Rents go down by 15 pc in suburbs
Rents of residential properties across the city have dipped significantly, with prices going down by as much as 10 per cent in Bandra and around 15 per cent further north, reports Naresh Kamath.india Updated: May 26, 2009 02:19 IST
Here’s good news for those looking to rent houses in the city.
Rents of residential properties across the city have dipped significantly, with prices going down by as much as 10 per cent in Bandra and around 15 per cent further north.
Rents in south Mumbai have dipped by about five per cent, a survey conducted by real estate consultancy firm Jones Lang LaSalle Meghraj (JLLM) has revealed.
According to Sanjay Dutt, the chief executive officer (business) of JLLM, rents have come down in Bandra (Rs 125-160 per sq ft) and south Mumbai (Rs 125-160 per sq ft) because of various reasons.
“Bandra was the favoured place for expatriates working in the city and were responsible for paying high rents. Now, their influx has come down and hence the rents.”
New properties have come up in the area, resulting in a further dip in prices, he added.
In south Mumbai, “landlords have been charging unrealistic rents and had to lower, but since there is scarcity of homes, it has not dipped significantly,” said Dutt.
The suburbs between Andheri and Borivli have seen a decrease of 15 per cent, while in Navi Mumbai (Rs 30- 40 per sq ft) rents have gone down by almost 30 per cent.