Rentals in Mumbai

I was shocked to read about the rentals in Mumbai. I am simply numb!!!

The news is located at: http://www.99acres.com/do/Company/propertyheadline?lstAcn=&lstAcnId=&src=PROPRES#144412. Search for "Rentals In Mumbai Rise 30 Pc In A Year" on the webpage. I have quoted the paragraph below for reference:


"Rentals In Mumbai Rise 30 Pc In A Year
With real estate prices reaching the sky, even rentals across Mumbai have been looking skywards, causing heavy strain on those looking for homes. In the last one-year, rentals have increased in the range of 10-30 per cent in Mumbai, directly affecting almost one fourth of city's population that lives in rented houses, mostly in the suburbs. The reason for this hike is large-scale demand along with a huge shortage of rental homes. Presently, the rent of a one-bedroom hall (1BHK) flat measuring 550 square feet at Powai is being quoted in the range of Rs 20,000 and Rs 25,000 for a month. A year back, rent for the same apartment was Rs 16,000-20,000 a month. In the same way, monthly rent for a 1BHK flat at Malad is now Rs 18,000, while the same flat was being rented at Rs 15,000 last year. In the Bandra-Santacruz belt, rents being collected are in the range of Rs 30,000 and Rs 45,000 for a 1 BHK, which was previously between Rs 25,000 and Rs 35,000. Mr Ram Prasad Padhi, CEO, Mumbai Propertys, a leading real estate brokerage firm, said that rents correspond inversely to the limited supply. "Many buyers deferred their decision to buy due to the rising property prices. But their number is very large while the houses are limited which led to the hike," said Mr Padhi. 24 March 2010 Hindustan Times"