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Record growth in rentals
It seems a valuable proposition to let it out in Mumbai. A day after industrial property rent growth there being named the world’s highest, the rise in residential rental in the country’s financial capital came out to be the second highest in Asia.
According to a report by Hong Kong-based human resources consultancy major ECA International , Mumbai recorded the second highest annual growth of 21 per cent in residential rental after 33 per cent for Singapore in 2007.
Following the surge witnessed last year, Mumbai has now become the world’s sixth most expensive location to rent a three-bedroom apartment. This makes it costlier than places such as Seoul, Singapore, Paris, Shanghai, Dubai, Beijing, St. Petersburg and Amsterdam.
Earlier , global real estate consultancy major Cushman Wakefield had said in a report that Mumbai recorded the world’s highest rise in industrial property rent in 2007, while IMT Manesar area near the national capital saw the fifth highest increase. — PTI
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