Mumbai real estate is one of the most expensive in the world - it currently ranks 16th on Knight Frank’s Prime International Residential Index. This is understandable, given that property values rise consistently in Mumbai, in comparison to other cities in India. For instance, irrespective of slumps and recessions, a flat purchased in Andheri in 1990 will keep just ahead of inflation in terms of property value in 2000, 2010, 2020 and beyond. This is what makes it such a great investment.
Home ownership is where you begin to build wealth from, particularly if you didn't inherit one and don't expect to. Once you own your home, particularly one in Mumbai, your legacy is assured, as is your passive income (in the form of rent) should you choose to move out of the city or buy another dwelling home.
Mumbai's Real Estate Market is Overdue for an Upturn
Fortunately, there has never been a better time to buy property in Mumbai. Property prices are at an all-time low, home loan interest rates are accessible, and with all the protections MahaRERA offers, the option to buy under construction property has never been more tempting. As a general rule, under construction properties are usually priced 10-20% lower than other completed / Ready to move-in properties in the area. This can mean that most Mumbaikars can afford homes in localities that used to be out of their budget.