What is the Cost of a 1 BHK in Mumbai?

What is the Cost of a 1 BHK in Mumbai?

Mumbai is the financial capital of India which lit up dreams, tenders boundless opportunities and depicted an energetic way of living. Mumbai is one of the most crowded metropolitan cities of the world and therefore, the market for real estate property in Mumbai is quite sensitive. The price of 1 BHK flat in Mumbai completely depends on many factors such as location, accessibility, services, and developer. For those who are in a process of planning, this article is going to give valuable information about factors which affect the prices of property as well as a general overview about the price of 1 BHK flat in different areas in Mumbai.

Elements affecting Quoted Price of 1 BHK Flat in Mumbai

1. Location within Mumbai

Prime Areas: Some of the hotspots include Colaba, marine drive, bandra- worli and properties in South Mumbai and south Bombay are considered very costly areas. Higher rates are charged here because of some companies top executive and HNIs (High Net-Worth Individuals):
Emerging Areas: The localities like Malad, Kandivali, and Mulund are quickly growing as some of the favourite localities for real estate business, and their prices are moderately priced providing a luxurious feel.
Peripheral Areas: Away from Mumbai central suburb there are places such as Mira Road, Virar and Navi Mumbai which are cheaper and targets mid income customers.

2. Proximity to Business Hubs
Locality in proximity to commercial corridors including Lower Parel, BKC and Andheri dominates the demand. Access to these hubs affects the real estate cost as it enables quick and easy movement hence high rental returns.

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3. Geographic connectivity and avionic infrastructure
An aspect of accessibility of the major roads and highways and the local railway stations has a big influence on the value of property. For instance, places in the vicinity of the Metro corridors or within easy distance from a Railway line especially the Western Railway Line are costlier.

4. Almost two-thirds said that features & builders reputation were critical success factors
A home with a single bedroom and hall and located in a well planned project having clubhouse, a fitness center, swimming pool, security with round the clock backup will require a higher investment than a basic home. Also, projects from reputed builders cost more than the ones which are relatively unknown since one gets value, quality, and compliance with enclosed laws.

5. Various Issues of the Governments and the Real Estate Regulation Systems
This includes property taxes, stamp duties and any other government exercise in the country at the time of purchase (such as Pradhan Mantri Awas Yojana). Stature changes or adaptation in the policy and taxation may affect the demand as well as the accessibility of the stats.

Cost Structure of a 1 BHK in Various Areas in Mumbai

1. South Mumbai
Prevailing its lavish kind of living, South Mumbai is the wealthiest area of the city. Here a 1 BHK costs between rupees two crore to five crore depending upon location and view and the quality of building. Localities such as Colaba, Marine Lines, and Tardeo consists entirely of billionaires, with cost rates per square meters starting from 50,000 to 80,000 or more.

2. Western Suburbs (From Bandra upto Andheri)
The Western Suburbs are promising due to their diversified distribution of home and business sections. Bandra, Khar and Santacruz are posh locations and a 1 BHK flat would cost in the range of ? 1.5 crore to ? 3 crore. Going further up the line, more reasonably priced areas of Mumbai include Andheri West and Versova In these areas, a 1 BHK flat is expected to be priced in a range of between ? 1 crore and ? 2 crore.

3. There are three divisions namely Eastern Suburb namely Ghatkopar, Mulund and Powai division
The property market perception is that the Eastern Suburbs are characterized by affordable prices for real estates and good transport linkages especially through the Eastern Express Highway. Powai is slightly expensive since its development began around the Hiranandani Complex for 1 BHK that costs between ?1.5 crore to ?2.5 crore. At present 1 BHK in an under-construction new property in Mulund comes at ?80 lakh to ? 1.5 crore depending on the project and the facilities it offers, whereas in Ghatkopar,.property prices ranging from ?80 lakh to ?1.5 crore for 1 BHK in under construction new properties.

4. Navi Mumbai
The town, planned as an extension of Mumbai, has witnessed an immediate call for, as a new habitat mainly because of affordability, proposed new infrastructure and, most importantly the new airport project. A 1 BHK in the Navi Mumbai areas such as Vashi, Nerul or Panvel ranges approximately from ? 40 lakhs to ? 1 crore. Compared to other city areas especially places in central Mumbai the price is relatively low for first time home buyers.

5. Mira Road, Virar, and Thane of the extended suburbs
Areas like Mira Road and Virar on the western line of Mumbai fall under this category and 1 BHK cost falls between ?30 lakh to ?80 lakh. New apartamdets are still rising in but Thane is located farther out from central Mumbai yet it has very sound infrastructural and facilities with 1 BHKs range from ?70 lakh to ?1.2 crores.

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Rental Prices for 1 BHK Units

As for those who do not plan to purchase property, there is still some number of rental opportunities in Mumbai, but prices are still relatively elevated. Heres a snapshot of rental prices for a 1 BHK across various neighborhoods:

South Mumbai: ?60,000 to ?1 lakh per month
Western Suburbs (Bandra, Andheri): ?35,000 to ?80,000 per month
Eastern Suburbs (Powai, Ghatkopar): ?25,000 to ?50,000 per month
Navi Mumbai: ?15,000 to ?30,000 per month
Extended Suburbs (Thane, Mira Road): ?10,000 to ?25,000 per month

Final Thoughts

The prices of 1 BHKs in Mumbai can also differ greatly depending on the area that it is in, the facilities and that particular developer. In Mumbai one always has to pay a hefty amount but options such Navi Mumbai and further outlying areas can be rather cheap while being adequately connected and developed. The experienced buyer, who carries out a critical analysis supported by series of research and timely update of market condition and position, can perhaps avoid such untamed decision.
When it comes to the real estate, Mumbai has all kinds of deals: for buyers as well for renters, provided one knows where to find them.