According to brokers, you can rent a property in Mumbai for two to six months, but the landlord might charge more because the lease is only for a short time. 

Although a minimum of one year is the ideal time to rent a property in Mumbai, whether it be residential or commercial, there are cases where properties are rented for as little as two to six months.

Real estate brokers claim that although there is no law against property owners renting out their private residences for a shorter time, they must charge a premium rent usually 20% higher than the current rate.

Everything about renting out real estate in Mumbai 

Tenants and property owners in Mumbai sign a leave and license agreement. Stamp duty is required to be paid at the time of registering the leave and license agreement. The monthly rental and deposit the property owner charges determines the amount of stamp duty.

The Maharashtra government’s registry office receives and files up to 30,000 signed agreements about leave and license. 

Shorter rental terms are subject to higher fees. 

Brokers claim that because there are few options in the market, property owners who rent out their apartments for shorter periods typically charge higher rentals.

“If a property is leased for six months, it can bring in either Rs 600 or Rs 700 per month, as opposed to Rs 550 per square foot if it is leased for five years. This is because fewer homes are available on the market for shorter leases than for longer leases, according to Dhiren Doshi, a property consultant with offices in Mumbai. 

The property owner has the right to request a higher rent because the apartment is being rented for a shorter period. The premium might, however, slightly decrease if the property owner is looking for a shorter-term lease, he added. 

These properties in Mumbai are available for short-term lease. 

IMC India Securities Pvt Ltd recently leased approximately 5830 square feet of commercial space in Mumbai’s BKC from Agni Commex LLP for Rs 700 per square foot per month, according to documents obtained by Propstack.

IMC India Securities Pvt Ltd is leasing the commercial space at Maker Maxity 4, an office space in BKC, for Rs 40.81 lakh per month, or Rs 700 per square foot.

Real estate brokers, however, stated that because the rental is only for six months, the rent per square foot is Rs 700, which is more than the typical BKC rent of Rs 500 to 550.