It seems a valuable proposition to let it out in Mumbai. A day after industrial property rent growth in Mumbai being named the world's highest, the rise in residential rental in the country's financial capital came out to be the second highest in Asia.

According to a report by Hong Kong-based human resources consultancy major ECA International released on Wednesday, Mumbai has recorded second highest annual growth of 21 per cent in residential rental after 33 per cent for Singapore in 2007.

Following the surge witnessed last year, Mumbai has now become Asia's third and the world's sixth most expensive location to rent a three-bedroom apartment.

This makes it costlier than places like Seoul, Singapore, Paris, Shanghai, Dubai, Beijing, St Petersburg and Amsterdam, ECA found.

Earlier on Tuesday, global real estate consultancy major Cushman Wakefield had said in a report that Mumbai recorded the world's highest rise in industrial property rent in 2007, while IMT Manesar area near the national capital saw fifth highest increase.

According to ECA International, New Delhi -- the second most costly in India -- is Asia's ninth and the world's 22nd most expensive location in terms of residential rentals.

Singapore saw the highest increase in Asia with the residential accommodation rental rates for a three-bedroom apartment there increased by more than 30 per cent from 2006 to 2007.

Singapore is now fifth most expensive residential location in Asia, after Hong Kong, Tokyo, Mumbai and Seoul.

Hong Kong also tops the global ranking in terms of residential rentals, followed by Moscow, New York, Tokyo, London, Mumbai, Seoul, Caracas and Singapore.