Land for rental in India has risen sharply in the past year, after a sharp fall in 2016-17.
The national rental vacancy rate, a measure of the number of vacancies that exist in an area, was at 13.6 per cent in the March-end quarter, according to data from the National Sample Survey Organisation (NSSO), which was released on Monday.
This is a dramatic increase of 12.1 per cent compared to the same period last year.
This indicates that the rental vacancy in the state of Maharashtra has increased by 14.1 percentage points in the last 12 months.
In comparison, the national rental vacancies rose by 1.5 percentage points, the latest data shows.
Maharashtra is India’s most populous state and has more than 3,300 million people.
The state recorded its biggest growth in its housing sector, accounting for 18 per cent of the total increase in the housing market, the NSSO said.
In the last six months, the total number of rental vacancies in Maharashtra rose by a staggering 17.5 per cent.
Maharashtra recorded an increase of 3.4 lakh housing units, or 9 per cent, in the three months to March 2017.
In contrast, in 2015-16, the state recorded a decline of 3,895 units, which is an increase in only a few districts.
The National Sample Surveys (NIS) is an annual survey of 1.7 million households conducted in nearly 40 states, and the region has more households than the whole of Uttar Pradesh.
“It is not only an increase but an increase more than 50 per cent over the past six months.
It is a clear sign that there is a strong demand for housing in Maharashtra, which can only help the state in the long run,” said B R Khan, director of Urban Development Studies at Mumbai-based think tank, the National Centre for Policy Research.