Rent Laws - In Metros
With high-income professionals aspiring for the quality lifestyle, homes that match their refined tastes are hard to come by in cities like Mumbai and New Delhi.
Mumbai and New Delhi have seen rents surge by as much as 30% in the last quarter in up market residential areas. Bangalore registered a 50-60% increase in the last 6 months, but has settled down to 15% since.
Rents in Mumbai city follow a curious pattern. Archaic tenancy laws which favour the tenant have resulted in prime property in South Mumbai in the possession of tenants paying rents at 1940 rates. On the other hand, compact 2-bedroom apartments command rents equivalent to rates in New York and Tokyo. The situation can improve once rent laws change, and premium land becomes available for new construction. Strangely enough, properties commanding the highest rents in South Mumbai are characterized by creaky, termite ridden wooden stairs and antiquated lifts!
The northern suburbs in Mumbai are attracting attention, as they have more to offer in terms of quality lifestyle. However, poor connectivity with South Mumbai, which still houses a majority of the commercial establishments, is deterrent. Real estate experts believe commuters would be willing to travel that extra mile had infrastructure been better.
Mumbai and New Delhi have seen rents surge by as much as 30% in the last quarter in up market residential areas. Bangalore registered a 50-60% increase in the last 6 months, but has settled down to 15% since.
Rents in Mumbai city follow a curious pattern. Archaic tenancy laws which favour the tenant have resulted in prime property in South Mumbai in the possession of tenants paying rents at 1940 rates. On the other hand, compact 2-bedroom apartments command rents equivalent to rates in New York and Tokyo. The situation can improve once rent laws change, and premium land becomes available for new construction. Strangely enough, properties commanding the highest rents in South Mumbai are characterized by creaky, termite ridden wooden stairs and antiquated lifts!
The northern suburbs in Mumbai are attracting attention, as they have more to offer in terms of quality lifestyle. However, poor connectivity with South Mumbai, which still houses a majority of the commercial establishments, is deterrent. Real estate experts believe commuters would be willing to travel that extra mile had infrastructure been better.
posted by praveen @ 2:56 AM
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