Step-by-Step Guide to Renting a Home in India

August 4, 2022 | Indextapadmin

Buying a home is an emotional and expensive decision, yet people consider it. This gives you the pride of ownership along with the home value appreciation and tax benefits, whilst building your equity alongside. But the housing sector in India has generally become expensive even if you consider buying a small home or a studio apartment, especially in metropolitan cities like Mumbai, Chennai, Delhi, or Kolkata. For this reason, individuals who relocate to other cities for the purpose of studies or jobs usually prefer renting a home to get easy access to amenities and space without even paying for a down payment.

Also, renting helps you avail of tax benefits, but you can relish these advantages only if you know the right way to rent a home. Worry not and just go through the ultimate guide to rent homes in Mumbai or anywhere in India.

Know the Rental Housing Sector in India

India has an approximate $20 billion rental residential market, out of which $13.5 billion is urban, $0.8 billion is rural, and $5.7 billion consists of the remaining. Amongst all the metro cities in India, Mumbai has the highest supply of rental properties, followed by Gurugram, Pune, Delhi, and Bengaluru. The housing sector in India offers a cost-effective and convenient option for all migrant populations who are not willing to make a long-term financial commitment to the city.

Filter the Best Properties to Rent in MMR

Before jumping into the market of available flats to rent in Mumbai, it is advisable to start your search area-wise to wishlist the best out of the rest. So here we have listed some fine areas where you will likely get the best properties in MMR to live as a bachelor, couple or as a family with kids.

• Worli- Lower Parel
• Juhu
• Powai
• Borivali
• Dadar- Matunga- Parel
• Ghatkopar East
• Colaba- Cuffe parade

Easy Steps to Rent Homes in Mumbai

Here we have come up with some easy steps to hunt for the best properties to rent in MMR. So be ready to become the newest member of a city that never sleeps. With its high-rise buildings, Mumbai is a place that is always bustling with spirits and dreamers all around.

• If you are looking to rent flats in MMR, then first you need to calculate the average cost of living in Mumbai. Always calculate the security deposit, brokerage, one month's rent, groceries, utilities, and a monthly pass for a local train.

• Next, you should filter the region where to stay, and always evaluate the connectivity from your residence, which must not exceed 5 km from your office or university. 

• Always check out the locality before you rent flats in MMR because the localities in Mumbai are crowded and range from chawls to gated communities. It all depends on your ability to adjust and your budget. Also, never be afraid to ask for help because Mumbaikars are usually approachable, warm, and friendly to help you get to the right place. 

However, you can seek the best available flats to rent in Mumbai through brokers because they are the real estate ninjas who duck you ditch paying an exorbitant amount of rent per month. Also, before even approaching the brokers, with Indextap you need not worry about finding the right accommodation.

You can also check out Indextap for an extensive array of rental flats in MMR that are listed for sale and rental purposes. Visit IndexTap for more such exciting analysis and information on real estate.