Mumbai is one of the most expensive real estate markets in the country. The city is the finance capital of the country and is known to be the maximum city. Many of the central business districts in the market are very expensive. Those who reside in these posh addresses are celebrities and businessmen with a lot of money at their disposal.
So what are those who are on a budget to do when it comes to looking for housing in the city? The answer is moving your property search to the suburban areas of the city. If one looks at the way most of the metros are expanding it is the peripheral and suburban areas which are gaining popularity. These micro markets might not be up there when it comes to infrastructure. But that is changing and changing at a fast pace.
Over all here is a look at what buyers have been look at when it comes to a property search in Mumbai so far in 2015. 1 BHK apartments are the most preferred apartment type here. This is followed 2 and 3 BHKs. Buyers are showing a marked preference for small sized new Mumbai property. This is because space is already very scarce in the city and buyers end up paying quite a bit for these spaces. The most sought after apartment size falls between 501 to 750 square feet. This is followed by the less than 500 square feet range and the 751 to 1000 square feet. The takers for any residential apartments in Mumbai which is more than 2000 square feet are very few in number.
People are looking for affordable properties in this market. The budget range for which property search in Mumbai is happening at a great pace falls between INR 10 to 50 lakhs. There is some interest for properties which fall between the INR 1 to the above 5 crores range as well. Buyers are looking for properties which are priced above INR 10000 per square feet on average. This fact again proves how expensive it is to purchase a new Mumbai property.
One of the infrastructure projects which is set to drive the real estate sector of the city is the metro rail project. Line 1 between Versova–Andheri–Ghatkopar is operational. The impact of the metro on the localities in this Line is already quite visible. The prices for properties here has been steadily on the rise. There are three more lines in the pipeline. Experts suggest that property prices tend to appreciate by at 20 percent for localities which are within a 2 km radius from a metro station.
Some of the hot property destinations in the city as Vasai, Badlapur, Nala Sopara, and Kalyan. The one factor that is common across all these micro markets is that they are all affordable property destinations. They are also well connected to the main business districts of the city making them attractive to buyers who are on a budget.
So what are those who are on a budget to do when it comes to looking for housing in the city? The answer is moving your property search to the suburban areas of the city. If one looks at the way most of the metros are expanding it is the peripheral and suburban areas which are gaining popularity. These micro markets might not be up there when it comes to infrastructure. But that is changing and changing at a fast pace.
Over all here is a look at what buyers have been look at when it comes to a property search in Mumbai so far in 2015. 1 BHK apartments are the most preferred apartment type here. This is followed 2 and 3 BHKs. Buyers are showing a marked preference for small sized new Mumbai property. This is because space is already very scarce in the city and buyers end up paying quite a bit for these spaces. The most sought after apartment size falls between 501 to 750 square feet. This is followed by the less than 500 square feet range and the 751 to 1000 square feet. The takers for any residential apartments in Mumbai which is more than 2000 square feet are very few in number.
People are looking for affordable properties in this market. The budget range for which property search in Mumbai is happening at a great pace falls between INR 10 to 50 lakhs. There is some interest for properties which fall between the INR 1 to the above 5 crores range as well. Buyers are looking for properties which are priced above INR 10000 per square feet on average. This fact again proves how expensive it is to purchase a new Mumbai property.
One of the infrastructure projects which is set to drive the real estate sector of the city is the metro rail project. Line 1 between Versova–Andheri–Ghatkopar is operational. The impact of the metro on the localities in this Line is already quite visible. The prices for properties here has been steadily on the rise. There are three more lines in the pipeline. Experts suggest that property prices tend to appreciate by at 20 percent for localities which are within a 2 km radius from a metro station.
Some of the hot property destinations in the city as Vasai, Badlapur, Nala Sopara, and Kalyan. The one factor that is common across all these micro markets is that they are all affordable property destinations. They are also well connected to the main business districts of the city making them attractive to buyers who are on a budget.
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