Mumbai slips to 28th position in the list of high end rental apartments

Q: It seems that Mumbai has fallen to 28th position in the list of worlds most expensive locations for high end rentals.

Kishore Pathak, Mumbai

7th March 2014

Real estate News in Mumbai

price appreciation

mumbai real estate

mumbai buildings

mumbai chawls

project approval

mumbai real estate market

rupee depreciation

mumbai realty

Follow Discussion

Also see discussions for

Mumbai Real estate News Real estate News in Mumbai

Replies (3)

Hello Abhishek,
In fact the rental prices in Bangalore too fell sharply and the city ranks 127th globally, down from its previous 123rd spot. Further it depends on how companies provide housing or allowances as this will have a big impact on the real estate market.

Abhijit Thanki, Mumbai

7th March 2014

Comment

Hi,
I heard it as Hong Kong remained the most expensive location in the world despite rents falling for the second consecutive year, followed by Moscow, Caracas, NewYork and London. While rental prices in Mumbai have remained largely static over the past 12 months, a weaker rupee has meant that the cost of renting a 3-bed high end apartment actually fell by about 15 per cent when converted into US dollars for comparison.

Shrikant Kejriwal, Mumbai

7th March 2014

Comment

Yeah Shrikant. In fact our national capital New Delhi also fell in the global ranking from 29th to 43rd spot. While rents in the national capital rose around 4 per cent in local currency over twelve months, the cost of renting a high-end three bed apartment fell 11 per cent in US dollar terms and 20 per cent when converted to Euros.

Abhishke Karule, Mumbai

7th March 2014

Hi Kishore,
Yeah its quite shocking to know that real estate properties have dropped down and Mumbai has slipped to 28th position but in spite of this it stills remains the costliest city in India. It was in the 17th position globally last year but its ranking has fallen to 28th position in beginning of 2014 due to rupee depreciation.

Vinay Dixit, Mumbai

7th March 2014

Comment

Hi Vinay,
Heard that rents for an unfurnished three-bedroom apartment in a sought-after area of Mumbai average USD 3,760 per month (Rs 245,000/month). Mumbai remains India's most expensive location to rent a high-end three bedroom apartment and is the 7th most expensive in Asia.

Arup rajan, Mumbai

7th March 2014