Landlord is raising rent by 30% suddenly, is this legal in Mumbai?

I've been living in a rented flat in Mumbai for two years now and have a good relationship with my landlord. However, this month, he suddenly informed me that the rent will be increased by 30% next month, citing inflation and market rates. This increase is quite steep and unexpected, putting me in a difficult financial position. I am really stressed about this sudden change. We have a rent agreement in place, but I am unsure if he can legally enforce such a significant hike. What are my rights in this situation?