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!
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