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Mumbai Real Estate Price Trends

37 Comments   |   May 24, 2007    09:20am   |Contributed by Indian Realty News

Mumbai Real Estate Price TrendsMumbai, the financial capital of India has always been the trendsetter in the indicative property prices of real estate India Mumbai as such has always been in the forefront when it comes to property prices. It has in the recent years a record rise in property prices at par with some of the highest real estate prices in the world. In such terms, Mumbai, our ‘Manhattan of India’ can put New York’s Manhattan to shame.

The property prices as well as the increase in rental values in Mumbai owe much of its credit to the large scale investments in the commercial sector. Mumbai has always been the hot favorite for most of the corporate sector to have their headquarters in the city. And with increasing investments by MNCs in the IT, ITES and the BPO sector, there has been a growing demand for office space; which have consequently created an imbalance in demand and supply for residential properties. The rental values in Mumbai have also in high corresponding to that in other metros.

Mumbai is also the fashion capital of India, so it is one of the foremost cities to be hit by the retail buzz. With the opening up of the retail market, there has been a growing demand for retail properties in Mumbai. This has created a viable market for mall space and other retail stores and showrooms. These retail stores and malls are either owned by a business group or leased for hefty prices as the demand is high.

We provide you an indicative list of property prices of both the residential as well as commercial units in Mumbai for your convenience.

Mumbai - South Mumbai Property Rates

Location Residential Commercial
Colaba 18000 - 45000 17000-55000
Cuffe Parade 15000 - 45000 21000 - 55000
Nariman Point 10000 - 40000 11000-17000
Churchgate 10000 - 25000 11000-22000
Marine Lines 8500 - 17000 9000 - 18000
Fountain Area 5000 - 7500 5500-11000
Ballard Estate 7000 - 17000 8000 - 16000
Kalbadevi 4500 - 7500 4000 - 7500
Byculla 4000 - 11000 5500 - 12000
Girgaum 8000 - 20000 7000 - 12000
Marine Drive 10000 - 30000 11000 - 26000
Opera House 9000 - 20000 18000 - 32000
Malabar Hill 14000 - 45000 10000 - 45000
Neapean Sea Road 14000 - 45000 10000 - 49000
Warden Road 9000 - 30000 10000 - 17000
Peddar Road 9000 - 30000 9000 - 31000
Worli 10000 - 35000 11000 - 26000
Prabhadevi 7500 - 25000 7500 - 31000
Parel 6500 - 16000 6500 - 19000
Dadar 6500 - 16000 5500 - 12000
Mahim 5000 - 14000 3500 - 11000


Mumbai - Western Suburbs Property Rates

Location Residential Commercial
Bandra - East 6000 - 22500 11000 - 31000
Bandra - West 6500 - 22000 11000 - 24000
Khar - East 5000 - 9000 9000 - 18000
Khar - West 8000 - 17500 11000 - 21000
Santa Cruz - East 5200 - 9000 6000 - 12500
Santa Cruz - West 7000 - 25000 7000 - 26000
Vile Parle - East 6000 - 11500 6000 - 19000
Vile Parle - West 6500 - 21000 8000 - 24000
Andheri - East 5000 - 7500 6500 - 8500
Andheri - West 6000 - 15000 5000 - 8500
Jogeshwari 3800 - 6500 3500 - 6000
Goregaon 3400 - 7200 3000 - 8000
Malad 3400 - 6000 5000 - 9000
Kandivali - East 3000 - 5600 4000 - 5500
Kandivali - West 3100 - 5700 4500 - 8500
Borivali - East 3500 - 5700 4500 - 6500
Borivali - West 3000 - 6300 4000 - 6000
Dahisar 1600 - 5300 2600 - 3800
Mira Road 1000 - 2751 2000 - 4800
Bhayander 1000 - 2200 2000 - 4600
Naigam 600 - 1450 700 - 1900
Vasai 700 - 1750 1100 - 3500
Nala Sopara 800 - 1700 900 - 2300
Virar 950 - 2400 2000 - 4000


Mumbai - Central Suburbs Property Rates

Location Residential Commercial
Wadala 2700 - 8000 4000 - 7200
Kings Circle 3500 - 10000 5000 - 12000
Sion 3800 - 12000 3500 - 9000
Kurla 2800 - 7000 4000 - 8000
Chembur 3500 - 7000 4500 - 8000
Ghatkopar 4500 - 8500 5000 - 19000
Vikhroli 3500 - 7500 3500 - 6500
Bhandup 3600 - 4500 3000 - 6500
Nahur 3100 - 4100 3000 - 6500
Mulund 3600 - 6191 3000 - 6200
Thane 1000 - 4800 2500 - 4500
Mumbra 850 - 900 1000 - 2200
Vdombivli 1200 - 2000 1000 - 2500
Kalyan 900 - 2500 2500 - 3000
Ambernath 600 - 1000 900 - 1300
Badlapur 700 - 800 1000 - 1500


Navi Mumbai Property Rates

Location Residential Commercial
Vashi 2100 - 6100 2800 - 8000
Kopar Khairane 1800 - 4500 2000 - 5400
Airoli 2100 - 3500 1600 - 6000
Sanpada 2100 - 6000 1500 - 5400
Nerul 3100 - 6000 1500 - 5200
Konkan Bhavan 2100 - 3300 1200 - 4600
Kharghar 1900 - 4500 1200 - 4200
Kalamboli 1700 - 3100 2900 - 4400
Kamothe 1250 - 2500 2900 - 3400
Panvel 1750 - 3100 2900 - 4200


** Price as per the market value in June 07
** Property Rates are subject to change due to market vagaries and may differ by virtue of location and project, depending and facilities and other factors.
** We have tried to incorporate Price for every major areas located within Mumbai. If you have any queries or suggestions related to our property price data or cannot find the area you are looking for, please email us at info [at] indianrealtynews [dot] com. We will try to accommodate your request.

News Published Under:   Mumbai, Real Estate India | 37 Comments »



37 Responses to “Mumbai Real Estate Price Trends”

Sandeep.Pushkarna Says:  |  December 25th, 2006 at 9:54 am  

good article

MG Says:  |  December 29th, 2006 at 7:42 am  

Whats the going rate for RNA heights, JVLR, andheri(E)? Grateful for your help.
Regards

sharat Says:  |  January 5th, 2007 at 2:23 pm  

The residential property prices of south mumbai/bandra/Worli given in the article are much lower then the prices quoted by property dealers
any reasons?

GA Says:  |  February 19th, 2007 at 4:06 pm  

Have industrial property in Goregaon East,on IB Patel Road. Extent two acres. please let me know the approximate value of the land. Thanks

vien Says:  |  March 23rd, 2007 at 2:10 am  

The mumbai property market is a bubble. Be careful before investing. one of my friend is stuck badly. he has invested approx 5 cr in mumbai property & unable to find buyer even at 15% discount then present rate. The rate are 60% more than ppl income. 55 lacs for 2bhk between groegoan – borivali is ridiculous? south is out of sight.

Be careful. this will be bigger bubble than harshad mehta & ketan parekh

Praveen Singh Says:  |  March 27th, 2007 at 4:55 pm  

The rate given for kamothe is far below the actual rates which are privaling in the market.

Indian Realty News Says:  |  May 9th, 2007 at 10:20 am  

Dear Readers,

We thank you for your quick response and productive suggestions. The city specific articles give you additional information on prevailing real estate trends and are intended to assist you in finding answer to your queries.

We have tried our level best to scout every reliable source to provide you with the correct data for property prices that you can count on. If you have any information to bring the improvements in chart, add your suggestions to the comment section.

Thanks
Editor

raju Says:  |  May 10th, 2007 at 10:34 pm  

real estate rate i remember where 2500. s.f. in mulund mumbai in 1996 it remain same for 8 years, Suddenly it jump to 5000 s.f with in 15-18 months, now time have come it will come down to 4000-4500 and will remain steady for many years to come, above this rate no common man or even high level middle class family can effort, above this ,rate will remain in book only with empty flats, with only window buyer ?

Kavita Goyal Says:  |  May 11th, 2007 at 4:23 pm  

thanks for such an informative article on Mumbai. I really appreciate the efforts. Infact, your property price chart covers all important locations in the city and offers good insight.

Parag Mohite Says:  |  May 25th, 2007 at 11:55 am  

Hi

These rates are not vaild than what developer are asking

jmshow Says:  |  May 27th, 2007 at 11:19 pm  

prices in Chembur where I am enquiring are between 6000-7000 per sqft,
sion-wadala is 8000-9000 per sqft, king circle is 10000 per sqft
I am currently working with a real estate broker and prices are for currently avaialble apartments.

Par Says:  |  June 5th, 2007 at 12:26 pm  

Becareful before investing in residential properties. I have personal expereince, flat seller in vile parle area. on first visit before we show our interest they are ready to give discuount of 10-12% on the price they quote.

asad mallick Says:  |  June 26th, 2007 at 6:57 pm  

i would like to know the price of 1 bhk in kendra vihar society in kharghar navi mumbai

Rahul Says:  |  June 27th, 2007 at 11:48 pm  

i m looking at a 2 bhk in borivali- kandivli belt. is it advisable to enter at this time?
prices quoted are 5000-5500

Par Says:  |  June 28th, 2007 at 1:42 pm  

Dear Rahul….if you can wait for 3-4 months you will get better rate in borivali- kandivli belt than 5000-5500. in mumbai it seems ‘Realty Boom’ is over

Akshay Says:  |  July 17th, 2007 at 7:01 pm  

I wish to purchase a small appartment in South Mumbai, specifically Cuffe Parade area.

How much should I be ready to pay in per square foot terms?

samir Says:  |  July 17th, 2007 at 9:04 pm  

What will be the stamp duty & registration if i opt a flat at borivali east nr national park.flat is a resale flat of 23 lakhs.

thank you.

pradeep Says:  |  July 19th, 2007 at 10:11 am  

Is it advisable to purchase a flat in Evershine Mellium Tower in Andheri at a price os Rs 8250 per sq. ft.

Somu Says:  |  July 27th, 2007 at 10:45 pm  

Hi Guys, just wondering if anybody could help me by lettin me know the price of a 2 bedroom property in dhaisar-borivili (west) area.

Deghi Says:  |  August 10th, 2007 at 2:19 am  

Real estate boom is about to be over. It may crash in another 3-4 months. Many flats are vacant as people bought them in anticipation of renting them out. When there is more supply than demand, market definitely comes down. Also interest rates are increased so many people cannot afford installments anymore.

deepak manchandya Says:  |  August 24th, 2007 at 12:12 am  

hi,
I guess, these rates are aprox.as i found in dombivli the rates r 1800-2100.
thank you.

Brijesh Chaubey Says:  |  August 24th, 2007 at 9:12 am  

Hi,

Aug06 i was getting a 3BHK @ 17Lacks now i am finding it difficult to get a 3BHK in 29 Lacks in miraroad Mumbai, I want to understand is that such a exaturated price rise is correct and should i go ahead and buy this time or should i wait for more time if we are expecting a price correction because every time i go in the market the prices are just not stopping and moving upwards.

Please assist me in this

Brijesh Chaubey

Amol Dalvi Says:  |  August 25th, 2007 at 6:21 pm  

Hi,

i am interested property in South Mumbai near Ranibague Byculla, i am bit confuse about rates can u plz, guide me how much approximate rate i should gate in above area

Hardik Says:  |  September 4th, 2007 at 5:16 pm  

Can I expect prise correction by the end of 2007 in Mahavir Nagar, Kandivali area. My current budget is 50 lacs including registration and transfer. But all the flats are rated at 55 lacs or plus. Can I target to buy the flat of appx 1000sq ft in 50lacs in coming months?

Roshan Dsouza Says:  |  September 11th, 2007 at 5:08 pm  

People who are interested in buying property wait for another few months, till the end of Diwali atleast. People who are desperate will feel more desperate as they would like to own a house before Diwali. And so will the house sellers will feel the say. They would like to earn cash before Diwali. But control your desires i would say. As thats what the trick these builders are waiting to unfold. If the demand reduces even after Diwali, I am pretty sure the builder and sellers are going to be doomed and will make desperate attempt to reduce the prices atleast by 30%. And if we all were to wait till March end, even the big builders will bluge down because of year ending losses.
I would say Diwali is the critical time. Only buy when they have reduced the prices by 30% then the market price. There are bound to be desperate sellers just before Diwali so negotiate very hard (around 40%)during that time because you know now that they want money for Diwali.

Par Says:  |  September 12th, 2007 at 2:46 pm  

I agreed with Roshan Dsouza’s openion.Look for property buy with resonalble price. don’t wast your hard earned money.

Kranthi Kandey Says:  |  September 13th, 2007 at 1:26 am  

Real estate prices will come down for sure..they wont increase any more. Just the buyers need to keep cool. And its a trend in mumbai that prices go up every 10 years and there after either go down or be stable.
Example in 1995-1996 similar boom has come up and realestate prices have gone up like hell, my father-in-law booked a 2bhk flat in bhandup for 18 lakhs, he said in an year or so the price went up to 21-22 lakhs. i.e in 1997 the price went up to 21-22 lakhs, but later it started falling, it came down to even 13 lakhs in 2003, the rates were 15-16 lakhs even in 2004. i.e even after 8 years the price didnt increase, infact decreased. After 2004 only rates started increasing, in 2005 too rates were moderate, 2006 and 2007 they shooted up drastically. Simple logic is the population/salaries didnt increase dramatically in 2006/2007, i.e demand really didnt increase, its inflated. Lot of speculators got into market and created a shortage and there by demand increased…and builders too played the game, untimately its the common man who will loose if they fall for this trap. One broker in thane said, he knew a lot of rich people who stay in worli/bandra took 20-30 flats in thane as investment. He said if they find prices wont increase they will be the first people who want to get off the market and it will automtically go down, infact builders realised this, so now they are not encouraging the investors, as they feel prices may go down.
These builders a very rich people they can get any article printed in newspaper, so dont just go with news :)
And one more example, on property price trend is, in 1996 in nariman point per sft rate was Rs 34,000 even in 2006 they were no buyers to buy at that rate !!!

Altaff Hadi Bhikhba Says:  |  September 16th, 2007 at 9:55 am  

IAM NRI AND IAM AN INVESTOR KINLDY GIVE ME GOOD ADVISE I WANT TO BUY PROPERTY IN PANVEL AND KHARGHAR IN THE RANGE OF 30 LACS IS IT THE RIGHT TIME I WANT TO DOUBLE MY MONEY IN TWO YEARS TIME IS IT POSSIBLE IF NOT THEN WHERE SHALL I INVEST PLZ SUGGEST

Altaff Hadi Bhikhba Says:  |  September 16th, 2007 at 9:58 am  

Which is the best place to invest 30 lacs in Mumbai to double it to 60 lacs in say 2-3 years time, is kharghar good but rates are already 3000-4000 per sq feet, or is panvel good where the rates are little low bt 1500-2200 per sq feet or the last option for me is the sternon magic hills project which is 20 kms from panvel international airport, has anybody seen this project their site etc kindly give details and about the panvel international airport what is happenening no news is there thanks regards to all of you

suresh.santi Says:  |  September 28th, 2007 at 11:19 am  

Dear all,
What to do or How about original registered documents are under the custody of the family, whose where abouts are not known.
one property on self name only & one property in joint name. Still the building is not ready & expect to hand over in jan 2008.Any one suggest me what precaution/actions to be taken.No reply from Builder also another wonder part.

Kind Regards

Raj Says:  |  October 2nd, 2007 at 2:52 am  

Does anyone have an idea of current rates in Matunga/Kings circle please. Thanks.

Wait Says:  |  October 4th, 2007 at 1:51 pm  

Stuff is worth only its worth.

No point in buying houses
in Borivali for more than Rs 3750 sq feet
or
in Andheri for more than Rs 5500 sq feet
or
in Bandra for more than Rs 7200 sq feet.

Wait…patience pays.

Lot of SRA houses, lot of new buildings, lot of new mills land, lot of new dumped land.

Wait 1 year…patience pays.

GUNESH APTE Says:  |  October 6th, 2007 at 10:54 am  

Hello;

I have been looking for 2 BHK flat in & around Takshila/Brindaban/Kalpataru on Mahakali caves road area of Andheri(East). Prices have gone up from 40 Lacs to upto 80 Lacs in this area.

Are such high prices sustainable in this area of Mumbai? This place is near to SEEPZ/IT industry and bulders/sellers are taking advantage of this fact. Is it a good idea to buy in Andheri for Rs 6000-7000 psf now?

Any suggestions are welcome.

– Gunesh Apte

Vivek Tandon Says:  |  October 8th, 2007 at 3:00 pm  

The prices being quoted in A class buildings in Wadala, Naigoan area are much higher than what has been quoted in this article. In fact I find that most real estate rates quoted in the websites – do not reflect the true picture – because of black and white components in the rate. I am being very honest about the market.

In fact I was in the market to buy a 3 bedroom property measuring 1500+ sqaure foot in Wadala/Naigaon area and the rate quoted was a flat 3 crores for the flat(which was nicely done up)

So get real about real estate rates.

Maulik Says:  |  October 9th, 2007 at 3:10 pm  

Agree with Wait.. I wanted to buy a 2 bhk in western suburbs. I have been told by a reliable broker that property transactions has come down substantially. With this info I dont think a common man is interested in buying at this stage. Logically also instead of buying a 2BHK for 60 lakhs one should pay rent of 30000/- which is just 6% of the property price. Especially, like me, if you believe that prices are not going to go up from this level. for the time being control your sentiments of staying in your own house (for genuine users) etc

sagar Says:  |  January 19th, 2012 at 5:14 pm  

Mumble Gorgon Anderea

R.Neel Says:  |  March 12th, 2012 at 9:02 pm  

Property Buyers in India be beware. Indian economic growth has stalled. The current UPA coalition govt is on the ropes with corruption scams and defeats in UP,GOA, Panjab etc.
An israeli/USattack on Iran will send oil prices skyhigh and India being dependent on Iranian oil will be hit very hard.
The IT outsourcing will more and more move to Vietnam, Philiphines etc.
Foreighn investment inflow will be sloer.
ajeev Ghandhi & other schemes will be a money drain not productive.
Prices are already beyond the reach of 90% population.
Don’t chase. India and China are bubbles waiying to implode. Medical tourism area may be a better place to look at.