The occupancy levels in locations such as Andheri East and Nariman Point have also increased considerably in the last few months. The occupancy rate is 90 to 95 per cent which is quite high. A Mumbai Real Estate Developer, Ranjan S, said, “There is a new trend that has set in Mumbai which is quite recent. Due to high traffic congestions, high cost of living many are slowly leaving Mumbai and giving away their homes for rent. This is the same case with mall and other commercial establishments. Someone invests in the building not to start any establishment but the sole purpose of buying it is to lend it to a tenant who will pay an high amount of rent. A single-bed room flat in Mumbai’s posh area would fetch a rent of around Rs 12,000 a month. Pre-leased properties with high profile tenants are the most favored real estate investment options.”
Just to give an example of how Mumbai remains to be one of the preferred cities and its impact on the real estate arena, look at these statistics. In 2003, a land in Colaba would cost Rs 56, 850 per sq mt while now in 2006, the price has shot up to Rs 62,500. Worli, another high traffic location in Mumbai, was priced Rs 43, 850 per sq mt in 2003, and in 2006 the rate is gone up by Rs 48,250 per sq mt. The posh of the lot,
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