Why is Mumbai real estate so expensive?

A combination of factors such as distance from the prime South city centres to the suburbs, coupled with lack of robust infrastructure connecting these places, has led to prices surging in the prime city centres and the immediate peripheries such as Prime North (Bandra-Juhu) and South Central (Byculla-Chembur).

Where do millionaires live in Mumbai?

Where do rich live in Mumbai? Malabar Hill, Juhu, Bandra West, Bandra Kurla Complex are the havens for the rich people in Mumbai.

Is Mumbai an expensive city?

Mumbai remains the most expensive city for expatriates surveyed in India and among the top 20 in Asia, despite slipping down 18 positions in Mercer’s 2021 annual Cost of Living Survey. The report finds top Indian cities have dropped in rankings in surveying the most and least expensive cities for expatriates globally.

Is the Mumbai real estate market in a bubble phase?

The real estate market in Mumbai is definitely is in the bubble phase. The prohibitive prices are unsustainable. The demand is falling and there are unsold units, still the builders are not ready to lower the prices! In fact, there is evidence of related party trading to keep the prices propped up.

What was the home sales volume in Mumbai in November 2020?

Home sales volume in Mumbai was recorded to be of 9,301 units in November 2020. Pixabay pic. In this year of Covid-19 pandemic, the city of dreams has finally made the Mumbaikars bet big on real estate.

Why are Mumbaikars betting big on real estate during covid-19?

Pixabay pic. In this year of Covid-19 pandemic, the city of dreams has finally made the Mumbaikars bet big on real estate. This sudden movement in the real estate market, majorly from the end-users has been an outcome of the steep reduction in stamp duty, low home loan interest rates, and lucrative offers being provided by developers.

Is the housing market in a stable recovery phase in Mumbai?

The market is healing and is in a stable recovery phase, which indicates these offerings could get rolled back soon. Home sales volume in Mumbai was recorded to be of 9,301 units in November 2020.