Demand for rented housing under 10,000/- budget drops by 22% in Mumbai
The demand for rental housing under 10,000/- per month segment has dropped in Mumbai region over the last 1 year. As compared to January-April 2010, the demand for houses in this price bracket has dropped by a significant 22% in January-April 2011. The main reason that can be attributed to this trend is the increasing property prices and inflation that are forcing the land lords to increase the rentals to maintain their RoI. Another significant reason is the lack of availability of houses in this price segment.
Apart from Navi Mumbai and Mumbai Mira road and beyond, which saw an increase in demand in under 10k category by 7% and 16% respectively, all other Mumbai areas have seen a drop in demand.