Areas With Rentals below Rs 30,000 in Mumbai
While Mumbai is witnessing slow property sales, the rental values are still on the rise as there are many people looking for rental properties, especially near CBDs and important SEZs such as Bandra Kurla Complex, Lower Parel, Church gate and Powai SEZ. Despite the rising rentals, one can still find apartments within a monthly rent of Rs 30,000 in several parts of Mumbai. Here are some localities you can look at.
Bandra
Bandra is considered one of the most posh western suburbs by most people besides Andheri. This is majorly due to the infrastructure, connectivity, amenities and the posh lifestyle of people. Bandra is also home to several Bollywood celebrities. Bandra East is gaining more popularity for rental accommodations due to the emergence of Bandra Kurla Complex (BKC). Bandra is also close to southern Mumbai, which is primarily a business region.
Though Bandra is a posh suburb, one can find few 1 and 2BHK apartments for monthly rentals within the range of Rs 25,000-30,000. Most of these have a covered area of 500-600 sq. ft. There are several apartments with more amenities and higher configuration available for higher rent.
Andheri
Andheri is another posh western suburb in Mumbai. Similar to Bandra, Andheri West too has a posh lifestyle due to several celebrities making their home here. Andheri West too has a very good social infrastructure as well as civic infrastructure. Andheri East has a bit lesser appeal than its western counterpart, due to the presence of some slums.
Andheri sees demand for rental properties due to several factors. One reason is that the area has several business and financial establishments. Another reason is that the suburb is close to BKC. People who are unable to stay in Bandra look for rental properties in Andheri, as properties here are cheaper. Then, there are people who want to enjoy the posh lifestyle of the suburb though they are unable to buy a property here. Andheri offers several 2 and 3BHK properties for a monthly rental of about Rs 25,000-30,000. The approximate covered area of flats are 600-900 sq. ft.
Powai
Powai is an eastern suburb and a posh area in Mumbai. The suburb witnesses high demand for rental properties due to the national and multinational business and financial establishments as well as the Kensington SEZ present in the area. While the rental values witnessed an increase of 10 per cent in the last three months, the demand is still there for rental accommodation. About 60 per cent of the population seeking rental flats are families and the remaining 40 per cent are bachelors.
A 2BHK flat of covered area 750-1,000 sq. ft. in Powai is usually available for a monthly rental of about Rs 28,000-30,000 depending on the location and amenities.
Chembur
Chembur is another eastern suburb of Mumbai. Rental values in eastern suburbs are generally cheaper due to lesser connectivity and infrastructure development compared to those of western suburbs. However, the emergence of Mumbai monorail, eastern freeway and Eastern Express Highway (EEH) have drastically improved the connectivity. As such, Chembur is witnessing high demand for rental properties.
The rental values went up by almost 5 per cent in the previous quarter. There are plenty of 2BHK apartments available in Chembur for an average monthly rental of Rs 30,000. The built up area of most of these properties range from 650 sq. ft. to 1,000 sq. ft.
