Rentals in Mumbai soar over last year figures

Mumbai witnessed an escalation in the real estate rentals for 3BHK residential apartments in the Q2 of 2010 as compared to the same quarter last year, says a new report.

Rental prices of a 3BHK house in key localities of South Mumbai and South West Mumbai showed that residential areas in Khar and Mahalaxmi witnessed maximum appreciation.

Khar has seen 47 per cent rise in rentals in Q2, 2010 over Q2, 2009 followed by Mahalaxmi and Napean Sea Road which saw 28 per cent and 13 per cent rise in rentals respectively over the same time period.

Bandra West saw a 11 per cent rise in their rentals while Breach Candy and Lower Parel saw rental values move up by 6 per cent in Q2, 2010 over Q2, 2009.

Localities in Navi Mumbai and Thane areas have also seen an escalation in prices.

Hiranandani estate saw a 23 per cent rise in rental values in Q2, 2010 followed by Sanpada and Seawoods which saw 20 per cent rise in rentals. Kharghar, Vashi and Kamothe witnessed rise in rental values by 13 per cent.