3 min read
25 May 2021

Apart from being the financial capital of India, Mumbai is the milieu of various cultures and languages and offers a vibrant lifestyle. With the recent introduction of 24/7 business licenses for certain malls, restaurants and eateries, the city is living up to its name of the ‘city that never sleeps’. Though Mercer’s 25th Annual Cost of Living Survey marks Mumbai as the costliest Indian city to live in, owning property here can be profitable. Mumbai offers a large number of job and entrepreneurial opportunities, dependable infrastructure, and 24/7 uninterrupted connectivity to any part of the city, making it great for settling down too.

However, like other cities, property rates in Mumbai depend on the amenities and facilities of a given locality. With a slew of projects around the city in upcoming and developed localities like Navi Mumbai, and Panvel, you have a range of options to pick from as a potential homebuyer. So, if you’re planning to own property here, take the time to learn about the city’s pricing trends, its effect on the land price in Mumbai and the best locales in the city to own a plot. To help you get started in the right direction, here are a few pointers.

The average Mumbai flat rate has seen upward growth with a CAGR of 9.58% over the last five years as per the recent RBI House Price Index. Even so, with projects coming up in every locality replete with amenities and infrastructure, you can always find a Mumbai house price that fits your budget. However, to get the best deals, you must buy property in Mumbai at the right time. For instance, with the new Navi Mumbai International Airport under construction, Navi Mumbai property rates have been steadily increasing, meaning that purchase now could earn you a handsome profit in the future.

Mumbai property prices for many apartment listings range from Rs. 15 lakh to Rs. 53 lakh. In the Rs. 15 lakh to Rs. 24.45 lakh segment, there are 7,814 properties located in areas like Vasai, Virar and Thane around Mumbai. With a larger budget in the range of Rs. 25-Rs. 34 lakh, you can choose from among the 6,684 properties in the well-connected and developed suburban region of Mumbai. Furthermore, for a budget of Rs. 32-Rs. 53 lakh, you can invest in a property at prime locations of Mumbai.

Property rates and price trends in Mumbai

As per the current pricing trends, property rates for the city have grown quite well. The average prices for properties in top locales of Mumbai like Dadar East, Bandra East and Matunga are Rs. 31,000 per sq. ft, Rs. 28,335 per sq. ft and Rs. 29,900 per Sq. ft, respectively. Do note that all the above-mentioned localities have a liveability score of 9.8 and higher. So, even if you’re simply looking to invest in a property in Mumbai and rent it out, the current upward trend in pricing guarantees a healthy rental yield of 3.85% annually.

Property rates/sq. ft in Mumbai as per locality

As apartments are easily available and the preferred option by many, areas on the outskirts offer reasonable land rates in Mumbai. This land can then be used for commercial purposes or to build a plush villa. Alternatively, if you are explicitly looking for luxurious villas in and around Mumbai, then there are 300 such projects priced in the range of Rs. 20 lakh to Rs. 40 crore in locales like Vasai, New Panvel and Uran.

Here’s a table showing the average price of a villa and plot in some of the top localities of Mumbai.

Locality

Average price of a villa (Rs./sq. ft)

Average price of a plot (Rs./sq. ft)

Kharghar

16,213.24

20,641.98

Goregaon West

30,000

27,272.73

Mira Road East

8,833.33

25,338.24

Bandra West

1,29,870.13

54,807.84

Vasai

11,137.77

5,272.42


List of top five localities

Here is a table of the top five locales with their current average apartment price per sq. ft and the price range.

Locality

Average price (Rs./sq. ft)

Rise in price (%)

Chembur

64,684.29

31.3

Goregoan East

62,561.55

48.6

Dahisar

62,321.57

62.9

Kandivali East

33,761.09

13.4

Ulwe

30,953.29

44.4


With this information, you can now see how the land price in Mumbai is affected by its locality. Once you have decided where you’d like to buy a home, avail of Bajaj Housing Finance Limited Home Loan in Mumbai to access housing financing up to Rs. 5 Crore* at a competitive interest rate. You can easily repay the loan over a tenor of up to 30 years. Additionally, you can avail of an interest subsidy as a PMAY beneficiary. Moreover, this loan has a hassle-free application process and assures speedy disbursal of the sanction, provided that you meet the simple home loan eligibility criteria. To get started, simply apply online, and a Bajaj Housing Finance Limited representative will contact you at the earliest to help you get a home in Mumbai hassle-free.

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