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Mumbai, the fast-paced financial centre of India, has garnered recognition for its sustainable building practices. With 276 LEED-certified green buildings,…...
Mumbai is one of the most well-planned cities in India. It offers well-charted living and commercial spaces. The real estate sector in Mumbai has gained momentum over the years. With the development of new projects, the real estate of Mumbai is headed towards massive progress. Therefore, investing in the real estate market of the city can be the best possible course of action for an investor.
There are numerous reasons why the city is a hub of the best real estate projects. It is covered in the green dash, with a beautiful view of the Arabian Sea. Moreover, the commercial and residential spaces are well-maintained. The systematic roads and cleanliness of the surroundings is a trump card that makes property investments worthwhile.
The demand for properties has been escalating because of planned living, a range of real estate options, well-managed roads, availability of amenities and ultra-modern infrastructure. In this write-up, we shed light on Mumbai’s real estate market and the viable property investments that spur the progress of the city.
Mumbai’s real estate market accounts for 10% of the national volume and 23% of the cross-country sales. This trend has been upward since after the pandemic despite the numerous disruptions. Mumbai is also the country’s most profitable property market. The key developers have already planned in detail the residential and commercial developments that will open investment opportunities for the realtors and potentially help in the growth of the market.
Mumbai, despite the pandemic has maintained a strong foothold in the real estate market for two years now. The Mumbai flat rate has seen a jump of CAGR of 9.58% over the last five years. Among the foreign investments, Mumbai accounted for 21% investments amounting to USD 193 million in the year 2021. This shows the continued investor interest in Mumbai’s real estate market.
Mumbai is listed as an Alpha level city by the Globalisation and World Cities Research Network mirroring the great infrastructure and connectivity in the city. It has also often been called as an emerging world city.
The city dwellers live a fast paced life and many live an opulent lifestyle. The city of Mumbai offers a comfortable living experience. The city has many top attractions and palatial properties that make it one of the top cities in India to live in.
The demographic statistics of Mumbai have changed over the years. Have a look at the table below to get a detailed idea of the same.
| Particular | Nos. |
| Total Number of Household | 6,74,339 |
| Total Population of District | 3,085,411 |
| Total Male population | 1,822,174 |
| Total Female Population | 1,531,123 |
| Sex Ratio | 832 |
| Literacy Rate | 89.20% |
| Male Literacy Rate | 91.48% |
| Female Literacy Rate | 86.45% |
| Area | 386.56 Sq Km |
| No. of Revenue Disivions | 2 |
| No. of Talukas | 3 |
| No. of Revenue Mandals | 9 |
| No. of Municipal Corporations | 1 |
| No. of Villages | 87 |
| Parliamentary Constituencies | 4 |
| Assembly Constituencies | 26 |
| Total Population | 93,56,962 |
| Population (Males) | 50,31,323 |
| Population (Females) | 43,25,639 |
| Population Density | 25,357 per sq. km. |
Mumbai is expecting an oversupply of real estate properties that is surely going to affect the demand and price of the real estate. With numerous real estate opportunities thriving in and outside Mumbai, potential investors are in for huge significant returns.
Mumbai is considered the best city in India to invest in real estate. The properties and opportunities are numerous and offers a luxurious lifestyle for those who are willing to spend. The demand for the properties is always on a rise. Mumbai’s connectivity with the outer areas is an added advantage to the real estate market. Moreover, the presence of brands like Lodha Group, Godrej Properties, K Raheja Corp, Oberoi Realty, and Shapoorji Pallonji Real Estate create new investment opportunities everyday.
The city of dreams is not just only for fantasists, it is where businesses thrive as well. From the beginning, Mumbai has always promoted growth in every sector. In the race to accommodate the growing population and businesses, it offers a wide array of living options.
Mumbai is the epicenter of real estate and the growing numbers are evidence that this trend is going to hold for the future as well. Mumbai offers a plethora of properties belonging to different categories.
Since Mumbai is the financial capital of India, it offers various kinds of residential spaces for people from all walks of life. From one-bedroom spaces to houses in posh localities, it has residences for all. The range of residential spaces for rent starts from as low as ₹ 5,000 and can go up to crores.
Mumbai has an abundance of ready to move-in homes. Suburbs like Malad, Borivali, Kandivali, Chembur, Worli, Bandra and Powai are the few places that offer well-built ready to move-in residential spaces. These homes start from ₹ 5,000 for 1 BHK to lakhs for a luxurious space on rent.
With an increase in the number of students and bachelors in the city, studio apartments are the next big thing in Mumbai. The purchasing cost of these spaces starts from as low as ₹ 9 lakhs and can go up to crores depending upon the type, location and furnishing status of the space.
Villas are one of the most preferable residential spaces in Mumbai. Mumbai is home to beautiful villas in areas like Vasai, Kandivali, Naigaon, Andheri, and Goregaon. Renting a villa in Mumbai can be expensive as compared to purchasing it.
Mumbai offers comprehensive commercial space options for the diverse needs of the customers. Be it big firms like Jio, Tata and Adani Group or entertainment production houses like Dharma, Red Chillies, Yash Raj, and more, the scope for business in the city is wide. Areas, such as Borivali, Worli, Kalina, Andheri East, and Nariman Point are some of the best commercial areas in Mumbai.
Mumbai is a thriving hub of industrial spaces. The city is one of the major centres for finance, exports and commerce in India. Areas such as Andheri West, Goregaon West, Jogeshwari West, Vile Parle West and Jogeshwari East are some of the industrial places in Mumbai.
In the city of Mumbai, investors can find fertile and good quality agricultural land at a reasonable cost. Ambewadi, Virar, Chira Bazaar, Boisar, Karjat, and Palghar are some of the areas with high-yielding agricultural land in the city.
Even if you are someone who is looking for a space that works as your residence and office space at the same time, then Mumbai will never disappoint you. Kandivali East, Andheri East, Vikhroli West, and Vikhroli East are some of the areas that offer well-built mixed use spaces where one can both live and work in the same place.
Listed below are a few of the best localities of Mumbai that have all that an investor needs, starting from space to amenities and major spots nearby.
Malad East is one of the most preferable areas for flats in Mumbai. The flat configuration available here starts from 1 BHK and goes up to 5–6 BHK. The pricing starts from ₹ 30 lakhs and can go beyond ₹ 10 crores depending upon the type the investor is choosing.
Mira Road is the fastest growing suburb of Mumbai with a per square foot price starting from ₹ 10,041 approximately. The purchasing cost starts from as low as ₹ 10 lakhs and increases as per the type of space, locality, and furnishing one is opting for.
Flat prices in Borivali East start from as low as ₹ 40K for renting an unfurnished space. One can find an apartment with space from 1 BHK to 6 BHK in this area. The purchasing cost starts from ₹ 5 lakhs for 1 BHK and can go beyond 5 crores as per the property type and location.
Kandivali East has posh apartments in Mumbai with well-connected roadways. The price starts from ₹ 50 lakhs for a 2 BHK home and can go up to multi crores depending upon the size and furnishing of the home.
Thane offers residential space purchasing starting from ₹ 30 lakhs for a 1 BHK or 2 BHK flat. The area has well connectivity of roadways with all the basic amenities and public transportation available around the flats.
Andheri West is among the most prominent areas of Mumbai and is home to big names in India. Being a posh locality, it has expensive flats in Mumbai starting from ₹ 50 lakhs for a small flat and multi crores for a 5 BHK furnished home.
The range of buying a flat in Mumbai’s Bandra West starts from ₹ 40 lakhs for a 1 BHK and can go up to 15 crores or more. Flats as big as 6 BHKs are also available in this area.
The price of houses can go up to ₹ 20 crores for a 4 BHK space. This area has very few 1 BHK homes for ₹ 70 lakhs and studio flats that cost around ₹ 21 lakhs.
Goregaon has all the facilities with state-of-the-art flats. The range starts from ₹ 55 lakhs for a 1 BHK flat and can go up to ₹ 10 crores for a 3 BHK space. This area has 1 BHK to 5 BHK homes at an affordable price.
Mumbai offers an array of affordable, premium and luxurious properties with configurations ranging up to 6 BHKs. These are the top locations in Mumbai where one can find the property of their needs.
India’s most exclusive residential address, also known as the millionaires and billionaires street. It is located on the Southernmost tip of Mumbai. The average property price in Malabar Hill is ₹51,480 per sq ft.
Dotted with commercial and residential skyscrapers, Cuffe Parade is located next to the famous Nariman Point. It also has luxurious five star hotels in its proximity. The average price of properties in Cuffe Parade is ₹48,750 per sq ft.
Connecting important commercial areas in the region, Tardeo is an expensive area which is also home to India’s richest man. The average price of properties in Tardeo is ₹47,786 per sq ft.
Juhu is one of the most expensive areas in Mumbai with the property prices averaging around ₹44,442 per sq ft. Home to famous celebrities like Amitabh Bachchan and Akshay Kumar, Juhu has a lot to offer in terms of unusual property types.
A few of the top builders in Mumbai, their operating beginning year, and notable projects are tabulated below:
| Name Of The Builder | Constructing Since | Notable Projects |
| 1994 | Mahindra Vicino, Mahindra Gardens, Mahindra Roots |
| 1980 | Lodha Bellagio, Lodha Woods, Lodha Gardenia |
| 2011 | LnT Realty Emerald Isle, LnT Veridian, LnT Crescent Bay T6 |
| 2004 | Godrej Horizon Wadala, Godrej Urban Park, Godrej The Trees |
| 1998 | Oberoi Sky City Tower E, Oberoi Three Sixty West, Oberoi Crest |
Following are the most anticipated projects in Mumbai:
Most of the projects in Mumbai are RERA approved projects by the Government. The projects approved by RERA include both ongoing and upcoming projects which the developers and builders must register. All the supporting documents are needed to be submitted with them. The promoters of these projects are obligated to update the status of properties regularly. The buyers can also resolve their grievances with ease owing to this government support.
Even though the Mumbai real estate market is the priciest, it still offers some of the best investment options. The city also saw a 25 percent rise in the property sales in the first quarter of 2022. You can plan on buying properties because of the high return on investment. Some of the most popular areas to invest in Mumbai right now are Kanjurmarg West, Vikhroli West, Mahalaxmi, Ghatkopar East, Malad East, Chandivali, and Goregaon (West).
Mumbai has been constantly keeping up with the rising property trends and prices. The properties are highly valued with higher interest rates which is going to continue in the future as well. Both the residential and commercial sector will see a rise in the oversupply of properties but the quality and prices will remain intact.
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