The Mumbai Metropolitan Region (MMR) which includes Thane and Navi Mumbai, experienced the maximum rent inflation by 18% in 2018, the highest among five Indian cities, a recent survey reports. The average MMR jumped to Rs 21,168 last year from Rs 17,912 in 2017, after which, Bengaluru at 14% and Chennai at 15% stand.
Meanwhile, rent inflation in Gurugram is at 11%, while Pune recorded the lowest inflation at 7%. The India Rent Report 2018 based on residential classes, said that 18% inflation in MMR is based on the 2.5 lakh properties listed in the region. It is said that the rent rates have been stagnant more or so in the previous years, however, the demonetization towards 2016 end seems to have hit hard, causing the inflation.
Mumbai follows after Bengaluru and Chennai in the terms of size of security deposit at Rs 89,850, Bengaluru at 1.3 lakh and Chennai at 1 lakh in 2016. In Mumbai, top priority is given for water supply at 85% followed by security at 76%. It can be said that even with falling and high real estate rates, 52% tenants wish to own a house in Mumbai, while 86% said that if they purchased one, it would be for self and not as investment. In spite of rent inflation, most people chose to accommodate in 2BHK and 3BHK flats in 2018, which is a development, since most people in 2017 preferred 1BHK flats.
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