homes, or not getting the right kind of property they want. Another reason why the demand for houses on rent in Mumbai is growing is the rise in number of students and professionals who often choose to stay in the city for just 2-3years. They prefer to opt for rental property in Mumbai rather than independent homes.

Rental market in Mumbai

While Navi Mumbai, Worli, and Andheri East- particularly Southwest Mumbai is considered to be place that has come of the costliest rental properties in the city, Dharavi is home to poorest of the poor in the city. As per 2001 census, 54.1 per cent of the city’s population lives in Dharavi – Asia’s biggest slum. This place has some of the most affordable rental property in Mumbai. 
So, it can be safely amused that a metropolitan city like Mumbai is one of the most populous in Asia with approximately 14 million people residing will have a huge need of both housing and commercial rental property. The commercial rental property in Mumbai is expensive depending on the location, like the business district limits. You can also get affordable office space with construction of around a million square meter of space under construction.
Rental property zones in Mumbai
Popular rental zones in Mumbai Places
Mumbai South West Bandra, Juhu, Santa Cruz, Pali Hill, Andheri East, Malad, Lokhandwala, and Andheri Kurla Road
Mumbai Suburbs Thane and Navi Mumbai
South Mumbai Colaba, Peddar Road, Mahim, Nariman Point, Malabar Hills, and Breach Candy

Rental rates in Mumbai

The prices of rental homes in Mumbai vary with location, type of house, and the area square feet. Most houses are also charged on the basis of facilities available.
Rental property zones in Mumbai Rates for rental property in Mumbai
Navi Mumbai Rs 3,500-Rs 9,000
Western Mumbai Rs 6,000- Rs 45,000 and even 1 lakh
Central Mumbai Rs 800- Rs 25,000 per square feet
South Mumbai Rs 7,500 onwards