The impact of covid-19 was disastrous,
effecting various parts of the country including Rajasthan, Gujurat and
Maharashtra. Covid-19 brought tremendous changes in business and commercial lives.
It effected the prices ranges of house
for rent in all the western parts of the country.
Top cities of western India include Mumbai,
Ahmedabad, Jaipur, Pune, Surat etc. The largest population is of Mumbai then
any other city of western India. Mumbai is the most popular city of India as it
gives life changing opportunities to most people and thus house
for rent in Mumbai is of most demand.
Impact of Covid-19
pandemic on top cities in western parts of India
Mumbai
Covid-19 pandemic has left all sectors of the
economy including the housing industry, in distress. Along with the real-estate
developers, the landlords too are facing the brunt of it.
The Maharashtra government provided a helping
hand to developers by slashing stamp duty on August 26, 2020.
For apartment
for rent in Mumbai owners,
however, things have only moved from bad to worse as rentals continue to slump
further.
Ahmedabad
The four
most popular residential or house
for rent in Ahmedabad destinations
in Ahmedabad include Shela, Shilaj, South Bopal that are preferred for their
affordability, and Ashram Road, which scores high due to its connectivity to
the city and upcoming infrastructure projects.
Similar to
other major metros of India, the outburst of COVID-19 impacted the residential house for
rent or real estate market in Ahmedabad. Led by a significant downfall
in buyer enquiries and sales volume, the city reported a massive slowdown in
residential realty in 2020.
Jaipur
Realty
markets are adjusting to the new normal, following the Coronavirus outbreak.
Most real estate destinations have witnessed a severe growth slowdown and halt
in house
for rent in Jaipur activities & construction activities, during the
first half of the calendar year 2020. Jaipur’s property market fared no better.
However, the situation was quite stable, before the COVID-19 pandemic.
In the year
2018, property prices fell and we then saw a jump in the year 2019-Q1 2020.
Most of the localities in Jaipur, especially the suburbs, including Jagatpura,
Tonk Road and Mansarovar Extension, have seen a marginal rise in house for
rent prices of residential properties.
Pune
Research
shows that there is an increase in the average market prices for house for
rent in Pune across Pune.
However, the average price went up on account of new projects being launched at
more prime locations than before and not due to any change in market
sentiments.
Surat
The Surat
Urban Development Authority (SUDA) has decided to provide nearly 400 house
for rent in Surat under the
Pradhan Mantri Awas Yojana (PMAY) to migrant workers in a bid to
keep them anchored to the city in times of crisis like the Covid-19 pandemic
when lakhs of them fled to their home states, with no income to make ends meet.
Cities like
Borivili,
Nashik,
Jodhpur,
Udaipur
and Thane
have also seen a price hike in house for
rent or rental accommodations due to covid-19 pandemic.
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