A video of a woman disclosing her rent of ₹1 lakh/month for an apartment in Parel, a district of Mumbai, has become viral on social media and ignited debate about the high cost of living in Mumbai. Influencer Arya Kothari posted the video on Instagram, which showcases the rental price of this basic two-bedroom flat and has taken many viewers by surprise.
Large volumes of Internet users have reacted to the video concerning both the rental price and the issues of being a renter in one of the most expensive cities in India.
Inside the ₹1 Lakh/Month Apartment: Viral video sparks debate on Mumbai’s sky-high rents
In the viral video clip, the woman – a Software Engineer – recounts how she and her flatmate are spending approximately ₹1 Lakh/month for their two-bedroom apartment in Parel, which is a highly-developed area of Central Mumbai and is home to multiple high-rise residential buildings and is in close proximity to business districts.
The total size of the apartment is around 700 sq. ft., which has a living room, 2 bedrooms and minimum utilities. The resident indicated that the rental payment also includes the approximate utility fee of the building.
The Video displays the size of the master bedroom, where the resident shares that it is slightly bigger than her housemate’s bedroom. In addition to displaying the size of the master bedroom, the video also highlights second bedroom and the living area, where the residents spend most of their times working and talking.
A view that residents say makes it worth it
The apartment’s location is identified as a standout feature; according to the resident, the view from the apartment is another highlight of their experience living in this building, since they observe aircraft take off and land from the distance to the north-east. She describes this sight as one of the best things about living there.
The building (located in Parel) has seen rapid development within the past ten years due to the establishment of multiple high-rise, luxury residential buildings, office and commercial development as well as a new mall being constructed in close proximity; therefore, it is ideally placed to enjoy good connectivity to the city’s major commercial centres.
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Social Media Reactions
The main focus of the video has been the monthly rental cost for a 700 sq. ft. (65 sq. Metre) apartment. Social media users have expressed their amazement and disbelief that a space of this size could rent for ₹1 lakh per month.
Many users commented that with this much money per month they could potentially own two homes in a smaller city, such as Nashik, and many others said that the rental price for this type of accommodation is equivalent to what they earn in salary on a monthly basis or more.
Finally, other social media users compared their rents to rents in other areas of Mumbai (for example, Borivali) and have pointed out that their rents are similar to or less than the rents they are paying for the apartment in Parel.
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Others say the rent is normal for the location
Other users did not seem that surprised by the high 1 lakh a month price tag for a 2 BHK flat near to the city centre of Mumbai.
A lot of users said that it is quite standard nowadays to pay 1 lakh a month for a two bedroom home centrally located in Mumbai; Other users mentioned that with these location amenities and proximity to work and other areas, it would probably be considered assimilations by most standards of affordability throughout Mumbai.
Complaints from other users who have had experience living in the local area where the video was filmed, stated that it was an accurate depiction of current living costs for what one can find within a reasonably close distance to an office or office infrastructure, with rental rates being considerably increased if an apartment is within close proximity to one of the city’s central business districts.
Viral video highlights ongoing issue of housing affordability in Mumbai
The video highlights the not-so-recent issue of housing affordability in Mumbai that has been almost overwhelmingly critcised for its exorbitant property values and limited living spaces (some working professionals always have to pay a significant amount of rent to occupy relatively small residential apartments).
As working professionals continue to migrate to the financial hub of the city to work within the tech, finance, and media disciplines, there is a real need for locations throughout the financial districts of Mumbai where housing is at a higher premium than any time historically; therefore, rental costs associated with living near or within the area known as Parel, Lower Parel and other places in near proximity to the financial district have all been on an upward trend since the initial COVID outbreak.
As such, the viral video in this case serves as a positive jumping off point for the ongoing dialogue surrounding the urban costs of living, and ultimately housing affordability throughout the Mumbai area.
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