Properties in Mumbai

Mumbai is one of the most mature and costliest real estate markets in the country; so much that in 2011, the rate of properties in the city were seen to be almost 50% costlier than those in Dubai. Then due to an economic slump in Dubai, the Arabic city, offered some good bargains which motivated some of the investors in Mumbai to buy a property in Dubai, rather than in their native land. Since the year 2008-2009, Mumbai property rates have escalated, and the trend is pretty much continuing.


Majority of the buyers look at a piece of Mumbai property mostly for current use and not for long term. Investment amount in the city gets multiplied in no time, thanks to its metropolitan culture and happening lifestyle!


The burgeoning of Mumbai real estate has made it extremely difficult for the common man to buy properties here. Buying a small property can potentially burn a big hole in pockets of an upper middle class buyer.


Property Prices in Mumbai


Big investors around the globe have been investing in Mumbai for close to two decades now, and it has become the hub of direct foreign investments in India.


Investments made in the city see an outstanding increase of close to 50% every year and then there is rental income which is growing at a good rate of 11%-12%. Totally, they add up to around 70% of profit every year.


Now that is mind-boggling, going by any standards throughout the world. Commercial and retail sectors are another set of lucrative areas. Appreciation rates of these two sectors are around 15-35% annually. Land prices see an increase of around 5% to 10% annually and South and Central Mumbai are the best places in the city to purchase a land. There is a very high demand for 3BHK flats in Mumbai, even though they are much costlier than any other city in the country. Despite the high price tags,these flats are constructed and sold like hot cakes due to the high average income and high volumes of investments constantly flowing in!


Not only do you profit out of Mumbai real estate in almost no time, buying and selling properties in the city is also a cake-walk as there is a strong network of real estate agents all over the place to help you out with your property deals.


Let us look at the current pricing trends in different regions of the city.


Central Mumbai


In places like Kurla, a 2BHK 990 sq. ft. apartment can cost close to Rs. 87 Lakhs, which makes it around Rs. 8700 per sq. ft.


Harbour


This is a perfect example of how costly Mumbai properties are and how unreachable they can be for the middle class Indians. Thane, another hot spot in Central Mumbai, is a diverse locality with residential rates varying from Rs. 2,200 per sq. ft. to Rs. 9,200 per sq. ft. This is where an average middle class salaried individual can think of buying a 2BHK 580 sq. ft. flat for around Rs. 20-50 Lakhs.


Chembur at the Harbour has seen astonishing increase in property rates. A small 675 sq. ft. 2BHK flat costs around Rs. 45 lakhs and there are places where the rates touch Rs. 16,650 per sq. ft. Wadala makes Chembur look affordable. There is nothing in the locality that costs less than Rs. 7,500 per sq. ft. and the prices can even touch Rs. 21,000 per sq. ft. in some parts of Wadala, making it completely out of reach even for some of those with deep pockets.


Navi Mumbai


Vashi is one of the popular neighbourhoods in Navi Mumbai, and that makes it very costly too. The rates start at Rs 4,500 per sq. ft., making even a small 700 sq. ft. 2BHK apartment very costly at Rs. 41.3 Lakhs. The high end 4BHK 3365 sq. ft. apartments cost over Rs. 6.4 Crores.


Moving over to Panvel, which is one of the upcoming localities in Navi Mumbai, it is considerably affordable where the residential property rates start at Rs 1,800 per sq. ft., and a 2BHK 645 sq ft flat can be bought at around Rs 14.4 Lakhs. Of course, we’re not talking about the prime spots. Navi Mumbai is rapidly gaining popularity amongst investors who’re looking to invest in the Mumbai real estate markets.


South Mumbai


In a place like Churchgate, which is a big business hub, the pricing of the lands for residential purposes are sky high, starting at Rs 18,000 per sq. ft., and can even touch an absolutely unreachable tag of Rs. 32,000 per sq. ft.


On the other hand, the land prices for commercial purposes range between Rs. 25,000 per sq. ft. and Rs. 40,000 per sq. ft. Then there is Colaba in South Mumbai, which is, perhaps, the most upmarket locality in the city where the pricing of residential land can even touch an unbelievable rate of Rs. 63,000/sq ft and a small 980 sq. ft. 2BHK flat can cost over Rs. 3 Crore. The pricing here more or less remains stable so there is hardly a point in buying a property here, unless you want to be surrounded by up-class rest-o-bars and the Page 3 rich & famous.


West Mumbai


Andheri in West Mumbai is posh and very costly. Residential outrights range in between Rs. 7,000/ sq ft to Rs. 16,000/ sq ft, while the commercial outrights range in between Rs. 9,000/ sq ft to Rs. 22,000/ sq ft. If Andheri is pricey, Bandra is almost unaffordable with residential outrights touching Rs. 27,000/sq. ft., and the commercial outrights starting at Rs. 15,000/ sq. ft.


While investing in Mumbai real estate can definitely be profitable, especially in Central and Navi Mumbai, buying a big spacious apartment can cost you the savings of your lifetime. So, one would rather buy a small 700 sq. ft. flat and make good profits out of it over the next few years, than buy a bigger apartment and coughing out everything on it!


Property Dealers in Mumbai
Andheri Dadar Kalbadevi Mumbai Parel Mumbai
Dahisar Santacruz
Bandra Fort Mumbai Kurla Mumbai Sion Mumbai
Boriwali Ghatkopar Lamington Road Tardeo Mumbai
Byculla Goregaon Mahim Mumbai Thane
Chembur Kandivali Nariman Point
Colaba Khar

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