Mumbai real estate offers diverse investment opportunities, from luxury flats in prime areas to affordable options in the growing suburbs. Central Mumbai is one such location that, apart from its upbeat lifestyle, is also considered an attractive rental market. With areas like Mulund and Chembur in Central Mumbai witnessing a four percent rise in average rent in Q1, 2024 (industry report), let’s explore the other top areas to earn rental income.
Top areas to earn the highest rental income in Central Mumbai suburbs
Take a look at the best places to invest in Central Mumbai if you want to earn returns through rental income.
Powai
Proximity to educational institutions and business areas like IIT Bombay (two km) and Bandra-Kurla Complex (eight km) primarily drives the rental demand in Powai. The strategic location of Powai, close to several landmarks of Mumbai, further adds to its appeal as a residential hub.
Some of the key nodes that can be easily accessed from Powai include:
- Chhatrapati Shivaji Maharaj International Airport (six km)
- Bhandup West Industrial Area (nine km)
- Saki Naka Metro Station (four km)
- Vikhroli Railway Station (five km)
- SM Shetty School, Hiranandani Foundation School and Gopal Sharma International School (a km)
- Heera Panna Shopping Centre, Haiko Place and Powai Plaza (a km)
These factors, along with good transportation and road conditions availability, have rated Powai 4.4 out of five on the 99acres Ratings and Reviews platform. Upcoming developments like Jogeshwari-Vikhroli Link Road and Mumbai Metro Pink Line are further anticipated to improve the area's overall connectivity while driving the demand for property.
Powai's real estate landscape is predominantly dotted with residential apartments of various typologies. The average property price in Powai is Rs 34,500 per sq ft, which has appreciated over 20 percent in the last five years (source: 99acres). By investing in a 3 BHK apartment in Powai, where the apartment price starts around Rs 3 crore, you can earn a monthly rent between Rs 95 lakh and Rs 1.5 lakh.
To explore properties in Powai, Mumbai, click here
Mulund West
Mulund West is near numerous employment hubs in Mumbai, Thane, and Navi Mumbai, resulting in a steady rental demand. Connectivity is another crucial aspect which makes Mulund West one of the best places to live in Central Mumbai, attracting end-users and tenants alike.
For instance, popular landmarks easily accessible from Mulund West include:
- 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)
Besides, residents have rated the locality 4.4 out of five on the 99acres Ratings and Reviews platform. In their reviews on Mulund West, residents cited night safety, transport availability, good road conditions and proximity to social and civic amenities as highlighting factors.
The apartment price in Mulund West is close to Rs 27,000 per sq ft, clocking about 10 percent appreciation in the last five years (source: 99acres). A 3 BHK will cost you between Rs 2.4 crore and Rs 3.5 crore, garnering a monthly rental ranging from Rs 63,000 to Rs 80,000.
To see the properties in Mulund West, Mumbai, click here.
Chembur
If you are looking to invest in gated communities by renowned developers, Chembur could be a viable option. Several renowned builders, such as Hiranandani Developers, Runwal Group, Godrej Properties, Kalpataru Limited, and Puravankara, have projects in Chembur that are decked out with premium amenities.
On top of it, sound connectivity to various parts of South Mumbai and Navi Mumbai makes Chembur a preferred residential hub for homebuyers and tenants. Chembur has received an impressive 4.3 rating out of five on the 99acres Ratings and Reviews platform. In fact, residents in their reviews on Chembur have praised the locale for connectivity, availability of public transport and proximity to several schools and hospitals.
Several important landmarks close to 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 (a km)
- K Star Mall, Cubic Mall and Phoenix Marketcity (a km)
The apartment price in Chembur averages Rs 31,600 per sq ft and has witnessed an uptick of over 10 percent in the last five years (source: 99acres). The price of a 3 BHK flat 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.
To explore properties in Chembur, Mumbai, click here.
Kanjumarg East
Neighbouring Powai, Kanjumarg East, is another locality close to educational institutions and employment hubs. Also, located along LBS Road and Eastern Express Highway, Kanjumarg East is well-connected to Thane, South Mumbai, and other parts of Central Mumbai Thanks to its location. This proximity and robust connectivity attract tenants, making Kajurmarg East one of the top areas to earn rental income.
The important landmarks close to Kanjumarg East include:
- Hiranandani Business Park (four km)
- IIT Bombay (three km)
- Bhandup West Industrial Area (five km)
- Chakala industrial area (10 km)
- Andheri West Industrial Area (13 km)
- Bandra-Kurla Complex (14 km)
The residents' reviews of Kanjumarg East further highlight its proximity to these landmarks as well as social amenities. In addition, residents have also praised night safety, good road conditions, and transportation availability. As a result, Kanjumarg East has received a rating of 4.3 out of five on the 99acres Ratings and Reviews platform.
In the last five years, apartment prices in Kanjumarg East have appreciated nearly 30 percent, averaging at about Rs 26,500 per sq ft. Residential apartments in 3 BHK typologies in Kanjumarg East start from Rs 1.9 crore, going up to Rs 3.5 crore. Investing in the same configuration, you can earn a monthly rental between Rs 70,000 and Rs 87,000.
To explore properties in Kanjumarg East, Mumbai, click here.
Ghatkopar West
Ghatkopar West is famous for its vibrant lifestyle, proximity to Mumbai Airport, and numerous employment zones. This strategic location makes Ghatkopar West one of the top areas in Central Mumbai to invest in for high rental income.
Another factor that helps make Ghatkopar West an investment-worthy area is its liveability, which is also visible in the reviews about it on the 99acres Ratings and Reviews platform. According to most reviews, residents enjoy easy metro connectivity, accessibility to the marketplaces, and proximity to schools and hospitals.
Ghatkopar West residents enjoy easy connectivity to parts of Central and South Mumbai via LBS Road, Eastern Express Highway and Link Road. Several landmarks near this area, including:
- Chhatrapati Shivaji Maharaj International Airport (six km)
- Bandra-Kurla Complex (six km)
- IIT Bombay (six km)
- Chakala Industrial Area (seven km)
- Industrial Area in Bhandup West (12 km)
- Jagruti Nagar Metro Station (a km)
The real estate market of Ghatkopar West is dominated by 2 BHK and 3 BHK apartments. The average apartment price in Ghatkopar West is Rs 27,300 per sq ft. The cost of a 3 BHK range between Rs 3 crore and Rs 5 crore, garnering a monthly rental hovering around Rs 75,000 to Rs 1 lakh.
Explore properties in Ghatkopar West, Mumbai, here.
Investing in Mumbai real estate not only acquires an asset but also takes a step towards lucrative investment opportunities. Regions like Central Mumbai present a promising investment opportunity with its vibrant lifestyle, robust infrastructure, and strong demand from professionals and students. However, before investing, research your preferred localities and assess the potential return on investment.
