Rental agreements are surging in Mumbai’s property registration market; in the first half of 2024, there was a 13% increase in rental agreements compared to the same period in 2023. Numerous variables, including as redevelopment initiatives and an increase in retail and commercial leasing activity, are responsible for this surge.
One of the main reasons for the increase in rental registrations in South Mumbai is the practice of redeveloping older structures. Rent agreements increase as a result of the displacement of residents caused by these developments. According to experts, this trend should continue until the redevelopment projects are finished, which should result in a more evenly distributed rental market in 2025–2026.
Source: Times Property
