Land prices have remained sky-high in Mumbai Real estate making it tough for the common man to even imagine of owning property here. The real estate Property market Rates in in Mumbai has always witnessed a boom and it will remain like that for years to come.
Being the commercial capital of India, Mumbai has always witnessed growth in the real estate sector. It is certain that your heart will miss a beat or two when you will hear the prices of properties here.
Middle class people can’t think of buying properties in some localities of Mumbai like South Mumbai. The real estate market of this city is highly active and every now and then we hear about deals that grab the headlines of newspapers.
The expansion of realty space of Mumbai Real estate is growing at a rapid pace and many builders are now busy developing residential and commercial properties on the outskirts of the city.
Property rate in Mumbai
As mentioned above, buying properties in Mumbai is not something which is meant for the average Indian. According to a survey, the property prices in Mumbai went up 87% in the last four years.
In Pune, it went up around 63%. The recent economic survey report showed that property prices in other larger cities of the country jumped 43% to 166% in the same period.
The property price is increasing rapidly in Mumbai because very few lands are now available in this city to accommodate thousands of migrants who are coming here daily. The expanding infrastructure in the city is also playing an important role in property price rise.
The government’s decision to construct metro, monorail and the new international airport in Navi Mumbai have also inflated real estate price.
South Mumbaireal estate is still the costliest when it comes to price. The price of per square feet land in Altamount Road is Rs 42000; in Bombay Central it is Rs 20500; in Churchgate it is Rs 26500; at Colaba it is Rs 24500, at Cuffe Parade the price is Rs 35000; at Kemps Corner it is Rs 36000; in Lower Parel it is 21000. In Western Mumbai, the price is not as steep as South Mumbai but it is still expensive.
For example – in Andheri East per square feet of land is worth at least Rs 12000; at Andheri West it is Rs 13000; Bandra East it is Rs 17000; at Bandra West it is Rs 26000; Borivali East it is Rs 8500 and at Borivali West it is Rs 9000.
Malad as an investment option in Mumbai Real estate
Malad has now emerged as a good place to own property. The price of property in Malad East is not very high now and many people are now keen to own property here. In areas like Malad, an apartment may cost you Rs 11,154 per square feet, which is Rs 11,130 for houses.
For residential plots, the average property rate is Rs 5,663 per square feet. Therefore, even in suburbs, the property prices are high.
Although, prices in Malad East are nothing in comparison to main mumbai real estate, yet you may have to shed more than 1.25 crore to get a 2 bedroom flat. For residential plots, average property prices are about 8.62 Crore.
Here you can own a 1BHK apartment for around Rs 60 lakh. For 2 BHK apartments, you have to shell out at least Rs 1 crore. For 3 BHK apartments, you should get ready to spend in an excess of Rs 1.5 crore.
The price of property in this area witnessed an uptrend of Rs 12215 in Jul-Sep quarter, but it is likely that price can vary in the near future. Do proper research before striking a deal.