The Times of India reports that it’s now as expensive to lease a flat in Mumbai as it is in NYC.  Nauzer Bharucha writes:

“A three-bedroom apartment on Manhattan’s Upper East Side can be rented for about $5,000 to $8,000, or Rs 2 lakh-Rs 3.20 lakh a month. In Mumbai, a similar-sized apartment in any good building between central Mumbai and Bandra could cost as much, or even more, according to realty experts.  …

“The rental segment of the residential market is booming mainly because of expats and a large number of senior executives belonging to corporates setting up base in Mumbai,” claimed Joygopal Sanyal of Jones Lang Lasalle Megraj, a global property consultancy firm. According to him, large flats in south Mumbai could fetch upwards of Rs 10 lakh a month.”

This is bloody bonkers! I guess I got out of India at the right time ….

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