Landlord increased rent by 40% suddenly, is this allowed?

I have been renting a flat in Mumbai for the past 3 years. Last week, my landlord informed me abruptly that he is increasing the rent from ₹30,000 to ₹42,000 from next month. This increase seems unreasonable and I cannot afford it. There was no prior notice or discussion. Is there any legal cap on rent increase in Maharashtra? Can I challenge this increase, or do I have to vacate? Feeling quite stressed and need some guidance.