When it comes to property rates in Mumbai, the real estate market is known to be one of the most expensive in India. Mumbai is the most populous city in India and is also the financial and entertainment hub of the country. It has been attracting people from different parts of the country for years who come seeking better job opportunities or to make a livelihood in this metropolitan city.
In this article, we will delve into the various aspects of property rates in Mumbai, including residential property rates trends, commercial property rates trends, factors influencing property rates, upcoming infrastructure projects impacting property rates, and a buying guide for property in Mumbai.
Accessing Mumbai's real estate market has become more convenient, thanks to Bajaj Housing Finance providing convenient home loan solutions. With substantial loan amounts, flexible repayment plans, and a simplified application process, buying residential property in this area has become more achievable.
What are residential property rate trends?
Residential property rates in Mumbai are quite high and continue to rise every year. The city has been experiencing an upward trend in property rates since the past few decades. The rates are expected to remain steady in the upcoming years as well.
What are commercial property rate trends?
The commercial property market in Mumbai is also witnessing a growth trend. Mumbai has emerged as a business destination favoured by several multinational companies. It has created a demand for commercial spaces, leading to an increase in property rates for commercial properties.
What are factors influencing property rates?
Several factors influence property rates in Mumbai, a few of them includes infrastructural development, connectivity, location, supply, and demand. Mumbai is known to experience a steady inflow of people who come seeking better opportunities. This has led to a surge in demand for housing and subsequently led to an increase in property rates.
Upcoming infrastructure projects impacting property rates
Mumbai is known for its ongoing infrastructural development projects. There are several projects that are underway or are in the planning stage, which will lead to a positive impact on the property rates in the coming years. Some of them include the Navi Mumbai international airport, the Mumbai coastal road project, and the Mumbai Trans Harbour Link project. All these projects are expected to lead to an increase in the demand for properties in their respective locations.
Property rates in Mumbai, Maharashtra
City/Locality |
Average Price (₹/Sqft) |
Price Range (₹/Sqft) |
Kandivali West |
₹19,900 |
₹8,363 - ₹43,200 |
Malad West |
₹20,701 |
₹6,571 - ₹35,759 |
Borivali West |
₹23,575 |
₹8,041 - ₹38,461 |
Virar West |
₹5,825 |
₹2,916 - ₹11,180 |
Mira Road East |
₹9,871 |
₹5,360 - ₹19,211 |
Goregaon West |
₹23,730 |
₹8,041 - ₹45,000 |
Borivali East |
₹22,442 |
₹8,958 - ₹45,454 |
Ghatkopar East |
₹22,316 |
₹5,428 - ₹36,956 |
Mulund West |
₹21,151 |
₹10,685 - ₹32,359 |
Kurla East |
₹18,469 |
₹8,579 - ₹30,909 |
Nalasopara West |
₹5,282 |
₹2,318 - ₹8,461 |
Chembur |
₹20,618 |
₹11,272 - ₹40,909 |
Parel |
₹36,871 |
₹11,142 - ₹72,727 |
Naigaon East |
₹5,548 |
₹3,214 - ₹8,777 |
Andheri West |
₹29,046 |
₹9,767 - ₹61,290 |
Bhandup West |
₹17,251 |
₹8,470 - ₹28,809 |
Virar East |
₹5,224 |
₹1,000 - ₹11,006 |
Mulund East |
₹20,575 |
₹10,333 - ₹31,627 |
Bandra East |
₹36,359 |
₹10,103 - ₹82,000 |
Kandivali East |
₹18,092 |
₹10,769 - ₹35,238 |
Buying guide for property in Mumbai
If you plan to buy a property in Mumbai, it is essential to ensure that you make an informed decision. Here are some important factors to consider when buying property in Mumbai:
- Location:
One of the essential factors to consider when buying a property in Mumbai is the location. The location should be well connected to other parts of the city and should have easy access to essential amenities like hospitals, schools, and markets. - Budget:
Consider your budget when looking to buy a property in Mumbai. It is important to be realistic about your budget and look for properties within that range. - Legalities:
Ensure that the property you wish to buy has all the necessary legal clearances and approvals. Hire a lawyer to review all legal documents related to the property. - Developer reputation:
Check the reputation of the developer before purchasing the property. Look for online reviews or ask for referrals before finalising the deal. - Property resale value:
Consider the resale value of the property before making a purchase. Check for some basic information like demand, supply, and other factors that might affect the resale value of the property in the future.
Mumbai real estate market is witnessing a positive trend in the coming years, and this real estate boom in Mumbai, opens the door for opportunity with one more financial product that has gained prominence, is the loan against property. Bajaj Finance offers this product, providing support to those in need of substantial funds.
With substantial funds of up to Rs. 10.50 crore* you can meet your financial needs. The competitive interest rates and long repayment tenures of up to 15 years* make repayment hassle-free.
With substantial funds of up to Rs. 10.50 crore* you can meet your financial needs. The competitive loan against property interest rates and loan against property long repayment tenures of up to 15 years* make repayment hassle-free.
The online application process is simple, and the loan amount can be disbursed to your bank account within 72 hours* of approval.
Apply for a loan against property today.
