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Housing in Mumbai

 

Mumbai, the city that never sleeps, is also well known for its real estate. The Mumbai real estate market is one of the largest and thriving markets in India, providing numerous options of housing in Mumbai. The city records a population of almost 19 million. Along with its suburban areas the city supports one of the highest agglomerates globally, that is compared second to Tokyo.
 
The population growth has been more in Mumbai than the residential increase sometime back. This is why certain families in the city were seen residing in small dwellings. But now the trend has changed. Real Estate developers are now undertaking new residential projects so as to make simple the accommodation issue in Mumbai.
 
Real Estate Property Rate in Mumbai
 
Mumbai is acclaimed worldwide for being India’s financial capital. Keeping to its name the city is the abode of several financial organizations. Some of them would include the Reserve Bank of India, the National Stock Exchange of India and Bombay Stock Exchange. The city also boasts of its Bollywood, the film production fraternity. The city is cosmopolitan is nature and its cultural ethos and diversity makes it a class apart amidst other Indian states.
 
Mumbai is well known for its diversity in culture and people who visit the city for various purposes. A survey reveals that the southern part of Mumbai is home to the eminent stars and celebrities, bureaucrats, politicians and industrialists.
 
Dharavi on the other hand is mostly occupied by the economically feeble section. As per the population census taken few years back, 54.1 per cent of the population of the city resided in Dharavi. However, Mumbai is now looking at developing the neighboring and the suburban areas in order to create more housing options in the city. The property price in Mumbai at the present can be explained by the chart below as of January 2010:-
 

Locality
Apartment Capital Value (Rs/sq ft)
 
Apartment 2 BHK Rental  (Rs/month)
 
Jul-Sep’09 (%)
Jan’10
Jan’10
Central (13)
-7 to 11
2000-12500
8000-30000
Navi Mumbai (8)
-20 to 4
2200-6000
5000-15000
Western (24)
-11 to 33
1000-20000
5000-80000
South (8)
-2 to 7
10000-55000
8000-80000

 
Housing in Mumbai
 
With regards to the housing structure the city of Mumbai has flats and apartments of various sizes. The built up area is what explains the size and dimension of the flat or apartment. In order to make it easy for the future buyers and the sellers, the realtors most frequently refer to the term BHK in their dealings.
 
BHK means Bedroom, Hall and Kitchen. Options in housing in Mumbai would mostly comprise of 1, 2, or 3 BHK’s. The smallest residential accommodations in the city are the one small room, along with kitchen that is approximately in the size of 400 square feet. For the economically stable and affluent there are options in Villas, Penthouses, Bungalows, Row Houses.
The apartments in Mumbai are available in the form of a duplex or a triplex, where the living room zone is in two or three steps. This in reality is an expensive accommodation and only the rich people can afford the same.
The various sizes and dimensions of the apartments in Mumbai are:-
  • 1 BHK- 400 to 700 sq ft
  • 2BHK-800 to 1300 sq ft
  • 3 BHK-900 to 3000 sq ft
  • 4 BHK-1300 to 4000 sq ft
Real Estate Companies in Mumbai
The Real Estate companies in Mumbai today are addressing the need for the housing and accommodation, and are undertaking various projects. Some of the important real estate companies in the city are:-
  • Shapoorji Pallanji
  • Jaycee Constructions
  • Godrej Group
  • DLF Pvt. Limited
  • Hiranandani Group
  • Kanakia Builders
  • Shrachi Group
  • Hector and Streak
  • DCM Estate
  • Marathon Group

 

DLF Private Limited
DLF the leading name in real estate is aiming to launch two new housing projects in Mumbai. The price range for the same is between Rs.15, 000 – Rs.25, 000 per square feet. The objective that the company upholds for the residential complex in that area is that it will oust the commercial and retail markets.
DLF is also looking forward to launch a 2 million square feet project as a part of its slum rehabilitation project. This project is said to be a joint venture with Shapoorji Pallonji and Ackruti City that aims to complete the mandate by another year and a half.
The joint venture is going to be a lavish one that would be priced at Rs.25, 000 per square feet. The second project is targeted to be at Lower Parel, where the company previously was planning to establish a mall. But at the present situation with regards to the reduced demand in the commercial and retail space and market, the company is aiming for a mixed land use project. The project would use about 4 million square feet of and would be dedicated mostly as a residential project.
Hiranandani Group
The Hiranandani group, a leading name in real estate in Mumbai has spelled out its plans to develop townships in three various cities, under its Powai project in Mumbai. The projects in these three cities are mostly dedicated to the higher income bracket and would take about a year for its completion. It is an upscale and important project for The Hiranandani group, as it takes the city real estate to greater elite level.
Other Residential Projects
In Mumbai there are other projects too that are complete or are in the stage of near completion keeping in mind the average mass at large. These are undertaken by several other builders that exist in the city .Some of the names in this regard can be listed below:-
  • Arihant Aradhana, Kharghar, Mumbai by Arihant Universals.
  • Mahavir Ratan, Vashi, Navi Mumbai by Abhishek Enterprise
  • Chelsea, Hiranandani Estate, Thane by Hiranandani Developers
  • Eternity Row Houses, Thane by Kanakia Group

 

Therefore, real estate now in Mumbai is at a flourishing stage with new projects undertaken by different builders and real estate groups. Mumbai being highly populated requires housing amenities most, and hence we find several local real estate groups with innovative projects too. The present situation of housing in Mumbai reflects that residential projects for LIG, MIG and the HIG are now being planned and executed equally.