Redevelopment leads to rise in rents in Bandra-Khar-Santacruz area
Real Estate

Redevelopment leads to rise in rents in Bandra-Khar-Santacruz area

As the sound of piling machines and bulldozers reverberated via the western suburbs, the increase in the redevelopment of housing societies has resulted in an unexpected fallout: a shortage of rental flats in the Bandra-Khar-Santacruz area where hundreds of families who vacated their houses over the last few months have held virtually everything available on lease.

As per the official data, the maximum redevelopment projects 780 were in the Bandra-Andheri belt in 2021. Rentals in parts of the western suburbs grew by 20-30% due to the demand for flats from those relocating from old buildings.

Increasing demand and short supply have fuelled a drastic housing shortage for suburban renters. Developer Sanjay Devnani told the media over 80 new projects have been rolled out in Bandra’s H-west ward. A few old projects which had become non-viable have continued due to the premium advantages provided by the Brihanmumbai Municipal Corporation (BMC) till December 31, 2021.

These projects have now come to a stage where current buildings have been razed, and old members are scouting for rental flats. Devnani told the media that the normal 2 and 3 BHKs witnessed an abnormal demand.

Rentals have grown by 20%, and even apartments that had no takers have been rented out. Over 750 apartments have been undertaken in the last two months. 2 BHKs, which were going for Rs 60,000 a month are currently at Rs 75,000. A 3BHK which previously fetched a monthly rent of Rs 80,000 is presently at Rs 1.1 lakh.

Image Source

Also read: MHADA approves redevelopment of old buildings in Mumbai

As the sound of piling machines and bulldozers reverberated via the western suburbs, the increase in the redevelopment of housing societies has resulted in an unexpected fallout: a shortage of rental flats in the Bandra-Khar-Santacruz area where hundreds of families who vacated their houses over the last few months have held virtually everything available on lease. As per the official data, the maximum redevelopment projects 780 were in the Bandra-Andheri belt in 2021. Rentals in parts of the western suburbs grew by 20-30% due to the demand for flats from those relocating from old buildings. Increasing demand and short supply have fuelled a drastic housing shortage for suburban renters. Developer Sanjay Devnani told the media over 80 new projects have been rolled out in Bandra’s H-west ward. A few old projects which had become non-viable have continued due to the premium advantages provided by the Brihanmumbai Municipal Corporation (BMC) till December 31, 2021. These projects have now come to a stage where current buildings have been razed, and old members are scouting for rental flats. Devnani told the media that the normal 2 and 3 BHKs witnessed an abnormal demand. Rentals have grown by 20%, and even apartments that had no takers have been rented out. Over 750 apartments have been undertaken in the last two months. 2 BHKs, which were going for Rs 60,000 a month are currently at Rs 75,000. A 3BHK which previously fetched a monthly rent of Rs 80,000 is presently at Rs 1.1 lakh. Image Source Also read: MHADA approves redevelopment of old buildings in Mumbai

Next Story
Infrastructure Urban

Aadhaar Authentications Cross 27 Billion in FY25

Aadhaar authentication transactions surged past 27.07 billion in FY 2024–25, including 2.47 billion in March alone, reflecting its growing adoption across sectors such as banking, finance, telecom, and public service delivery. Since its inception, the cumulative number of Aadhaar authentication transactions has exceeded 148 billion.The Unique Identification Authority of India’s (UIDAI) AI/ML-based face authentication technology is also witnessing a sharp rise in usage. In March 2025 alone, over 150 million face authentication transactions were recorded. This biometric modality is now used ..

Next Story
Infrastructure Urban

IEPFA Holds Preparatory Meet for 'Niveshak Shivir' Initiative

The Investor Education and Protection Fund Authority (IEPFA), under the Ministry of Corporate Affairs, Government of India, hosted a preparatory meeting on April 28, 2025, with Nodal Officers from stakeholder companies via video conference. The session, chaired by IEPFA CEO Smt. Anita Shah Akella, focused on finalising operational plans for the upcoming ""Niveshak Shivir"" initiative—a joint effort between IEPFA and the Securities and Exchange Board of India (SEBI).""Niveshak Shivir"" aims to improve investor services and streamline the claims process by reaching out to cities with a high nu..

Next Story
Infrastructure Urban

India, France Sign Deal for 26 Rafale-Marine Jets for Navy

India and France have signed an Inter-Governmental Agreement (IGA) for the acquisition of 26 Rafale-Marine aircraft for the Indian Navy, comprising 22 single-seater and four twin-seater jets. The deal also includes training systems, simulators, associated equipment, weapons, and performance-based logistics, along with additional equipment for the Indian Air Force’s existing Rafale fleet.The IGA was signed by India’s Defence Minister Rajnath Singh and French Minister of Armed Forces Sébastien Lecornu. The agreement, along with supply protocols for aircraft and weapons, was exchanged in the..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?