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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 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 Asia’s third and the world’s sixth most expensive location to rent a three-bedroom apartment. This makes it costlier than places like Seoul, Singapore, Paris, Dubai, Beijing and Amsterdam. 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.

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