Mumbai Suburb too becoming increasingly Unaffordable
The Mumbai suburb too is becoming increasingly unaffordable. Recently, a 950-sqft, 2-BHK flat in Vashi’s sector 17, is now selling for a record sum of Rs 1.21 crore. Another apartment in the same locale, that a broker sold for Rs 82 lakh even six months ago, is now on sale at an asking price of Rs 92 lakh.
Till even a few months ago, a budget of Rs 50 lakh for property hunters was considered too meagre to procure anything respectable in Mumbai, but ample for those in search of the same in Navi Mumbai. But going by the recent escalation of property prices in the outskirts of Mumbai, this is a distant dream now. Builders themselves have admitted to constructing apartments that cost far beyond than Rs 50 lakh.
Arvind Goel, Senior Vice-President of Navi Mumbai’s real estate apex body, Maharashtra Chamber of Housing Industry (MCHI), said, “A 2-BHK apartment built nowadays in Navi Mumbai, say up to Kharghar limits, is at least 1,000 square feet in area. Prices start at a minimum of Rs 50 lakh. Add to that registration and other charges, and the price tag easily exceeds Rs 50 lakh.”
Builders have practically stopped constructing 1-BHK apartments. 2-BHK apartments are being sold at exorbitant rates. “1-BHK apartments are no longer in demand. People nowadays prefer more spacious quarters. Moreover, it is more cost effective to construct larger apartments,” said Manohar Shroff, secretary, MCHI, Navi Mumbai.
Even though the property market in Mumbai has witnessed a slump in recent times, builders in Navi Mumbai are confident of selling the flats that they develop. But the recent surge in demand means that the common man’s dream of owning a small sanctuary within 20 minutes of the city is becoming increasingly elusive.
2-BHK flat in Vashi's sector 17, Mumbai, Mumbai suburb, Mumbai suburb becoming increasingly unaffordable, Property market in Mumbai, property price in Mumbai suburbs, property prices in the outskirts of Mumbai, Real estate in Mumbai
Hi,
It is true that demand is high but with increasing demand, rate is also increasing. Buying property by HNIs is not making real real estate market affordable it also consists of low-income, middle-income group who are struggling for owning a dream home. Going by the recent escalation of property prices in the outskirts of Mumbai, this is a distant dream for them.
Thank you
They are saying the demand is high, that means people can afford this and may be more. Then who is it unaffordable for? Either there is no real demand or Mumbaites are becoming as rich as their counterparts in Hong Kong, Shanghai, Sydney or may be New York! As a common-man, yes these rates look crazy and there is no point in buying if you can get much more space in many other good cities in the country. Still if you have to stay in Mumbai, makes much more sense to rent. Best option though remains QUIT MUMBAI…its become crazy.