Mumbai is host to many incredible things. One of those things is its impressive array of properties. The city is filled with commercial and residential real estate projects. While commercial properties are used for generating income, residential properties have been explicitly zoned for living.
The property prices in Mumbai cater to people of all socio-economic backgrounds.
The local municipal corporation governs Mumbai’s real estate. Anyone who owns a property in Mumbai needs to get their property registered with the local municipal corporation. The municipal corporation then levies stamp duty and a registration fee on the property and charges property tax from the owner.
This is an important step to prove your ownership of a property in Mumbai legally. Any failure to have your property stamped or registered in Mumbai can result in a penalty fee.
Another standard cost linked with Mumbai's flat prices is the maintenance fees. The developer charges this fee to regularly upkeep the common areas of a property.
Property prices in Mumbai or, in fact, anywhere else are affected by a variety of factors, including their location (closeness to amenities like schools, markets, and connectivity), neighbourhood, and the age of a building.
In the past two years, the Mumbai property market not only saw a massive jump in housing demand but also climbed the priority list of investors, resulting in a surge in Mumbai's real estate prices.
For instance, in top transacted locations, namely Kandivali West, Borivali West, and Malad West, the average house rate in Mumbai hovers around Rs 12,000- Rs 18,500 per Sq. Ft.
A property in Mumbai could be for sale by the owner, like a house on an independent plot of land or selling a residential unit in a developer project.
But mostly, builders in Mumbai, generally list their whole project for sale and then sell out individual units from the project. Mumbai mainly consists of properties like independent houses, villas, apartments, and builder floors. These can be found in townships, multi-unit apartment buildings, or standalone plots.
These developers have various affordable projects that offer a range of low-budget flats in Mumbai. Furthermore, the builders also have a list of projects that promise buyers luxury bungalows at reasonable prices in Mumbai. These properties in Mumbai furnish buyers with tasteful heritage, space, convenience, and dynamic modern homes.
These housing options are often bifurcated as per the number of rooms suitable for singles, couples, or families of 5-6 members. This was done to cater to the socio-economically diverse population of the city.
A 1 BHK has a separate living space, kitchen, bathroom, and bedroom. Mumbai's 1 BHK flat price ranges from moderate to high, depending on the apartment's location.
2 BHK includes 2 Bedrooms, Hall, and Kitchen. 2 BHK flats in Mumbai are more spacious and offer bigger rooms. 2 BHK flats in Mumbai are priced higher than 1 BHK apartment.
3 BHK is a property with three bedrooms, a hall, and a kitchen. 3 BHK flat prices in Mumbai vary as per their availability in the market at a reasonable range and have added amenities and luxuries.
With Clicbrics, explore a list of housing options that fit every family, check their estimated property prices in Mumbai and make an informed home-buying decision.