Top 5 Places With High Rental Income In Central Mumbai
The central parts of Mumbai are noted for its social infrastructure, easy access to the north and south, and high-end lifestyles. Thus, whether you are a current homeowner looking to reinvest or a first-time investor, Central Mumbai can provide attractive returns through rental revenue. Continue reading to find out which of the top Central Mumbai areas might provide you with a significant rental income!
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Mumbai real estate provides a wide range of investment choices, from luxury flats in key locations to more inexpensive options in the city’s developing suburbs. Central Mumbai is one such place that, in addition to its vibrant lifestyle, is thought to have a strong rental market. With neighbourhoods such as Mulund and Chembur in Central Mumbai experiencing a 4% increase in average rent in Q1, 2024 (industry study), let’s look at the other best places to earn rental income.
Central Mumbai suburbs’ top regions for maximum rental income
Take a look at the top spots to invest in Central Mumbai if you want to earn money through rentals.
Powai
The proximity of educational institutions & business sectors like as IIT Bombay (two kilometres) and Bandra-Kurla Complex (eight kilometres) promotes rental demand in Powai. Powai’s strategic location, close to major Mumbai monuments, enhances its desirability as a residential hub.
- Powai provides easy access to several major nodes, including:
- Chhatrapati Shivaji Maharaj International Airport (6 km)
- Bhandup West Industrial Area (9 km)
- Saki Naka Metro Station (4 km)
- Vikhroli Railway Station (5 km)
- SM Shetty School, Hiranandani Foundation School, and Gopal Sharma International School (one kilometre)
- Heera Panna Shopping Centre, Haiko Place, and Powai Plaza (one kilometre)
These qualities, together with strong transport and road conditions, have earned Powai a 4.4 out of five rating on the Ratings & Reviews platform. Upcoming initiatives such as the Jogeshwari-Vikhroli Link Road and the Mumbai Metro Pink Line are expected to improve overall connectivity and drive property demand.
Powai’s real estate landscape is primarily peppered with residential flats of various types. The average property price in Powai is Rs 34,500 per square foot, up more than 20% in the last five years. By investing in a 3 BHK flat in Powai, where prices start around Rs 3 crore, you can earn a monthly rent of Rs 95 lakh to Rs 1.5 lakh.
Mulund West
Mulund West is located near several employment hubs in Mumbai, Thane, & Navi Mumbai, resulting in consistent rental demand. Connectivity is another important factor that makes Mulund West one of the greatest areas to reside in Central Mumbai, attracting both end-users and tenants.
Mulund West, for example, is close to popular landmarks like:
- Bhandup West Industrial Area (3 km)
- Wagle Industrial Estate (3 km)
- Reliance Corporate Park (11 km)
- Eastern Express Highway (3 km).
- Thane Railway Station (5 km)
- IIT Bombay (11 km)
Furthermore, residents have rated the area 4.4 out of 5 on the Ratings & Reviews platform. Residents who reviewed Mulund West identified night safety, transport availability, good road conditions, and proximity to social and civic amenities as key features.
The average flat price in Mulund West is around Rs 27,000 per square foot, with a 10% increase in the last five years. A 3 BHK will cost between Rs 2.4 crore & Rs 3.5 crore, with a monthly rental of Rs 63,000 to Rs 80,000.
Chembur
If you want to invest in gated communities built by well-known developers, Chembur could be a good choice. Several well-known builders, including Hiranandani Developers, Runwal Group, Godrej Properties, Kalpataru Limited, & Puravankara, have developments in Chembur that provide high-end amenities.
Furthermore, Chembur’s excellent connection to other regions of South and Navi Mumbai makes it a popular residential hub for both homebuyers and tenants. Chembur has achieved an excellent 4.3 out of 5 stars on the Ratings & Reviews platform. In reality, locals have commended Chembur’s connectedness, availability of public transport, and proximity to various schools and hospitals.
Several noteworthy landmarks around Chembur are:
- Atal Setu (10 km)
- Bandra Kurla Complex (seven km)
- Parel Industrial Complex (12 km)
- Chhatrapati Shivaji Maharaj International Airport (12 km)
- Ghatkopar Commercial Zone (five km)
- JBCN International, Chembur High, and AFAC schools (one kilometre)
- K Star Mall, Cubic Mall, and Phoenix Marketcity (in kilometres)
The average flat price in Chembur is Rs 31,600 per square foot, up more than 10% in the last five years. A 3 BHK flat in Chembur costs between Rs 2.9 crore and Rs 4.6 crore. With monthly rentals ranging from Rs 80,000 to Rs 1.3 lakh.
Kanjurmarg East
A Kanjurmarg East, a neighbourhood adjacent to Powai, is also accessible to educational institutions & employment hubs. Kanjurmarg East is also well-connected to Thane, South Mumbai. And other sections of Central Mumbai thanks to its location along LBS Road and the Eastern Express Highway. Due to its location. This proximity and strong connectivity attract tenants, making Kanjurmarg East one of the best places to produce rental income.
The important landmarks close to Kanjurmarg East are:
- Hiranandani Business Park (4 km)
- IIT Bombay (three km)
- Bhandup West Industrial Area (5 km)
- Chakala Industrial Area (10 km)
- Andheri West Industrial Area (13 km)
- Bandra–Kurla Complex (14 km)
Residents’ evaluations of Kanjurmarg East emphasize its proximity to major monuments as well as social amenities. Residents have also lauded nighttime safety, adequate road conditions, & transportation options. As a result, Kanjurmarg East is rated 4.3 out of 5 on the Ratings & Reviews platform.
In the last five years, flat prices in Kanjurmarg East have increased by about 30%, averaging around Rs 26,500 per square foot. Residential homes in Kanjurmarg East with 3 BHK typologies range in price from Rs 1.9 crore to Rs 3.5 crore. Investing in the same arrangement will yield you a monthly rental of Rs 70,000 to Rs 87,000.
Ghatkopar West
A Ghatkopar West is well-known for its dynamic lifestyle, proximity to Mumbai Airport, and several employment opportunities. Ghatkopar West’s strategic position makes it one of the best neighbourhoods in Central Mumbai to invest in for high rental income.
Another feature that contributes to Ghatkopar West’s investment potential is its liveability, as evidenced by ratings on the Ratings & ratings portal. Most reviews say that inhabitants enjoy simple metro connectivity, access to markets, and proximity to schools & hospitals.
Ghatkopar West inhabitants have easy access to sections of Central & South Mumbai via the LBS Road, Eastern Express Highway, and Link Road. There are several landmarks nearby, including:
- Chhatrapati Shivaji Maharaj International Airport (6 km)
- Bandra-Kurla Complex (6 km)
- IIT Bombay (six km)
- Chakala Industrial Area (7 km)
- Industrial Area in Bhandup West (12 km)
- Jagruti Nagar Metro Station (one kilometre)
The real estate market in Ghatkopar West is dominated by two and three-bedroom apartments. The average flat price in Ghatkopar West is Rs 27,300 per square feet. A 3 BHK costs between Rs 3 crore and Rs 5 crore, with monthly rentals ranging from Rs 75,000 to Rs 1 lakh.
Investing in Mumbai real estate not only acquires an asset but also opens up new avenues for profitable investments. Central Mumbai, for example, offers a good investment opportunity because to its bustling culture, solid infrastructure, and high demand from professionals & students. However, before investing, examine your prospective locations and calculate the probable return on investment.
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