Mumbaikars ready to pay more if it affords them a room with a view
Mumbai property buyers are ready to pay a lot more for a flat if it affords them a room with a view. Those seeking an apartment in central Mumbai love their flora and are willing to shell out the most if it falls in a quiet corner of the neighborhood with a garden nearby.
Mumbaikars have long been criticized for putting a high premium on high rises and not valuing the city’s greenery.The truth, it appears, is a lot more shaded. Researchers have found that buyers are ready to pay a lot more for a flat if it affords them a room with a view.
Blessed with relatively more greenery, Navi Mumbai buyers desire a dwelling overlooking a lake or a pond even it costs 18.86% more per square foot.
Most Mumbaikars fight shy of living near a railway station or a slum and they also dislike sending their children to schools far away.
The findings were made by two researchers from the National Institute of Industrial Engineering and the Indira Gandhi Institute for Development Research (IGIDR) when they set out to value environmental amenities in Mumbai in terms of real estate prices.
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