In the midst of Redevelopment of Cooperative Housing Societies, there is a big challenge gripping the Mumbai Rental Market. The lease supply in the market is low and the prices have gone up on an average in each location. The most impacted belt in prices is the prime locations from Andheri to Worli where the options of smaller 1 and 2 BHK apartments are drying up.
Under the redevelopment agreement, the developer gives 2/3 years rent to the occupants along with the corpus funds and the apartment owners move out temporarily to other locations/buildings etc. The exodus here is not of few families but of the entire residents of the building. Think - if a building has 50 residents and its gone for redevelopment then all the 50 people need to go and find a home for themselves. Now each one to its own, either moves out to a different location, city as well but at least 60 - 80% stay in the same or in close proximity to the location they were in as their entire ecosytem is in the same location.
Owing to the redevelopment where the demand outstrips the supply, the lease market is alive with multiple queries and apartments are not staying vacant more than a few weeks.
So in case you are looking to rent then dont be under the misconception that you will have enough options available, sincere advise - what ever comes easiest within your budgets - close the deal, dont wait too much. Happy House Hunting.