Residential property in Mumbai is perhaps one of the most expensive in the world. Those who can afford to buy property in Mumbai and do not come with generations of money and luxury, probably can afford a one bedroom apartment and by some stretch, a two bed room apartment, for there is a serious lack of space.
Property in Mumbai is also very disparate. Most people living in South Bombay come from business families, with enough to afford property in areas like Breach Candy, Pedder Road and even Cuffe Parade. While for a long time residential property in Mumbai suburbs was considered affordable, this too now doesn't hold true. Property in Mumbai suburbs has soared up tremendously and this probably has to do with the fact that it has now become a hot spot for celebrity, both TV and film, residential property in Mumbai.
Navi Mumbai is a growing a hub for residential property in Mumbai. It's also referred to as an area with a lot of new money. With vast land and space to be developed, residential property in these parts are definitely up for grabs. Even areas like Thane are being developed by leading construction and development tycoons such as Hiranandani, Lodha Group making considerable and comfortable residential property in Mumbai available and affordable.
In fact, luxury apartments amongst the property in Mumbai constitute a whopping 3300 and are priced at an average between Rs 10 -100 crores. Of course, sea-facing property in Mumbai is the most expensive. You are actually paying for the sight and not the space made available to you. Research and surveys conducted show that prices for property in Mumbai has soared by 180% in the past 3 years alone, making it even more difficult for a common, middle-class man to afford a good flat.
You'll find a lot of families who have outgrown their one bedroom apartment in the suburbs but still wouldn't want to shift from there simply because residential property in Mumbai is so expensive. Besides, there is also an understanding that with the way the prices are soaring, if they wait for a while, they can also sell their flat for a price that's probably 2-3 times the current going rate!
Property in Mumbai is exorbitant with almost nothing much to give back. The space is little. The more space you want, the more you have to pay. Sometimes you even pay more for a much lesser space. You can easily find better property, priced perhaps more affordably even in a city like Delhi. However, I can't guarantee the living experience will be as refreshing and unique as what Mumbai as a city can offer.