Is Buying a House in Mumbai a Good Financial Decision in 2023?

Buying a home in any part of the country is a significant financial decision and should be taken after considering all factors. However, if you are planning to buy a home in Mumbai in 2023, you have made the right choice. Mumbai is one of the most lucrative real estate destinations and offers homeowners a premium lifestyle. Besides, with Covid19 on the wane, the real estate market has picked up and is providing numerous options to real estate investors. You will find a wide variety of homes in Mumbai ranging from luxury properties in the city’s central parts to relatively affordable homes in the suburbs. Whether you want to buy a house with the intention of living in it or from an investment point of view, now is the right time to do so.

Here are a few reasons that will highlight why buying a house in Mumbai in 2023 is a good financial decision.  

A thriving employment hub

Mumbai has always been a thriving employment hub and is the most preferred destination for jobseekers. With the pandemic almost over and people returning to work, business districts like Bandra-Kurla Complex, Nariman Point, Colaba and Cuffe Parade are witnessing immense activity. Home to numerous companies, including Fortune 500, these localities are providing huge employment opportunities to people. Besides, many of these business districts are connected to the rest of the city by a superior road and transport network. New initiatives like the Mumbai Metro, the Bandra-Worli Sea Link, and others have made travelling from your home to your work place faster and convenient. Mumbai is excellent for jobseekers and the best place to buy house in Mumbai in 2023.

A wide range of options

Whether you are looking for premium apartments or affordable housing, Mumbai has it all. Worli, Bandra, Juhu and Malabar Hill are some of the most expensive neighbourhoods in Mumbai. The properties in these localities are well-constructed, comprise first class amenities, are encompassed by good infrastructure and social amenities, and provide mesmerising views of the surroundings. Though properties in these areas offer grand living, they are also amongst the most expensive in Mumbai. The average prices of properties in these localities can easily go beyond Rs 40,000 per square foot. Though Mumbai is one of the most expensive real estate markets in India, there are many neighbourhoods that would suit people looking to buy house in Mumbai the is. Ghatkopar, Vikhroli, Kandivali, and Borivali are a few affordable locations. The prices of property in these neighbourhoods hover around Rs 20,000 square foot. However, these properties have all the features that offer a comfortable lifestyle.

Good for investment

If you plan to buy property with the objective of renting it out and earning a passive income, there is no better place than Mumbai. The city is the financial capital of India and is also home to several prestigious educational institutes. People from all over India come to Mumbai for work or to seek education. Most of these people are looking for decent homes on rent. The regular influx of students and professionals makes Mumbai the best place for investors to own property. Depending one the area and the property’s configuration, the average rent in the city can be from around Rs 20,000 to Rs 50,000 and above. By giving your home on rent, you will be assured of a stable and regular income.

High demand 

The demand for homes in Mumbai is witnessing an increase, especially in areas like Malad, Andheri West, Borivali-Dahisar, and Kandivali. According to reports, Q1 2023 saw a 0.8 percent QoQ and 2.2 percent QoQ increase in Mumbai’s supply and average property rate. If the present trend continues, the property prices in many localities will increase. So buying a home in 2023 makes sense for most homebuyers. 

Conclusion 

Buying a house in Mumbai is one of the best financial decisions that you can make. Property in Mumbai is in high demand and witnessing significant appreciation. Bedsides offering you a high lifestyle or lucrative rents, an apartment in the city will also get you handsome returns if you plan to sell it a few years later. However, it is essential to consider the location, amenities, features and other aspects before you buy house in Mumbai. If you need more information about flats in Mumbai, you can search some reliable real estate buying platforms like Blox. Here you will find properties of various configurations, their prices, and amenities.