Lease Property Market in Mumbai Gains Traction in Mumbai

The lease property market in Mumbai is gaining traction as Senior Executives from Corporates, Multinational Companies and Banks are getting transferred from various roles. Past 2 years have been stagnant from the corporate movement of Senior Management and now with things settling down, the relocation has begun. Mumbai usually high movement post June - July when new classes begin as a lot of individuals prefer to move out to new apartments in sync with the School Movement. Maximum traction in Mumbai till August 2021 was seen in Western Suburbs, Thane, Navi Mumbai and Worli - Prabhadevi belt. Most of the families moving in prefer to have flats which are done up well, semi furnished with kitchen cabinets, wardrobes, lights, fans and curtain rods. The mantra to lease the flats quickly is to have them total ready for occupation. People are looking to move into New Buildings compared to the older ones. As new developments come up for possession the traction increases in the building and its an upgrade for tenants from older buildings/apartments to newer flats for say a 20% to 30% increase in the last rent paid. A lot of families in Mumbai are preferring to lease their own apartments if they cant sell and buy with ease and financial burden so they prefer to lease and lease instead.