Can you beat the rising prices of flats in Mumbai?
Mumbai, with its diversity, promises a lot. So of course, if you’re looking for residential property in Mumbai, you’ll find a varied range.
Mumbai, with its diversity, promises a lot. So of course, if you’re looking for residential property in Mumbai, you’ll find a varied range. From two bedrooms to more than five bedrooms, even a single bedroom, you can find a variety of flats in Mumbai. But what can definitely be taken for granted is that these flats in Mumbai are going burn more than just an ordinary hole in your pockets.
Residential property in Mumbai is exorbitantly expensive. At the risk of sounding really dramatic, you could probably be able to fetch food yourself rather than have an extremely comfortable roof over yourself because flats in Mumbai are that expensive. The city is home to some of the largest luxury apartments (an insane 3300). As the income levels rise, more and more people are migrating in order to afford residential property in Mumbai.
The main problem with flats in Mumbai is the lack of space. You actually end up paying a lot more for a flat in Mumbai than the space that it comes with. The sea facing flats in Mumbai are the worst. You’d think that if a flat is priced Rs 10 crore, it would be reeking of luxury. But surprise! It would probably not be that huge a space but would have a magnificent view and that’s what you are paying for.
While South Bombay (with its posh areas like Pedder Road,, Breach Candy, Cuffe Parade, Colaba) continues to have the most expensive residential property in Mumbai (because of its generations of wealth and it being a commercial hub in the city), flats in Mumbai suburbs are also going up the price ladder. Of late, a lot of TV and film stars have migrated to the Mumbai suburbs, causing the prices for residential property in Mumbai in these parts to really rise. Another area that is extremely developing and looks like a great place to invest in some residential property in Mumbai is New Bombay. While flats here are expensive, the residential property in Mumbai in these parts is slightly more affordable.
According to a recent survey, findings of which were published in the Economic Times, prices for residential property in Mumbai have increased by a 180% in the past 3 years alone. So you can well imagine just how much you could need to buy a flat in Mumbai. For somebody who is just starting out in his or her career, Mumbai wouldn’t be the best city in terms of living, because it’s really beyond en entry level job’s reach. In fact, today it’s considered to be quite luxurious if you can afford a flat in Mumbai.
However, the expensive flats in Mumbai shouldn’t deter you from living in the city. The experience is beautiful- with the well-networked transport, the beaches. It is definitely a happening city, with a lot of sub- cultures to explore. Although these perks are great and the living experience in Mumbai cannot be compared to anywhere else, this does come at a really, really heavy price!
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ABOUT THE AUTHOR
Acme Group's journey towards excellence began in 1976. Acme began with a thought of making it big in the sector of real estate in Mumbai and advanced to being one of the top builders in Mumbai. Acme has several ongoing projects with 2bhk flats in Mumbai and upcoming projects with well planned flats in Thane, Goregaon, Vile Parle, Dahisar, Andheri, Kandivali and other suburbs in Mumbai.