Current Property Rates of Mumbai

The financial capital of India, Mumbai has always been the leader in the indicative prices of the Indian real estate market. Even during the slowdown, Mumbai is the frontrunner when it comes to property. In the past as well, it has shown a record rise in real estate prices at par with some of the highest property prices in the world. That is why Mumbai is called the ‘Manhattan of India'.

It is not only the residential market of Mumbai that boasts of skyrocketing property prices but the commercial market of the city as well touch the sky. But these days, due to the slowdown, the city is witnessing a correction in prices both in residential and commercial markets. In fact, it is the best time to buy a property in the city with the developers offering lower prices and discounts. Also, one should consider buying property now with lower interest rates on home loans provided by banks.

The real estate prices as well as the increase in rental values in Mumbai can be credited to the large scale investments in the commercial sector and the residential sector. Mumbai has always been the favorite spot for the corporate sector for developing their headquarters in the city. Besides that, increasing investments by MNCs in the IT, ITES and the BPO sector have led to a growing demand for office space; which as a result have created an imbalance in demand and supply for residential property . The rental values in Mumbai are also high in comparison to that in other metros and cities.

The retail market of Mumbai also witnessed a huge hike in prices during the boom in the real estate market. In fact, it is one of the foremost cities to be hit by the retail buzz. With the coming up of the retail market, there has been an increasing demand for retail properties in the financial capital of India. This increase in demand has created a viable market for mall space and other kind of retail stores and showrooms. These retail stores and malls are either owned by a business or some brand outlet or leased for hefty prices as their demand is usually very high.
Mumbai has been ranked seventh among the most expensive cities in the world to carry out a business and to live in.

Although, the prices of different kinds of property in Mumbai differ from location to location, the following is an indicative list of realty prices of both the residential as well as commercial spaces in Mumbai.

Here are some indicative rates to apprise you of the market conditions.
Prices in South Mumbai in April 2009:
Cuffe Parade - Rs 20, 000 - 62, 000 per sq ft
Churchgate - Rs 18, 000 - 30, 000 per sq ft
Marine Lines - Rs 14, 000 - 22, 000 per sq ft
Malabar Hill - Rs 20, 000 - 65, 000 per sq ft
Napeansea Road - Rs 20, 000 - 65, 000 per sq ft
Worli - Rs 18, 000 - 45, 000 per sq ft
Prabhadevi - Rs 13, 000 - 24, 000 per sq ft
Mahim - Rs 8, 500 - 14, 000 per sq ft

Prices in Central Suburbs in April 2009:
Byculla - Rs 8, 500 - 11, 000 per sq ft
Wadala - Rs 5, 000 - 8, 000 per sq ft
Sion - Rs 6, 500 - 9, 500 per sq ft
Kurla - Rs 4, 000 - 6, 500 per sq ft
Powai - Rs 4, 500 - 9, 000 per sq ft
Chembur - Rs 3, 750 - 7, 000 per sq ft
Ghatkopar - Rs 4, 500 - 7, 500 per sq ft
Bhandup - Rs 3, 750 - 6, 000 per sq ft
Mulund - Rs 3, 750 - 7, 000 per sq ft
Thane - Rs 4, 000 - 6, 000 per sq ft
Dombivalli - Rs 1, 400 - 2, 500 per sq ft
Kalyan - Rs 1, 400 - 2, 200 per sq ft
Ambernath - Rs 1, 100 - 1, 600 per sq ft

Prices in Navi Mumbai in April 2009:
Vashi - Rs 3, 250 - 5, 500 per sq ft
Airoli - Rs 2, 500 - 4, 000 per sq ft
Kopar Khairane - Rs 3, 500 - 5, 000 per sq ft
Sanpada - Rs 3, 000 - 5, 000 per sq ft
Nerul - Rs 3, 000 - 5, 000 per sq ft
CBD Belapur - Rs 3, 000 - 5, 000 per sq ft
Kharghar - Rs 2, 000 - 4, 000 per sq ft
Kalamboli - Rs 1, 400 - 2, 200 per sq ft
Panvel - Rs 1, 800 - 2, 700 per sq ft

Prices in Western Suburbs in April 2009:
Bandra (E) - Rs 7, 000 - 11, 000 per sq ft
Bandra (W) - Rs 16, 000 - 28, 000 per sq ft
Khar (E) - Rs 7, 000 - 11, 000 per sq ft
Khar (W) - Rs 13, 000 - 18, 000 per sq ft
Santacruz (E) - Rs 9, 000 - 12, 000 per sq ft
Santacruz (W) - Rs 12, 500 - 18, 000 per sq ft
Vile Parle (E) - Rs 7, 500 - 11, 500 per sq ft
Vile Parle (W) - Rs 10, 000 - 17, 000 per sq ft
Andheri (E) - Rs 6, 500 - 9, 500 per sq ft
Andheri (W) - Rs 6, 500 - 14, 000 per sq ft
Jogeshwari - Rs 5, 000 - 8, 000 per sq ft
Goregaon (E) - Rs 4, 500 - 7, 000 per sq ft
Goregaon (W) - Rs 4, 800 - 7, 000 per sq ft
Malad (E) - Rs 4, 500 - 7, 500 per sq ft
Malad (W) - Rs 4, 000 - 6, 500 per sq ft
Kandivli (E) - Rs 4, 500 - 7, 500 per sq ft
Kandivli (W) - Rs 4, 500 - 6, 500 per sq ft
Borivli (E) - Rs 4, 500 - 6, 500 per sq ft
Borivli (W) - Rs 4, 000 - 6, 500 per sq ft
Mira Road (E) - Rs 1, 800 - 2, 500 per sq ft
Naigaon (E) - Rs 1, 200 - 1, 800 per sq ft
Vasai (E) - Rs 1, 100 - 1, 800 per sq ft
Vasai (W) - Rs 1, 000 - 1, 800 per sq ft
Virar - Rs 1, 100 - 2, 000 per sq ft

Sukhpreet Kaur writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estateindustry. It is a forum where buyers, sellers and brokers can exchange information. At 99 acres, you can advertise a property in India , search for a property, browse through Mumbai Real Estate and Properties.