Rental rates up by 18% in Vile Parle (E), Mumbai

Vile Parle, a suburb of Mumbai is divided into two parts: Vile Parle (E) and Vile Parle (W) separated by the western railway line. Vile Parle (E), which is close to the railway line as well as the airport is witnessing a noticeable rise in the rental rates. According to the data, the rents have increased by 18 per cent in the July-Sept 2012 quarter.

“The entire locality is redeveloping and people here who have bought flats and want to rent it out are looking for better return on investment due to which rents have increased,” said Pramod Sutar of Chhedamodak Estate Consultant. Be it 1BHK, 2BHK or 3BHK, people will have to shell out more money for rented accommodation in Vile Parle (E).

So how much is the increase? A fully furnished 1 BHK flat of 500 sq feet area which was available on rent for Rs 15, 000- Rs 20, 000 per month earlier is now available at a starting value of approximately Rs 25, 000 per month in Vile Parle (E).

“If one is looking for a 2BHK accommodation in 800-950 sq feet area, one will have to give Rs 45000-50,000 per month and a 3BHK flat of area more than 900 sq feet will be available for more than Rs 55,000 per month,” said Vincent from Yash Estate Agency.

Earlier, the rental of 2BHK accommodation was available for around Rs 35, 000 per month in the aforesaid area.

Apart from this, experts also say that owing to proximity to railway line and airport, the rents are surging in Vile Parle (E). Also, preference to stay within the community dominated locality has given the push to rise in rental rates.

“Gujaratis and Jains family dominates the area and drives demand in the locality,” said Vincent.

The increase in the rent in this suburb is attributed to proximity to railway station and airport. Vile Parle (East) is also closer to Juhu, Santacruz which offers a good option for office-goers.

So what is more in demand? “One BHK rental accommodation is more in demand but the supply for the same is less,” adds Pramod.

Areas like Hanuman Road and Tejpal Road in Vile Parle (E) are most sought after areas.

“Vile Parle East is a nice and predominantly peaceful locality off Hanuman Road near by schools, colleges, malls, business houses, restaurants and hotels etc. It is very close to the Airport, Western Express Highway and Railway Station,” said Bikram of Bikram GV Estate and Finance Consultants.

Meanwhile, local realtors are developing the area and big developers are yet to explore Vile Parle (East).

Source: Bureau

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2 Responses to Rental rates up by 18% in Vile Parle (E), Mumbai

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