Powai: Rent a 2BHK for Rs 30k!
Mumbai, the financial capital of India, witnesses a significant demand for rental housing. Most of this demand is from families living close to the industrial areas or working in the key Central Business Districts (CBDs) of the city. The city also witnesses a high demand from the migrant population working in the city.
Several suburbs in Mumbai Metropolitan Region (MMR) cater to this rental demand in the city. According to a recent research by CommonFloor, Powai appears as one of the top rental destinations in MMR.
Here’s a snapshot.
What’s Available?
Most of the available units for rent in the suburb are 1, 2, 3 and 4BHK flats in Powai. The following table gives an idea about the average rent for different configurations in the suburb.
Table: Approximate monthly rental prices in Powai
| BHK Type | Average built area (sq. ft) | Avg Rentals per month (Rs) |
| 1 | 500-750 | 20,000-35,000 |
| 2 | 700-1,250 | 30,000-55,000 |
| 3 | 1,100-2,000 | 45,000-1,20,000 |
| 4 | 2,000-3,200 | 1,00,000-2,50,000 |
Rentals in the suburb are on the higher end due to the posh quotient of the suburb. Apartments in Powai can also fetch you healthy returns. The current rental yield is 3.5 per cent.
Why Powai?
A north-eastern suburb, Powai is a posh locality located on the banks of Powai Lake. Factors driving rental demand are:
· Presence of Kensington SEZ, which is an IT SEZ, and the IIT-Mumbai. The suburb has been dubbed as Mumbai’s startup hub in recent times.
· Important roads offering connectivity and accessibility to the suburb include Jogeshwari-Vikhroli Link Road (JVLR) and LBS (Lal Bahadur Shastri) Marg. The Eastern Express Highway (EEH), which connects the eastern suburbs, passes close to Powai.
· The Eastern Freeway was opened to public in two phases in 2013 and 2014 respectively, which has significantly improved the area’s connectivity with South Mumbai.
· Regular BEST and A/C buses. Availability of auto-rickshaws within the locality.
· Powai has a completely developed infrastructure with several commercial and business hubs, parks, educational institutions and hospitals, and a lake. The suburb has good environment.
· About 5 km from the city’s International Airport and less than 5 km from Andheri SEEPZ SEZ.
Thus, if you are looking to stay in a rental apartment in a well-connected suburb with excellent infrastructure and proximity to key educational as well as business institutions, then Powai definitely deserves a visit!
