RESIDENTIAL

Mumbai Residential Lease Market Review April 2012

The lease rent market in Mumbai seems to be much better then it was in 2011.A lot of Expatriate movement is seen in the Bandra, Juhu and Powai locations which are construed as the suburban locations of Mumbai.

With the American Consulate moving into Bandra Kurla Complex, Bandra East, the demand for Expatriate taste apartments has gone up in the Queen of suburbs, Bandra West.

The issues faced by Expatriates once again remains, that the good apartments which they finally like after a few days search are always higher any where between US$1000 to US$2000, which typically means that the markets in this entire region has gone up.

Let us do a brief review on the market conditions in select expatriate friendly locations in Mumbai.

South Mumbai
There is limited supply in Colaba and Cuffe Parade areas, but the prices are softer here, compared to the last couple of years and the owners have realised that with most of the large corporates and banks moving down to suburbs, they have limited companies who would rent apartments in the southern most tip of Mumbai. However, the issue still remains here of New Building blocks, Colaba has a few old world charm buildings and Cuffe Parade typically offers Maker Tower A and B as its top choice for Expatriates where the stock is always thin.

The Golden Triangle is still a favoured location with Consulates, MNC's, Foreign Banks, who still have their offices in South Mumbai in Fort, Churchgate and Nariman Point. There are a lot of Companies who are now bringing in single employees without kids to save costs and demand has been seen for smaller units in this location. In buildings like Tahnee Heights a large 4 BHK is available now at INR 550,000/- Per Month on higher floor in Top Conditions. The prices between South Mumbai and Bandra - Juhu are quiet similar and hence it really does not make a difference if you are in South or Suburbs today.

Tardeo, Worli, Lower Parel and Prabhadevi

Till 2 years back Tardeo was never on the Expatriate Relocation map, but with Imperial Towers, currently the tallest buildings in Mumbai. A lot of Expatriate families have moved in here. There are close to 45 Expatriate families who have opted for this complex considering the panaromic views of the Arabian Sea, the queens necklace or the Wellingdon Club golf course and the race course. The building offers modern amenities, club house, ample space below for kids to play and cycle around makes it ideal for families with kids.

A new trend has come to the light, which is that most Expatriates prefer to take apartments which are hassle free and ideally new, if you show an old world charm and a new apartment to an Expatriate family, the clear indication is that they will like a brand new pad over the older construction.

Ashok Towers, Ashok Gardens, Casa Grande, Beaumonde, Kalpataru Heights, RNA Mirage, Lodha Bellissimo are the few blocks in Worli, Lower Parel location which are favoured by Corporates and has a mix of Expatriate and Senior Management executives from MNC's. Beaumonde in Prabhadevi has seen the highest Expatriat traffic in recent years, the building and its amenities are the top most in the Industry. There are hardly any 4 bedroom options available and at any given point, you will only find a handlful of 2 or 3 bhk listings, which are also priced quiet steeply.

and apartments available on lease in all ranges.