Mumbai is a dream destination for many and also one of the country’s costliest real estate markets. Because of the exorbitant prices of properties, buying a flat can be a challenging affair. Remarkable infrastructure, well-developed social amenities, a cosmopolitan outlook, and the location are a few factors that make Mumbai the best city to live in and also dictate the prices of flats in the city.
In this article we will discuss in detail the factors that determine property prices in Mumbai.
Location
Most people pay particular attention to the location of the property. A good location will not just make your life comfortable, it will also significantly enhance the flat’s resale value. Flats close to employment hubs, encompassed by greenery, comprising well-developed infrastructure, and in proximity to schools, hospitals, and shopping centres are bound to be costlier than apartments situated far from social amenities.
This is the reason why apartments in centrally located areas like Bandra, Worli, Andheri, Malabar Hill, Juhu, etc., have a higher price tag than many other areas. For example, the average property prices in Bandra, which is known for its high living standards and is near the Bandra-Kurla Complex, one of Mumbai’s leading business districts, is around Rs 57,000 per square foot. This is far higher than many affordable localities where one can get a flat at around Rs 17,000 per square foot.
Amenities
Developers strive to provide the best amenities in their projects because they enhance the homeowners’ living standards. However, the more amenities that the apartment or project has, the costlier it will be. Most developers provide basic amenities like 24/7 water and power supply, proper sanitation, parking space, and security systems.
But some properties comprise features and amenities that enable residents to live luxurious and comfortable lives. Some amenities found in high-end properties include rooftop deck, car charging stations, laundry facilities, retail spaces, spa, gyms, landscaped gardens, and swimming pools, to name a few. Besides offering convenience, these ultra-modern amenities significantly impact the prices of flats.
Construction
The quality of construction is one of the main factors dictating prices of flats. Materials such as glass walls, marble flooring, terracotta roofs, copper and high-quality steel can significantly increase the property’s price.
Besides the bathroom fittings, fixtures and other materials used in high-end homes are of a superior quality and usually expensive. The use of luxurious materials in the construction of flats enhances the flats’ aesthetic appeal and boosts their monetary value.
Developer’s reputation
The developer’s reputation and ability to deliver projects on time plays a vital role. Reputed developers who have a superior track record usually charge a higher amount for their properties compared to lesser known realty firms. The projects of well-known developers are usually in demand.
Moreover, people are willing to pay a higher amount because they are assured of aesthetically designed apartments, comprising unique features and made with the finest construction materials. Scanning through the developer’s profile and their projects on real estate buying platforms like Blox will give you a fair idea about their projects and price range.
Layout
Flats in Mumbai come in various configurations and sizes. You can choose homes ranging from 1 BHK to 4 BHK or above. A 1 BHK is the smallest apartment and covers an area of around 400 to 600 square feet. Meanwhile, a 4 BHK demands an area of 2000 square feet and beyond. Compared to a 1 BHK, larger apartments have more rooms, larger living areas, balconies, etc.
How many square feet a flat covers ultimately decides the price of the property. The Mumbai flat price is 2 BHK and those of higher configurations will be much higher than 1 BHK. Scenic views, vastu-orientation are some other factors that make some flats more expensive than others.
Conclusion
These are just a few factors that have been discussed in detail. Market sentiment, legal issues, interest rates, and government initiatives are a few other factors that determine prices of flats in Mumbai. You can check platforms like Blox to understand Mumbai flat price 2 BHK. On this site you will find numerous developers and their properties. Parameters like location, features, amenities and price range will help you compare the various properties and choose a flat that is ideal for you. Hopefully the points mentioned above will enable you to take an informed decision when buying a flat in Mumbai.
