According to reports from 2022, Mumbai is the most expensive property market in the country. According to the report, the average price of a luxury property in Mumbai was about INR 65,771 per square foot. Let us look at some of the factors contributing to Mumbai's real estate pricing.
One of the main reasons why property prices in Mumbai are higher than in many other cities of India is its geographical location. Mumbai is an island city surrounded by water in three directions. The organic growth of the city limits, thus, remains confined to the north and northeast. The older residential neighbourhoods of South Mumbai, such as Bandra, Dadar, Parel, Marine Lines, and Colaba, are well-developed and infrastructurally sound, giving rise to exceptional demand. This. in turn, leads to a regular increase in property prices.
As of 2023, Mumbai has an estimated population of 27.12 million, making it one of the world's most populous cities. Hundreds and thousands of people arrive in the city each year for education, employment, and opportunities. The need for housing in Mumbai far outpaces the supply. Despite the phenomenal growth of the central and western suburbs, Navi Mumbai, and Thane, the demand for residential properties in the city seems indefatigable. This means a 1 BHK flat in Mumbai price could be as much as a 2 BHK home in smaller cities.
If you are visiting Mumbai after a long time or have lived in the city for several years, you would have noticed the city's phenomenal development and growth. Despite its commercial growth and infrastructural development, the FSI (floor space index) laws have remained largely unaltered since the 1960s. This puts a ceiling on the floor area that the builder or developer can build when he acquires a plot of land. With demand at a high, these limitations have put a premium on the available space.
In India, buying a house or a real estate property is an emotional decision. Most homebuyers consider the property a home for the family to live in and a mark of financial success. In Mumbai, real estate is a major financial investment. With ready reckoner rates or circle rates growing between 15-20 percent every few years, the appreciation of the property value makes it a valuable addition to any investor's portfolio. NRIs routinely look at buying properties in major cities like Mumbai and Delhi, adding to the skyrocketing demand and hiking prices of real estate.
Location is the most important factor when buying a property. For example, the 1 BHK flat in Mumbai price in Andheri may vary sharply from a similar-sized apartment in Kandivali. Apart from the infrastructural development of the locality, connectivity plays an important role. Proximity to metro and suburban rail stations increases the price of the project.
Space is always at a premium in Mumbai. Apart from the abovementioned reasons, you can expect a studio apartment or a 1 BHK to be more expensive than a 2 or 3 BHK unit. The floor, view, and construction stage are other factors that will determine how much your apartment or flat in Mumbai costs.
The cost of your flat includes the various facilities and amenities offered by the project. These days, an increased focus on health, fitness, and lifestyle has prompted homebuyers to look for projects with walking and jogging tracks, fitness centres and gyms, swimming pools, and community centres. Car parking spaces have also become necessities. All of these may add to the cost of your apartment.
Investing in a project by a reputed developer with a track record for delivering high-quality apartments within the promised timeline is always a good idea. However, the developer's reputation may slightly influence the property's price, and you may pay more than a new developer or builder's project.
A real estate investment can produce ROI in two ways – the rental yield you gain by leasing or renting out the property or the appreciation in the value of the asset. When comparing two neighbourhoods, the area with greater prospects and faster price growth will command more demand. Prices of property in this locality are likely to be higher.
If you are a prospective homebuyer looking to invest in Mumbai, it is a good idea to get in touch with a Blox Relationship Manager (RM). With the help of the RM, you can find the optimum 1 BHK flat in Mumbai price to suit your budget and needs.
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