Houses on Rent in Mumbai - By: Deepika B

Mumbai, the commercial capital of India, ranks among the richest cities and the most expensive cities in the world. A dwelling for thousands of celebrities and illustrious businessmen, Mumbai is the dream place for many. The population of the city is very high being one of the most important metropolises of the country. This is why real estate in Mumbai is one of the rapidly developing sectors in the city.

With starry dreams in eyes, thousands of aspiring models and actors come to the city every month. Not only the strugglers, even students from all over the country migrate to the city to pursue higher studies. Mumbai is home to numerous reputed schools and colleges attracting horde of students from different parts of the nation. Both the ambitious populace and the scholars look for accommodation on temporary basis in the city of glamour. This has led to a high demand for houses on rent in Mumbai giving landlords a golden opportunity to make up for all the lows of recession.

Rented houses in Mumbai have always been difficult to find given the shortage of supply. The demand for rented homes is gargantuan and supply equally stingy, creating a considerable gap between both. The towering gap has resulted in spiraling up the property prices and rental values of Mumbai residential property. While the figures for housing needed stand tall at a lakh every year, only half of it is being achieved with the combined efforts of private and government housing companies and authorities. The increasing deficiency every year renews property and rental values taking them to a 20-40% high. Constant addition to the demand and inability to meet them has propelled property values to a new zenith.

As apparent, house rents in Mumbai are sky rocketing forcing more number of people to live together in a flat or apartment. Also, you are required to deposit a lump sum as a security deposit in advance to rent a house. This acute shortage is a result of saturation experienced by the city which is stimulating property builders to develop residential spaces on the peripheries of the city. Such developments help in the growth of real estate in nearby cities like Navi Mumbai but they begin to overflow with demand too. The large-scale migration in the metros like Mumbai and Delhi has made them highly crowded and jam-packed.

Bandra, Santacrus, Juhu, Worli and Khar are counted among the posh localities in Mumbai and thus are most expensive on rent. These areas command rental value of Rs. 4 to 16 per square feet every month on an average. Renting property in Mumbai needs you to go through a procedure via an agent or broker who would procure documentary proofs, assuring safety for both the landowner and the tenant. Some of the most popular places for rent include Dadar, Kandivali, Andheri, Bandra, Goregaon and others. Look for a licensed agent/ broker who would show you flats and apartments according to place of your choice and budget preference. You need to then pay token money and advance rent to confirm the house and you can move in anytime.

Renting flats and apartments in Mumbai has become a new craze among people with extra land. This not only assures a regular income but also gives them returns on their investment in this way. Also, the house is under constant maintenance as families or singles share the apartment. Mumbai property promises huge benefits owing to the ever increasing realty rates and population. It is one of the fastest growing property markets in India followed by cities like Delhi and Bangalore.

About the Author

Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. At 99 acres, you can advertise a property, search property, rent in Mumbai , browse through Mumbai property & other Properties.

Article Directory Source: http://www.articlerich.com/profile/Deepika-B/72326

Additional Articles From - Home | Finance | Real estate