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PNN
Mumbai (Maharashtra) [India], August 29: In recent months, the western suburban belt of Malad-Goregaon to Borivali is witnessing average rental yields now ranging between 4% and 5%, according to NoBroker. This is attributed to various factors, including heightened housing demand, enhanced infrastructure, and shifting lifestyle preferences. "The increase in rental yields across the western suburbs is a direct consequence of significant infrastructure upgrades and the influx of new residential developments," states Rohan Khatau, Director of CCI Projects, a prominent developer. "The introduction of new metro lines, improved road networks, and the completion of several major projects have substantially boosted the attractiveness of these areas. For instance, our residential project Rivali Park at Borivali East has generated substantial interest among home buyers and the ones who seek good rental yields, added Mr. Khatau. Echoing similar sentiments, Umesh Jandial, Chief Business Officer of Omkar Realtors & Developers, remarks, "The western suburbs, especially the Malad-Goregaon corridor, are becoming increasingly popular with modern homebuyers thanks to their well-developed amenities and conveniences. The substantial housing growth and rising rental prices highlight the strong performance in rental yields, which is bolstered by excellent connectivity via the Western Express Highway, proximity to the airport, metro lines, and the upcoming Coastal Road." Jandial further goes on to add, "Our residential project, Omkar Alta Monte, located along the WEH and close to business hubs and retail spaces, exemplifies this trend. The rental yield at Alta Monte has surged by more than 30% in 2023-24 and is only expected to move up owing to its preferred status, lifestyle and ease of commuting." Shifting focus is Himanshu Jain, VP - Sales, Marketing & CRM at Satellite Developers Private Limited (SDPL), who says "We are seeing a growing number of young professionals and families opting for the western suburbs due to the balance of affordability and accessibility. This shift is naturally driving up demand for rental properties, thus increasing yields. Our Compact homes project Aarambh Avyaan is especially in demand from young working couples, who find the proximity to commercial hubs ideal." The western suburban belt in Mumbai is known for its lush greenery and is rapidly emerging as a hotspot not only for residential but also for commercial and retail needs. What distinguishes this western suburban belt is its ability to preserve the old-world charm while reinventing itself as a vibrant and contemporary destination. Speaking on rising demand for residential and commercial properties, Shraddha Kedia-Agarwal, Director, Transcon Developers said, "Rising rental yields in the Malad-Borivali corridor highlight the increasing attractiveness of the western suburbs as a key investment destination. This trend reflects strong demand for quality residential and commercial spaces, further strengthening the real estate market and making the region a promising opportunity for investors and developers alike." "Apart from Auris Galleria, Malad, we have an extensive commercial portfolio spread across the western suburbs which offer unparalleled luxury and convenience in retail and commercial real estate. This blend of sophistication, connectivity, and affordability makes these properties a top choice for businesses, while also promising strong rental yields," adds Kedia-Agarwal. The surge in rental yields in Malad, Goregaon, and Borivali East underscores a vibrant and evolving real estate market in Mumbai's suburbs. With ongoing developments and an increasing population of renters, these areas are proving to be beneficial for property investors and developers alike. As infrastructure improves and demand continues to rise, the upward trend in rental yields is likely to persist, making these suburbs attractive for both current and future investments. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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