Mumbai Rental Market Surges 13%, Boosting Redeveloped Property Demand
Published Date: 22/07/2024
Rental agreements in Mumbai's real estate market have witnessed a 13% increase in the first half of 2024, driven by redeveloped properties and increased commercial leasing
"The Mumbai real estate market has witnessed a significant surge in rental agreements, with a 13% increase in registrations in the first six months of 2024 compared to the same period last year. According to data shared by the Maharashtra Inspector General of Registration (IGR), a total of 1.90 lakh rental agreements were registered in the first half of 2024, up from 1.67 lakh in 2023.
This increase can be attributed to the growing trend of redevelopment in Mumbai, particularly in South Mumbai and parts of Central Mumbai. Many old buildings are being redeveloped, leading to an increase in demand for rented accommodation in these areas. Additionally, there has been an uptick in commercial leasing in South Mumbai, contributing to the overall growth in rental agreements.
Real estate consultants believe that the rental agreement registration data indicates a shift towards redeveloped properties, which are in high demand. \"
FAQs:
"Q: What is the percentage increase in rental agreements in Mumbai's real estate market in the first half of 2024?
A: 13%
Q: What is the main driver of the increase in rental agreements in Mumbai?
A: Redevelopment of old buildings and increased commercial leasing
Q: Which areas in Mumbai are witnessing the most redevelopment activity?
A: South Mumbai and parts of Central Mumbai
Q: How has the rental growth in premium gated societies in Mumbai been affected?
A: It has cooled down to 5-9% in 2024
Q: What is expected to happen to rental demand and supply in 2025-26?
A: Rental demand and supply are expected to match due to the completion of many redevelopment projects"
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