Unlocking the Secrets of Mumbai's Real Estate Market: A Guide to Buying a Home in India's Financial Capital
Discover the trends and costs of owning a home in Mumbai, India's most populous city, and learn why buyers and investors are flocking to the region's robust residential real estate sector.
Mumbai Real EstateHome Buying In MumbaiCost Of Owning A HomeIndian Real Estate MarketSquare YardsReal Estate MumbaiJul 15, 2024
According to recent reports, the Mumbai Metropolitan Region (MMR) has witnessed a significant rise in the average registered home sales value during the second quarter of 2024. This is despite a decline in the total number of registered transactions. The average value reached a record-high of Rs 94 lakh, reflecting a 10 per cent year-on-year growth.
Indrajit Sidhanta, the Principal Partner and Head of Business Development at Square Yards, attributes this rise to a growing interest in premium properties from Grade A developers, not only in Mumbai but also in the peripheral areas. This reflects the confidence of buyers and investors in the region's robust residential real estate sector.
The peripheral suburbs, led by Kalyan-Dombivli, Bhiwandi, Badlapur-Ambernath, and Ulhasnagar, accounted for the highest share of registered transactions at 21 per cent. The Western suburbs, on the other hand, dominated the registered sales value with a 31 per cent share, with Thane West emerging as the top locality, recording Rs 3,853 crore in sales.
The Southern micro-market witnessed the highest average registered sales value at Rs 3.65 crore, a 31 per cent annual increase. Navi Mumbai also saw noteworthy growth, with a 19 per cent increase in average registered sales value to Rs 60 lakh.
So, what does it cost to own a home in Mumbai? The answer depends on several factors, including the location, size, and type of property. However, with the average registered home sales value reaching Rs 94 lakh, it's clear that buying a home in Mumbai requires a significant investment.
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Square Yards is a leading proptech firm that provides comprehensive real estate solutions to buyers, sellers, and investors.
Square Yards is a renowned name in the Indian real estate industry, known for its innovative approach to property transactions.
Frequently Asked Questions
What is the average cost of buying a home in Mumbai?
The average registered home sales value in Mumbai is around Rs 94 lakh.
Which areas in Mumbai have seen the highest growth in real estate?
The peripheral suburbs, led by Kalyan-Dombivli, Bhiwandi, Badlapur-Ambernath, and Ulhasnagar, have seen the highest growth in real estate.
What drives the demand for homes in Mumbai?
The demand for homes in Mumbai is driven by the city's growing economy, limited availability of land, and increasing demand for premium properties.
What is the current trend in Mumbai's real estate market?
The current trend in Mumbai's real estate market is characterized by a rise in the average registered home sales value, despite a decline in the total number of registered transactions.
Who is Square Yards?
Square Yards is a leading proptech firm that provides comprehensive real estate solutions to buyers, sellers, and investors.
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