Tips to migrant for renting out apartments in Mumbai

Q: If you are a migrant planning to return to Mumbai, then you should be aware of certain key aspects when going apartment hunting.

Puneet Laskar,

16th March 2015

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In Mumbai apartment cost is very high and rent is very low... I would suggest you to go and stay in rental, so that once real estate bubble is burst - you may be able to buy property at lower price point... I heard recently that lot of apartments/house are vacant in all the metros in India.. negotiate with landlord and don't go for property without parking, road, water.. Never agree for huge advance as well.

Milind, Bangalore

17th March 2015

Comment

Absolutely right Javed,
Here are few factors to keep in mind when looking for rentals: 1) The travel time to and from your work place and the location of your children's school, 2) An advance deposit is a must in Mumbai, the owner will return the amount the day you vacate the apartment. This is a set clause in every standard rental agreement, 3) All repairs need to done before the advance is paid. Also, in case something is not fixed, it is best to record it in the agreement in advance, 4) It is always better to visit at day time to check for faults carefully by daylight. Following this up with a visit after dark is also recommended, to ensure there is adequate lighting facility outside as well.

Vinu S,

16th March 2015

Comment

Apart from that social facilities such as shopping malls, super markets, medical facilities and kirana stores are not a problem in Mumbai, it is reaching the place of work or schools that need to be looked into.

It would be a smart move to talk to some of the residents (preferably tenants) in the complex before signing the rental agreement. In that way you will get aware of the electricity and water supply.

Javed,

16th March 2015

Finding an apartment in the right locality, neighborhood and for the best price is actually a challenging task especially for migrant in Mumbai. The first thing that hit a person when he comes to Mumbai is the slums and the slow moving traffic. Secondly, Realty in Mumbai is expensive. The rental values today would be far above than what you may have known some years back.

Vinu S,

16th March 2015

Comment

Right Vinu,
It is often a tough job to explain to the migrant family that you are paying more as the `per sq ft' value has increased. Also it is not fair to compare the lifestyle in developed nations with that of Mumbai.

Javed,

16th March 2015