PremiumAccording to the report, the average monthly rentals in over 80 micro markets of the MMR rose in a range of 4 per cent to 29 per cent in August this year as compared to December 2018.
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The average housing rent in Mumbai Metropolitan Region (MMR) increased by up to 29 per cent in the last three and half years, says a report by by CREDAI-MCHI and data analytic firm CRE Matrix.
The report -- MMR Property Rentals Tracker -- captured housing rentals trends for 2 BHK houses across Grade-A buildings not more than 7-8 years old across four macro-markets -- Mumbai, Palghar, Raigad and Thane.
According to the report, the average monthly rentals in over 80 micro markets of the MMR rose in a range of 4 per cent to 29 per cent in August this year as compared to December 2018.
"The real estate industry is currently going through a momentous cycle, and the increase in housing rentals give a ray of optimism to both developers and homebuyers since this will encourage more housing sales in the upcoming months," CREDAI-MCHI President Boman Irani said.
With companies have now switched to hybrid working and schools/colleges have reopened as well, the rentals have been witnessing an upward trend in major Indian cities.
"Each micro-market in MMR has witnessed a rise in housing rentals, with 65 per cent of the micro-markets having more than a 1.1-time increase in rentals compared to CY (calendar year) 2018," CRE Matrix CEO Abhishek Kiran Gupta said.
As per the data, the average monthly rentals at Balkum in Thane rose 29 per cent to ₹31,000 from ₹24,000 in the 2018 calendar year. While at Ghansoli, rate rose 25 per cent to ₹28,800 from ₹23,000.
In Andheri West, it appreciated by 25 per cent to ₹59,000 from ₹47,100; in Borivali West, rents were up 25 per cent to ₹36,900 from ₹29,500; in Lower Parel rents rose 22 per cent to ₹1,46,000 from ₹1,20,000 and at Bandra East rose 22 per cent to ₹93,000 from ₹76,000, while in Bandra West, it went up 20 per cent to ₹118,000 from ₹98,000.
Titwala-Ambivli saw an increase of 21 per cent to ₹9,700 from ₹8,000, while that in Kopar Khairane was up 20 per cent to ₹18,000 from ₹15,000.
In Andheri East, rents appreciated by 19 per cent to ₹52,000 from ₹43,600. Borivali East too saw rents rising by 19 per cent to ₹34,600 from ₹29,000 per month.
The average rentals for 2BHK units of grade-A housing projects in Malabar Hill stood at ₹2,15,000 in August 2022, up 10 per cent from ₹1,95,000 in December 2018.
With PTI inputs.