Mumbai city’s rental market has outperformed itself when compared to the last year’s data between September to November. A direct increase of 10,566 rental deals in 2020 compared to the same period in 2019.
By Varun Singh
While everyone is talking about high realty sales, Mumbai city’s rental market has also done pretty well.
Mumbai city’s rental market has outperformed itself when compared to last year.
Between September to November 2019, a total of 44,455 leave and license agreement were e-registered with the Department of Registration and Stamps.
In the same period this year, the number of leave and license agreements registered has gone up to 55,021.
A detailed research by SquareFeatIndia shows that, people have defied the perception that prevailed during COVID times and opted for rental homes.
| Month 2019 2020 | ||
| Sep 13396 17431 | ||
| Oct 16839 19834 | ||
| Nov 14220 17756 | ||
| Total |
Not only this, in the 24 days of December 2020, Mumbai city’s e-registration of leave and license number stood at 17,345.
In entire December 2020 the total figure of e-registration of leave and license agreement was 15,572.
Even the revenue for the state government from the registration of rental agreement has gone up. Between September to November 2020 the registration department earned Rs 8.52 crore via e-registration, the figure for the same period in 2019 stood at Rs 6.57 crore.
Up to December 24, 2020 Mumbai city’s revenue from e-registration of rental agreement stood at Rs 2.56 crore, last year in entire December the revenue from e-registration of leave and license agreement was Rs 2.17 crore,
What is the reason behind the surge in the number of rental agreements in this period.
A landlord from Bandra who rented his commercial office premises recently said, “Landlords are ready to negotiate with the tenants. Market is bad, and it is better to have a tenant at a little bit less rent than earn nothing.”
The main reason for rental agreements seeing a high is also being attributed to the return of the migrant population that had left for their hometowns during the COVID led pandemic, which forced the governments to impose a lockdown.
Realtor Siddhant Gupta of Brickhouse says, “Reduced rental rate’s and return of most of the office staff from out station has made a lot of difference. Bollywood aswell has started shooting again, thus a lot of actors from Delhi , Chandigarh etc have returned too.”
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