Top 5 Areas with High Rental Income : Mumbai’s center regions are renowned for their first-rate lifestyle, convenient access to the north and south, and social infrastructure. Therefore, Central Mumbai can provide appealing returns through rental income, regardless of whether you are a first-time investor or an experienced homeowner wishing to reinvest. Continue reading to find out which of Central Mumbai’s best neighborhoods would yield you a high rental income!
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Mumbai real estate provides a range of investment alternatives, from luxurious apartments in desirable neighborhoods to reasonably priced houses in the expanding suburbs. One such area is Central Mumbai, which is well-liked for rentals in addition to its positive lifestyle. Considering that the average rent in Central Mumbai’s Mulund and Chembur increased by 4% in Q1 2024 (according to an industry report), let’s look at some more of the best places to generate rental revenue.
Top suburbs in Central Mumbai where rental income is highest
If you’re looking to generate rental income as a source of income, check out the top investments in Central Mumbai.
Powai Powai’s rental demand is mostly driven by its proximity to corporate districts and educational institutions, such as Bandra-Kurla Complex (eight km) and IIT Bombay (two km). Powai’s advantageous placement near several of Mumbai’s most famous sites increases its allure as a residential center.
- Among the important nodes that are conveniently reachable from Powai are:
- International Airport of Chhatrapati Shivaji Maharaj (six km)
- Nine km is the Bhandup West Industrial Area.
- Metro Station Saki Naka (four kilometers)
- Railway Station Vikhroli (5 kilometers)
- Gopal Sharma International School, Hiranandani Foundation School, and SM Shetty School (a km)
- Powai Plaza, Haiko Place, and Heera Panna Shopping Center (a kilometer)
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Powai has received a rating of 4.4 out of five on the navimumbaihouses Ratings and Reviews platform, which is also attributed to the availability of decent road conditions and efficient transportation. Future projects like the Mumbai Metro Pink Line and the Jogeshwari-Vikhroli Link Road are expected to increase demand for real estate while also enhancing the area’s general connectivity.
The majority of Powai’s real estate is made up of several types of residential flats. Powai’s average property price is Rs 34,500 per square foot, and during the past five years, it has increased by more than 20% (source: navimumbaihouses). Rent for a three-bedroom property in Powai, where prices start at about Rs 3 crore, can range from Rs 95 lakh to Rs 1.5 lakh per month.
Mulund West
Mulund West enjoys a stable rental demand because to its proximity to several job centers in Thane, Navi Mumbai, and Mumbai. Another important factor that draws both tenants and end users to Mulund West as one of the best areas to live in Central Mumbai is its connectivity.
For example, well-known sites that are conveniently reachable from Mulund West include:
- The industrial area of Bhandup West (3 km)
- Industrial Estate Wagle (3 km)
- Corporate Park Reliance (11 km)
- Eastern Expressway (3 km)
- Station de fer à Thane (5 kilometers)
- Bombay’s IIT (11 km)
In addition, locals on the navimumbaihouses Ratings and Reviews website have given the area a rating of 4.4 out of five. Availability of transportation, good road conditions, and close access to social and civic amenities were highlighted by Mulund West residents in their reviews.
According to navimumbaihouses, the price of an apartment in Mulund West is around Rs 27,000 per square foot, having appreciated by almost 10% over the previous five years. You may expect to pay between Rs 2.4 crore and Rs 3.5 crore for a 3 BHK, with monthly rentals between Rs 63,000 and Rs 80,000.
Chembur
Chembur can be a good choice if you want to invest in gated communities created by well-known developers. Several well-known builders offering projects in Chembur that are fully furnished with first-rate amenities include Hiranandani Developers, Runwal Group, Godrej Properties, Kalpataru Limited, and Puravankara.
Additionally, Chembur’s excellent connectivity to several areas of South Mumbai and Navi Mumbai makes it a popular residential area among renters and buyers. Chembur’s rating on the navimumbaihouses Ratings and Reviews site is an amazing 4.3 out of five. Actually, those who have lived in Chembur have given the area high marks for accessibility, the availability of public transportation, and its close proximity to a number of hospitals and schools.
- Ten kilometers at Atal Setu
- Kurla Complex in Bandra (seven km)
- Industrial complex Parel (12 km)
- International Airport of Chhatrapati Shivaji Maharaj (12 km)
- Ghatkopar Business Zone (five kilometers)
- JBCN International, AFAC Schools, and Chembur High Schools (a kilometer)
- Cubic Mall, Phoenix Market city, and K Star Mall (a kilometer)
In the last five years, the average cost of an apartment in Chembur has increased by more than 10 percent, to Rs 31,600 per square foot (source: navimumbaihouses). The price of a 3 BHK apartment in Chembur ranges from Rs 2.9 crore to Rs 4.6 crore and garners a monthly rental between Rs 80,000 and Rs 1.3 lakh per month.
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East Kanjumarg
Another neighbourhood close to work centres and educational institutions is Powai, Kanjumarg East. Kanjumarg East is also conveniently connected to Thane, South Mumbai, and other areas of Central Mumbai, as it is situated along LBS Road and the Eastern Express Highway. Because of its location. Kanjumarg East is among the best places to generate rental income because of its close proximity and strong connectivity, which draw in tenants.
Near Kanjumarg East, some significant landmarks are as follows:
- Business Park Hiranandani (4 km)
- Three miles to IIT Bombay
- Industrial Area of Bhandup West (five km)
- Industrial area of Chakala (10 km)
- The industrial area of Andheri West (13 km)
- 14 kilometers is the Bandra-Kurla Complex.
Reviews from locals emphasize Kanjumarg East’s closeness to these sites and other social facilities. Residents have also appreciated the availability of transit, the quality of the roads, and nighttime safety. Consequently, the navimumbaihouses Ratings and Reviews website has awarded Kanjumarg East a rating of 4.3 out of five.
Kanjumarg East apartment prices have increased by around thirty percent over the last five years, averaging around Rs 26,500 per square foot. In Kanjumarg East, 3 BHK apartment typologies range in price from Rs 1.9 crore to Rs 3.5 crore. By making the same investment, you may rent out the space for a monthly income of between Rs 70,000 and Rs 87,000.
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West Ghatkopar
Ghatkopar West is well-known for its energetic lifestyle, close proximity to the Mumbai Airport, and abundance of work areas. Ghatkopar West is one of the best places to invest in Central Mumbai if you want to earn high rental income because of its advantageous location.
Ghatkopar West’s liveability, which is also evident in the reviews posted about it on the navimumbaihouses Ratings and Reviews platform, contributes to the area’s investment potential. The majority of evaluations claim that inhabitants take advantage of convenient metro connectivity, quick access to markets, and close proximity to hospitals and schools.
Residents of Ghatkopar West benefit from convenient access to many areas of Central and South Mumbai through the Eastern Express Highway, Link Road, and LBS Road. There are other notable locations close by, such as:
- International Airport of Chhatrapati Shivaji Maharaj (six km)
- Six km is the Bandra-Kurla Complex.
- Six kilometers to IIT Bombay
- Industrial Area of Chakala (seven km)
- Bhandup West Industrial Area (12 km)
- Metro Station in Jagruti Nagar (a kilometer)
Two-bedroom and three-bedroom flats dominate the Ghatkopar West real estate market. In Ghatkopar West, the average cost of an apartment is Rs 27,300 per square foot. A three-bedroom house can cost anywhere from Rs 3 crore to Rs 5 crore, with monthly rentals coming in between Rs 75,000 and Rs 1 lakh.
Purchasing real estate in Mumbai not only results in the acquisition of an asset, but it also opens up doors to profitable investment opportunities. Central Mumbai, with its energetic culture, solid infrastructure, and high demand from professionals and students, is a desirable area to invest in. But before making a purchase, consider the possible return on investment and do some research on your top locations.
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