Mumbai’s Redevelopment Surge Drives Home Rents Soaring
MUMBAI: Contrary to expectations, the rental pressure in Mumbai remains high despite the ongoing redevelopment initiatives that began post-pandemic, with numerous new towers emerging to increase housing stock. In fact, the situation has worsened. As housing societies continue to sign redevelopment agreements, the actual availability of rental units has declined, causing rents to rise instead of stabilize. In Khar West, a housing society entered a development agreement two years ago, offering members alternative housing at a rate of Rs 140 per square foot per month. However, construction delays meant that members had to vacate recently, only to be faced with…