Amid redevelopment, rents on the rise in western Mumbai

16 Nov 2022 CW Team

As a number of old buildings are undergoing redevelopment in Mumbai, micro-markets in the city’s western suburbs have seen up to 15% increase in rentals.

At a rough estimate, around 3,000 projects are under construction in Mumbai, about 60% percent which are redevelopment projects. “Going by this, it is obvious that rental demand has increased, which has also resulted in monthly rentals increasing by 10-15%,” said Ajay Chaturvedi, chief executive of Mumbai-based firm Real Estate Study Circle.

Ritesh Mehta, senior director and head, west & north, Residential Services & Developer Initiatives, JLL, said, “Rents increase annually by about 5% in Mumbai. However, in the recent past, rentals have increased by up to 15% in some areas. This is due to two reasons. One is, post Covid, as people started coming back to the city, rents increased. The other reason is redevelopment. Areas between Juhu-Bandra and Borivali-Kandivali are seeing a lot of re-development, due to which rentals have increased in these micro-markets.”

Ravi Kewalramani, director, RK Mumbai Realtors, said rentals have increased between 10-20% across Mumbai. “In luxury markets like Juhu and Bandra, I had rented out a 2BHK at Rs 77,000 two or three years back. Now the same property is being listed at Rs 95,000," he said.

Kewalramani said 3BHK and 4BHK luxury apartments are being rented out for Rs 3-5 lakh. Demand is such that hardly any units are left in the market.

Real Estate

07 Jul 2026

Isprava Partners Courtside to Launch Luxury Padel Experience

Luxury home developer Isprava has partnered with Courtside, Mumbai's first padel social club, to launch The Isprava Court, integrating its design-led lifestyle proposition with one of the city's emerging sporting destinations.Located on the rooftop of Atria Mall in Worli, Courtside spans 20,000 sq ft and combines padel, wellness, hospitality and community experiences. Since opening in February 2026, the venue has positioned itself as a social hub for sports and lifestyle enthusiasts.The Isprava Court features curated brand elements, including bespoke court branding, branded nets, towels and ac..

Kellton Tech, AEC Form JV to Drive GCC Energy Digitalisation

Kellton Tech EU, a wholly owned subsidiary of Kellton Tech Solutions, has formed a strategic joint venture (JV) with Kuwait-based Action Energy Company (AEC) to accelerate AI-led digital transformation across the Gulf Cooperation Council (GCC) energy sector.Under the agreement, AEC will hold a 51 per cent stake in the JV, while Kellton Tech EU will own the remaining 49 per cent. The venture has been established for an initial five-year term and will focus on delivering digital oilfield solutions, enterprise software, cloud computing, cybersecurity, enterprise resource planning (ERP), systems i..

Plant & Equipment Secures Funding to Expand Auction Business

Plant & Equipment (P&E), a global heavy equipment marketplace, has secured asset-backed financing to accelerate the growth of P&E Auctions, its auction business serving buyers and sellers across the Middle East, Africa and other international markets.The investment will be used to acquire physically inspected construction equipment, lifting machinery and commercial vehicles, enabling the company to provide minimum guarantees on assets sold through its auction platform.Launched in December 2023, P&E Auctions has expanded rapidly following the success of the company's online mark..