Market for Properties in Mumbai in 2015- An Overview
Looking for properties in Mumbai? There are various new upcoming projects in Mumbai in the affordable and luxury segment where you can find your dream home.
Mumbai has always been one of the costliest real estate markets in India. According to a recent report by Knight Frank, buying properties in Mumbai is costlier than buying houses in Dubai. If you spend around $1 million in this city, you will be able to buy only 96 square meters of space in a prime property. For the same price, you can own approximately 145 square meters of luxury property in Dubai.
It was mentioned in a wealth report by Knight Frank that buyers need to shell around 61,083 INR per square feet for buying a prime property in Mumbai whereas in Dubai they need to spend INR 40,235 per square feet. Not just Dubai, but buying a property in Cape Town and Sao Paulo is also cheaper compared to this city.
Will Property Rates in Mumbai Go Down?
According to the industry reports, completion of Mumbai Trans Harbour Link might result in softening of property rates in South Mumbai, which is considered one of the most expensive locations in the country for buying property. The proposed harbour link is a 22 kilometre freeway grade road bridge which will connect Mumbai with Navi Mumbai. It will be the longest sea bridge in the country, once completed.
According to the head of research of real estate intelligence services at JLL India, once this urban link is complete, there are chances that rates from Bandra to Juhu might soften. Currently, Mumbai is struggling with inventory and the number of new launches has also reduced.
As far as ultra-high-net worth individuals (UHNWIs) are concerned, Mumbai is the 26th most important city. Ultra-high-net worth individuals are people who have a net worth of more than $30 million. It is being predicted that the city will witness the fastest growth in the number of UHNWIs in the coming years followed by Hyderabad and Delhi.
Affordable Housing Being Launched by Developers
Many reputed developers are launching affordable housing projects in the city’s suburban areas. They are mainly catering to the rising demand for stylish yet less-expensive homes for the middle-income buyers. Such new upcoming projects in Mumbai include 1 and 2BHK flats available between the range of 11 and 21 Lac rupees. These flats have floor space of 351 square feet to 762 square feet.
Rental Properties in Mumbai
As per an industry report, Mumbai’s listing came down to 28th position on the list of world’s most expensive locations for luxury rental apartments sought by expats. Even though the city’s position slipped in 2014, it still continues to be the costliest city for rental properties in India. In 2013, the city was on the 17th position, but in 2014 it came down to 28th position. This list was mainly for luxury three-bedroom rental apartments. Last year, the average rent for an unfurnished 3BHK apartment in a posh area was INR 245,000 per month. Rental rates of properties in this city are highest in India and 7th highest in Asia.
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ABOUT THE AUTHOR
Shruti is an agent for properties in Mumbai. She currently works for a real estate company that has various new upcoming projects in Mumbai in the luxury and affordable segment.