A rental in a sprawling Mumbai suburb is a bargain compared to the national average, as more and more of the city’s sprawling flats are being sold for less than the average rent of 2,000 rupees a month.
While the average monthly rent of a one-bedroom flat in Mumbai is about Rs. 3,500, a two-bedroom is priced at Rs. 5,000 and a three-bedroom at Rs 7,000, according to a survey of nearly 8,000 people by research firm RelishHomes.
The survey, conducted by research company Relish Homes, found that a one bedroom flat in a city with a population of more than 7 million people can be sold for as little as Rs. 1,000.
While a two bedroom is sold for Rs. 2,400, a three bedroom is priced as much as Rs 2,900.
Relish’s survey found that nearly two-thirds of the flats sold in the city were bought by wealthy buyers with multiple residences.
The survey, however, found the average cost of a two person household in Mumbai was around Rs. 8,400.
This is significantly higher than the Rs. 4,400 the average income of a household in India can afford.
Relish Hets president Dr Arun Kumar told news agency ANI that in a rural area in the country’s most populous city, where the average annual income is around Rs 30,000 per month, it is difficult for many households to afford the cost of living.
“There is no room for more than a two in a house,” he said.
Reliance Industries, India’s largest telecom company, is the largest tenant of the City’s many apartment complexes, which are located in several neighbourhoods of Mumbai.
Reliant Industries owns a majority stake in Reliance Jio, the world’s largest mobile telecom operator.
The Reliance company’s CEO, Vishal Sikka, was quoted in the Times of India as saying that the Reliance group has invested in infrastructure in Mumbai and is looking to expand.
He said the group would continue to invest in India to meet its growing demand for digital services.
“We are working towards creating a new generation of leaders who will lead our company to the next level,” Sikka said.