Properties and Flats in Mumbai: Apartments and Flats for Sale in Mumbai | Mahindra Living Spaces (2023)

FAQs

Which are the best areas in Mumbai to buy a flat? ›

The best places for real estate investment in Mumbai include Andheri, Panvel, Wadala, Chembur, Thane West, Virar, Khar, and many more. Let's have a look at these localities in detail and know why they are the top areas for investment.

In India's most expensive apartment purchase ever, Bajaj Auto Chairman Niraj Bajaj has reportedly bought a sea-facing apartment in Mumbai's posh Malabar Hill area for a phenomenal Rs 252.5 crore.

Buying a flat in Mumbai is one of the smartest investments you can make because Mumbai is the booming city of India, and its growth rate is very high and unstoppable. Only ensure that you choose the right developer and the correct location, essential for getting your ROI.

According to Vastu the ground, first, second and third floors are the best floors to live in because they are close to the water element.

Tardeo as an area comprises a variety of commercial complexes, including some of the city's primary healthcare and educational facilities. The locality, however, does not have enough residential options, making it all the more elite and the most expensive area in Mumbai.

The best locations to invest in Mumbai is Thane and Navi Mumbai. The average rates for property here are 9200 square feet. Pune- Pune is also the most sought after cities for NRIs to buy property in India.

Bandra West

Known as the Queen of Suburbs, Bandra is a popular home for expats as well as Bollywood stars. It is widely accepted as one of the most cosmopolitan areas of the city that is as sophisticated as it is trendy.

A rental property in Mumbai can cost you in the range of Rs 25,000-2.5 lakh per month. In case you plan to purchase a property, Mumbai is one of the most expensive cities in India, with prices in core areas starting from around Rs 1.5 crore for a 1 BHK apartment measuring 350-400 sq ft.

Ideally, the average lifespan of any concrete structure is 75-100 years. But, it is considered that the average life of an apartment is 50-60 years while of a house it is 40 years.

Can I buy 2 flats in Mumbai? ›

The Constitution of India has guaranteed the Right to Property to all the citizens of India and the law does not specify any restrictions on the purchase of a second residential property in India. “A second home can be viewed as a strategic investment as part of a diversified asset portfolio.

If you wish to buy a 1BHK property in Mumbai, it will cost you around Rs 80 lakhs – Rs 1.5 crores, depending upon the location and quality of construction.

Average Salary to Buy a House in Mumbai

Since banking institutions offer up to 80% of the property, your salary should be at least 80% of the lowest available flat price. It means the average salary to buy a house is approximately 80% of Rs. 15 lakhs in the case of Mumbai.

This RBI has mandated that all banks and lending institutions can grant only 80% of the property value as loan. This means the minimum down payment for home loans in India is 20%. If you're looking to buy a house worth one crore rupees, then you need to have a minimum of Rs. 20,00,000.00 as down payment ready.

Increased security

The top floor is the most secure out of all the levels. Thieves or other invaders will rarely make their way to the top of the building. If you're on the top, you can feel safe from people who might push into the building from the outside.

Hence, staying in top floor of a high-rise building is practically safer than to be in the open street among the stampede of fear-stricken people. Tall buildings offer maximum security from an earthquake jolt if the areas do not fall in the epicenter of extremely powerful earthquake.

Living on the ground floor will help you save on utility bills. The lower floors make for a less expensive air-conditioning bill in the summer as the cool air naturally reigns in lower locations. Also, you'll likely have less exposure to natural sunlight, which will keep your place cooler in the hot months of summer.

Ans: If you choose to live in suburban areas of Mumbai, you will need an average of 40k-50k/ month which will include your house rent ranging from 18k-25k for 1/2 BHK. In South Mumbai rent alone for 1RK will range from 15k-20k. Q6.

And the answer is Yes, definitely yes. I know many families whose monthly income is less than 10k or 15k a month and they stay in rented flat/chawl room & surviving. Its all depend on lifestyle you adopt. You can't expect high standard lifestyle with this salary.

As per recent study by Standard Chartered, the Wealth Expectancy Report 2019, found that the average wealth expectancy in India with enough disposable income to save and invest is Rs 3.6 crore, or Rs 1.3 crore for the emerging affluent, Rs 2.6 crore for the affluent and Rs 6.9 crore for high networth individuals (HNIs) ...

Where do middle class live in Mumbai? ›

What are the best places to live in Mumbai for a middle-class family? Mumbai offers quality living options like Chembur, Malad, Ghatkopar, Kandivali, Borivali, Dahisar, Dadar when it comes to a middle-class family Thane, Vasai, Vikhroli, Vashi, Sanpada, Jogeshwari, etc.

However, if his total income (other than income from foreign sources) is up to ₹15 lakh then 60 days condition is extended to 182 days. The deemed residency rule and 120 days rule is recent and has been effective from financial year 2020-21.

What happens to your NRI status after returning to India? If you are planning to return to India permanently, you may lose the NRI status in the same year of return but can continue to enjoy tax breaks for a few more years as a resident but not ordinarily resident (RNOR).

Mumbai Police said that the areas of Bandra and Kurla are the most vulnerable, though the topography and the people living in them are different. “Ironically, cases of rape and theft are highest in Bandra which otherwise is a plush locality,” said a police officer.

Location and Characteristics of Mumbai Slums

The Dharavi, Mankhurd-Govandi belt, Kurla-Ghatkopar belt, Dindoshi, and The Bhandup-Mulund slums are some of the largest slums in the world. The main characteristics of these slums are: High Poverty Rate.

Kamathipura, aka Kamathipuram, is the main red light area for sex workers in Mumbai. Located on Grant Road (East), this region has 1 to 14 streets or alleys which indulge in heavy prostitution and have a mount of brothels within the buildings and industry zone.

Under the broad flyover (overpass), connecting Chembur with Ghatkopar, is their home, an uneven ground strewn with pebbles, scattered with chicken feathers and trash.

According to a White House press release on 26 June 2017, over 700,000 U.S. citizens reside in India. In 2002, one widely cited estimate stated that 60,000 Americans including African Americans lived in India.

1. Delhi - The Historical City. Aristocracy has been there in Delhi, India's capital city. Most of the travellers to India land at Delhi.

The average cost of living in Mumbai with rent primarily depends on your lifestyle. If you lead a simple lifestyle, it is possible to stay for ₹25,000 to ₹35,000 a month.

How much of salary should be rent in Mumbai? ›

30% of your net take-home salary is the maximum that you should be spending on your rental accommodation as per experts and this should cover aspects like water, maintenance and electricity. Suppose you draw a salary of Rs. 50,000 every month. In this case, the rent should be a maximum of Rs.

If you have a lifestyle that is above the lower middle class then 12 LPA is good enough. There are firms offering 5-6 LPA and people survive on that. They don't live, they survive. 12 LPA is good enough to live.

However,experts are of the view that concrete apartment buildings in India last only for 30 to 50 years compared to the expectation of 70 to 80 years. The short life span is an economic burden for not only owners and residents but to the nation as a whole.

The history of balconies in Mumbai's apartments that are often described as matchbox-sized flats goes back to the 1960s. New projects offering balconies in each apartment was a common feature till the late 1990s. Since then, however, only premium apartments ranging from 3BHK or 4 BHK came with this amenity.

Merging flats to create a single house may require planning permission, depending on how the Local Planning Authority (LPA) views the change. Some may consider it development while others may not, this often depends on their housing supply.

The typical process for this type of transaction would be to merge the two properties using funds available/development finance, combine the two flats into one home and then refinance the combined property.

Chembur. Located near Mumbai's prime industrial locations like Kurla, Deonar, Mahul, Ghatkopar, Chembur is one of the most preferred locations to rent and buy a residential property. It has been home to landmarks like R K Studios, The Bombay Presidency Golf Club, Diamond Garden, & Vivekanand Education Society.

Benefits Of Buying The Top Floor

Buying a house on the top floor will ensure your privacy and security. The lower floor receives more traffic than the top floors. While the top floors mostly remain isolated, there is serenity, and a less noisy environment prevails there.

Mumbai has been a center of high growth returns on real estate investments. Recent developments of malls, multiplexes, and commercial hubs have made Mumbai ideal for new investors.

Who owns most property in Mumbai? ›

The Chairman of K Raheja Corp, the 81 year-old Chandru Raheja is one of the wealthiest real estate tycoons in India. The company's portfolio is diverse and is known to have leased about 20 million sq foot office spaces across Mumbai, Navi Mumbai, Pune, and Hyderabad.

Increased security

The top floor is the most secure out of all the levels. Thieves or other invaders will rarely make their way to the top of the building. If you're on the top, you can feel safe from people who might push into the building from the outside.

Living on the top floor gives you added height and more exposure to natural sunlight. Natural sunlight is a great way to brighten up your place, especially if it's a small floor plan. While natural light is great, it can also make your place hotter, so keep this in mind when you budget for utilities.

1^st Floor or Mid Floor Flat

1^st and mid floor flats are often treated as the most desired properties for the simple fact they do not have the added first of security of rising damp which we affect a ground floor flat nor is there the direct risk of roof damage with a top floor flat.

According to Anarock Research, there has been a 13% increase in the average property prices across Mumbai Metropolitan Region (MMR) between 2015 and 2022.

Malabar Hill is not just the most posh area in Mumbai but India's most exclusive residential address, where most of the residents are billionaires and millionaires. Apart from luxurious condos and penthouses, the hillock area also has few marquee properties priced at Rs 300 crores and above.

What are the best places to live in Mumbai for a middle-class family? Mumbai offers quality living options like Chembur, Malad, Ghatkopar, Kandivali, Borivali, Dahisar, Dadar when it comes to a middle-class family Thane, Vasai, Vikhroli, Vashi, Sanpada, Jogeshwari, etc.

A rental property in Mumbai can cost you in the range of Rs 25,000-2.5 lakh per month. In case you plan to purchase a property, Mumbai is one of the most expensive cities in India, with prices in core areas starting from around Rs 1.5 crore for a 1 BHK apartment measuring 350-400 sq ft.