3 Factors That Affect a House's Price in Mumbai

Mumbai is one of the most expensive and dynamic real estate markets in India. The city attracts millions of people who come here for work, education, or lifestyle. Rather unsurprisingly, buying a house in Mumbai is a dream for many, but it can also be challenging due to unstable prices and shifting supply and demand dynamics.

If you are planning to buy a house in the city, you might be wondering what factors affect the house in Mumbai price. In this blog, we will take a look at the top 3 factors that you should consider before making your decision.

• Location

Location is perhaps the most important factor that determines the price of a house in Mumbai. The city is divided into various zones: South Mumbai, Central Mumbai, Western Suburbs, Eastern Suburbs, Navi Mumbai, and Beyond Thane. Each zone has its own characteristics, such as connectivity, infrastructure, amenities, and social status.

Generally, South Mumbai and Central Mumbai are considered the most premium and expensive zones, as they are close to the business districts, historical landmarks, and cultural hubs of the city. The average price per square foot (sq. ft.) in these zones ranges from INR 30,000 to INR 50,000.

The Western Suburbs and Eastern Suburbs are more affordable and offer a mix of residential and commercial developments. These zones have good connectivity to the airport, railway stations, metro lines, and highways. Navi Mumbai and Beyond Thane are emerging zones that offer spacious and affordable housing options. These zones have seen rapid development in recent years, with new infrastructure projects, such as the Navi Mumbai International Airport, the Mumbai Trans Harbour Link, and the Metro Line 4. 

• Size

The size of a house is another factor that affects the house in Mumbai price. The size of a flat is measured in terms of carpet area, which is the actual usable area inside the home. The carpet area does not include the walls, balconies, terraces, or common areas.

The size of a house also depends on the number of bedrooms, bathrooms, and other rooms it has. In Mumbai, the most common houses are 1 BHK (bedroom-hall-kitchen), 2 BHK, 3 BHK, and 4 BHK. The larger the house, the higher its price.

• Amenities

The amenities that a house offers are another factor that influences its price in Mumbai. Given the rise of international-standard high-rises and apartments in the city, some of the common amenities that buyers look for are:

• Lifts
• Parking
• Security
• Power backup
• Water supply
• Gym
• Swimming pool
• Clubhouse
• Garden
• Playground
• CCTV
• Intercom

The more amenities a house has, the higher its price. However, amenities also come with additional costs, such as maintenance charges and society fees. Therefore, buyers should weigh the benefits and costs of amenities before choosing a house.

Conclusion

Buyers should carefully consider all of the above factors before making an offer on a house in Mumbai. Other factors that affect any house in Mumbai’s price include the age of the house, its condition, the construction material used, and also whether it offers a sea view or not.

Here are some additional tips for buyers who are looking for a house in Mumbai:

• Do your research. Before you start looking at houses, learn as much as you can about the Mumbai real estate market. This will help you to understand the different factors that affect the price of a house and to make an informed decision when you are ready to buy.
• Get a home loan pre-approval. This confirms your intent to purchase a house in Mumbai to sellers while indicating your financial ability to afford it.
• Be prepared to negotiate. The asking price of a house is not always the final price. Be prepared to negotiate with the seller to get the best possible price for your new home.