Flats for Rent in Mahalaxmi, 2026 Rental Guide
Mahalaxmi asking PSF stands at ₹64,200, up 36.5% over 5 years and still 7% below Worli, making it the most undervalued luxury address on the Phase 1 Coastal Road corridor. Property Butler tracks 2 BHK rentals from ₹1L/month, with Lodha Bellevue and K Raheja Vivarea 3 BHKs commanding ₹2.5 to ₹4.5L/month. Mahalaxmi is South Mumbai's quietest luxury neighbourhood, no through-traffic, Racecourse frontage, walkable to Mahalaxmi temple and Haji Ali. Rental yields are compressed at 2.2 to 2.8% because prices have outrun rents, but the 36.5% capital appreciation over 5 years makes Mahalaxmi ownership compelling for long-term holders.
Mahalaxmi Rentals, May 2026
₹1,00,000 to ₹6,00,000/month
2 to 5 BHK | ₹120 to ₹200/sqft/month | ultra-luxury supply
Rental Ranges in Mahalaxmi
| Config | Carpet (Typical) | Monthly Rent | Rent/sqft | Notes |
|---|---|---|---|---|
| 2 BHK | 850 to 1,100 sqft | ₹1,00,000 to ₹1,60,000/mo | ₹120 to ₹150/sqft | Older Racecourse-facing stock |
| 3 BHK | 1,300 to 1,800 sqft | ₹1,80,000 to ₹3,00,000/mo | ₹140 to ₹170/sqft | Lodha Bellevue, K Raheja belt |
| 4 BHK | 1,800 to 2,500 sqft | ₹3,00,000 to ₹5,00,000/mo | ₹150 to ₹200/sqft | Godrej Avenue Eleven, Prestige |
| 5 BHK / Villa | 2,500 to 4,000 sqft | ₹5,00,000 to ₹8,00,000/mo | ₹175 to ₹210/sqft | Ultra-rare; by enquiry only |
Who Rents in Mahalaxmi?
Typically CXO-level executives, industrialist families and returning NRIs who want a SoBo address with peace and space. Mahalaxmi doesn't have a corporate cluster nearby (unlike BKC/Nariman Point), it's a lifestyle choice, not a commute optimization. Tenants here stay 2 to 3 years on average, making it a stable landlord market.
Projects in Mahalaxmi Rental Pool
| Project | BHK Available | Est. Monthly Rent | Developer |
|---|---|---|---|
| Lodha Bellevue | 3 to 4 BHK | ₹2.50 to ₹4.50 L/mo | Lodha Group |
| K Raheja Vivarea | 3 to 4 BHK | ₹2.00 to ₹4.00 L/mo | K Raheja Corp |
| Godrej Avenue Eleven | 3 to 4 BHK | ₹2.50 to ₹4.50 L/mo | Godrej Properties |
| Prestige Jasdan Classic | 4 to 5 BHK | ₹3.50 to ₹6.00 L/mo | Prestige Estates |
| Racecourse-facing Heritage | 2 to 3 BHK | ₹1.00 to ₹2.00 L/mo | Various |
Commute from Mahalaxmi, 2026
Mahalaxmi sits at the intersection of the Coastal Road (Phase 1 operational) and multiple transit corridors, giving it one of SoBo's best connectivity profiles for a residential locality.
| Destination | Time | Mode |
|---|---|---|
| Worli Sea Face | 8 min | Coastal Road |
| Nariman Point | 12 min | Coastal Road |
| BKC | 22 min | Road / Bandra-Worli Sea Link |
| Lower Parel | 12 min | Road |
| Mahalaxmi Railway Station | 5 min walk | Western Railway |
Lease Terms in Mahalaxmi, 2026 Norms
What Landlords Expect
- Lease tenure: 11 months (Leave & Licence); 2 to 3 year leases available in branded projects
- Security deposit: 6 months rent standard for Lodha Bellevue and K Raheja Vivarea
- Annual escalation: 5 to 8% (negotiated; 5% in longer leases)
- Maintenance charges: ₹8,000 to ₹25,000/month (tenant-borne); higher in premium projects
- Furnished premium: 15 to 20% over semi-furnished rates
- Tenant profile: CXO-level, industrialist families, returning NRIs, landlords are selective
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What is the rental yield for Mahalaxmi property?
Property Butler calculates gross rental yields of 2.2 to 2.8% for Mahalaxmi. On a ₹9 Cr 3 BHK (₹64,200/sqft × 1,400 sqft), a ₹2.5L/month rent delivers ~3.3% gross yield, above Worli (2 to 2.5%) because Mahalaxmi prices remain below Worli. Capital appreciation at 36.5% over 5 years adds a meaningful total return.
Are there 2 BHK rental options in Mahalaxmi under ₹1.2L?
Yes, older buildings with Racecourse-facing views and no branded amenities start around ₹90,000 to ₹1.1L/month for a 2 BHK. These buildings don't have a gym or pool, but the Racecourse walking track is the neighbourhood amenity. WhatsApp us for current availability.
What is the minimum rent in Mahalaxmi?
Older 2 BHK stock starts around ₹90,000 to ₹1 L/month. Branded new projects start around ₹2 L/month for 3 BHK.
Is Mahalaxmi good for families?
Excellent, Racecourse greenery, low density, top schools nearby (Campion, Cathedral). Dadar East/Central Railway is 2 km away for outstation connectivity.
How is Mahalaxmi different from Worli for rentals?
Mahalaxmi is quieter and more residential with Racecourse frontage; Worli has more commercial activity and sea-facing supply. On a like-for-like basis, Mahalaxmi rents run 10 to 20% below comparable Worli branded-building units, reflecting the 7% PSF gap (₹64,200 vs ₹68,950). The exception: Racecourse-facing 3 to 4 BHK units with park views can command rents that match or slightly exceed inland non-sea-facing Worli equivalents. For most configurations, Mahalaxmi is the better-value quieter alternative.
Q: What are the typical lease terms and security deposit in Mahalaxmi?
6 months security deposit is standard at Lodha Bellevue and K Raheja Vivarea, for a Rs2.5L/month 3 BHK that is Rs15L upfront. Older Racecourse-facing buildings accept 3 months. Annual escalation of 5 to 8% applies. TDS at 10% applies on all rents above Rs50,000/month; tenant files Form 26QC quarterly. Maintenance charges of Rs8,000 to 25,000/month are tenant-borne at premium projects.
Q: What is the rental yield on a Mahalaxmi investment property in 2026?
Property Butler calculates gross rental yields of 2.2 to 2.8% for Mahalaxmi. On a ₹9 Cr 3 BHK (₹64,200/sqft × ~1,400 sqft), a ₹2.5L/month rent delivers ~3.3% gross. After maintenance (₹15,000 to 20,000/month) and a 45-day average vacancy gap, the net yield is closer to 2.0 to 2.4%. Mahalaxmi's investment case rests on the 36.5% five-year capital appreciation, superior to Worli's 5-year appreciation outperformance narrative in the 2021-23 cycle. See our full analysis: Lower Parel and Mahalaxmi Property Guide 2026.
