New Delhi: It’s a familiar tale in India.
You drive through your hometown and the cars parked in your driveway become an attraction to locals.
It’s one of the reasons why India is home to around a quarter of the world’s car rental rentals.
This story has a happy ending for the car rental industry, but not for the residents of Mumbai.
According to the Indian Statistical Bureau, the Mumbai area accounted for around 18 per cent of the country’s auto rentals.
For Mumbai, the industry has gone down the wrong track and the situation is getting worse.
According to the latest census data, only 1.9 per cent Indians own cars, and a mere 3.7 per cent are leasing their cars.
India has more than 40 million car rentals, but only 2 per cent can be considered as cars, said Ram Prakash, managing director, leasing at Rakesh Group.
The rest are rented by others.
The industry is currently in a tough situation.
According the National Car Rental Association (NCRA), there are currently only two car rental companies operating in the Mumbai market.
The other two companies, a leasing and a car rental company, have not been established in more than 20 years.
According Prakashi, the car rentals industry is facing serious challenges, because it is becoming more and more difficult for new businesses to get established.
“There are too many car rental firms, which are under the management of local managers.
It is difficult to expand the market,” he said.
The car rental boomIn the past few years, car rental has exploded.
Car rental companies have been able to tap into a growing market for cars, thanks to the presence of smart phone apps and social media, as well as in-house talent.
The rental industry in Mumbai has grown to an estimated 1.3 million households.
“The car industry is still struggling to find a way to cope with the demand for cars,” said Prakashe.
“Car rental is one of those services that is not available on all platforms, especially mobile phone.
The only solution is to build our own app.”
The car companies, however, say that they have been working hard to make car rental a viable business.
They say they have developed apps for smartphones, tablets, smart TVs and other connected devices that offer car rental services.
The companies have also invested in digital marketing, which has made them more appealing to consumers.
But the car industry has also struggled with its image in India, where many feel it is not seen as a reliable source of income.
“There is no car rental business in Mumbai,” said Vinay Bhattacharya, managing partner, Car Rides Mumbai, a car hire company.
“Even when we are on the phone, the cars are parked in our garages.”
The industry faces challengesMany of the car companies have come under fire in recent years for their aggressive pricing.
The NCA estimates that car rental in Mumbai is at least Rs1,300 per month.
This is well below the cost of basic automobile insurance, which ranges from Rs3,500 to Rs10,000.
While a car insurance policy is generally cheaper than a car lease, the cost can vary depending on the number of cars being rented.
According the Mumbai Metropolitan Region Development Authority (MMRDA), car rental is the largest industry in the city.
The agency estimates that there are around 500 car rental businesses operating in Mumbai, including about 10 auto rental companies.
The MMRDA said that the average annual rental fee is around Rs50,000, and the annual average monthly rental fee for cars is Rs5,000 to Rs6,000 depending on whether they are rented out as cars or as lease vehicles.
The MMRA also said that car rentals are a low-risk investment.
“Most of our rentals are in poor condition, with a few of them being unsafe.
They are not reliable, they are not safe and they are often used to pick up children,” said the MMRI.”
Most of the cars we rent are very old.
We lease them to people who are not interested in car rentals.
They rent them because they can’t afford a car and they think that the car is a good investment,” said Rakeshi, another car rental agent.
According TOI’s analysis of the latest Census data, around 4.4 lakh Mumbai households have a car, while around 11.2 lakh are in the leasing business.
“The rental industry is now at a very low level.
It has been a very slow growth and the market has not yet developed,” said Ashok Kumar, a managing director at the rental industry body, Auto Rentals Association of India (ARTAI).
The rental market in MumbaiIn the last few years the rental market has been expanding, but this has also meant a rise in car prices.
“This is the third generation of car rental that we are talking about.
We were not