Amid redevelopment, rents on the rise in western Mumbai
Real Estate

Amid redevelopment, rents on the rise in western Mumbai

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.

See also:

Hyderabad sees registration of homes worth Rs 22.37 bn in Oct
Godrej Properties acquires land in Pune for group housing project


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.See also: Hyderabad sees registration of homes worth Rs 22.37 bn in OctGodrej Properties acquires land in Pune for group housing project

Next Story
Real Estate

Bombay HC Questions Cuffe Parade Redevelopment On Prime Govt Land

The Bombay High Court (HC) has raised serious concerns over the redevelopment of 33 acres of prime government land in Cuffe Parade, South Mumbai, under the Slum Rehabilitation Authority (SRA) scheme, calling it a potential misuse of public property under the guise of slum rehabilitation.In a strongly worded order issued on 1 October 2025, a division bench of Justices G.S. Kulkarni and Aarti Sathe observed that transferring such valuable land for private development amounted to “removing it from the public pool” and “throwing it open for commercial exploitation” in a city already depriv..

Next Story
Real Estate

Delhi Plans Rs 20 Billion Twin-Tower Secretariat At ITO

The Public Works Department (PWD) has proposed an ambitious plan to construct a twin-tower secretariat complex at ITO in central Delhi, bringing together all scattered government offices under a single roof. The project, estimated to cost over Rs 20 billion, aims to create a modern governance hub that will reshape the city’s skyline.According to officials familiar with the plan, the proposal is awaiting approval from the PWD minister before being presented to the Delhi cabinet. If sanctioned, the new complex will replace Vikas Minar and an adjoining office block that currently houses the Del..

Next Story
Real Estate

UP E-Auction Raises Rs 11.68 Billion, Sets Real Estate Record

The Uttar Pradesh Housing and Development Board (UPHDB) has achieved a landmark milestone by raising Rs 11.68 billion through the sale of 992 properties in a mega e-auction held on Vijayadashami. Conducted under the leadership of Chief Minister Yogi Adityanath, the fully digital auction marked one of the largest real estate events in the state’s history, reinforcing investor confidence and transparency in governance.Held on 30 September 2025, the e-auction covered seven districts — including Lucknow, Kanpur, Agra, Aligarh, Moradabad, Ghaziabad, and Kasganj. The properties included 391 resi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?