Work-From-Home, Fear Of Third Wave Hits Mumbai’s Lease Rent Segment

The pandemic is playing havoc in the real estate segment, at least where rental deals are concerned.  According to Squarefeatindia.com, a leading real estate website, rental deals in Mumbai has seen a sharp fall of 39% in the first quarter of this year. In April-June 2019, the number of registered rental deals was 69,536 against 42,468 in April-June 2021. Yashika Rohiira of Karma Realtors, talking to the website, attributes this sharp fall to Covid-19. With pandemic, most people have returned to their homes. Be it college students or even those who work in the city hail from different parts of the country. With the threat of third wave looming large no one sees either colleges or workplaces opening up too soon. Hence, there is not much desire for people to come back and rent the places.  Even in upscale places like Bandra or South Mumbai, where foreign nationals generally rent properties, there has been a lull as many have gone back to their countries and work-from-home culture has set in. Rohiira feels with the danger of third wave looming large the rental market of Mumbai will continue to suffer for some more time.