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Real Estate Market in Mumbai

Mumbai real estate market is a comprehensive one, especially because there is a mixed crowd living in the city limits. There are the major slum areas which have dwelling not more than 400 square feet and on the other side the Bollywood biggies have homes not costing below 2 crores. In this situation the real estate market condition of Mumbai is difficult t analyze and compared anyway. Nevertheless, the real estate market in Mumbai has a trend that is developing at a magnifying trend. In 2007, just before every section of the country went into recession, the year was a landmark for the real estate market. This year saw the highest sale of homes, residential and commercial units, development of transport system, and opening of new retail outlets especially ‘More’- a chain of departmental stores in India owned by the Aditya Birla Group. 
 
The Southern part of Mumbai, areas around Navi Mumbai, Bandra, Worli, and the shopping centers are home to the Bollywood stars, politicians, and other personalities who have made Mumbai famous. So, the cost of apartments and land in these areas are beyond the budget of the middle class people. Construction companies in Mumbai though have shifted there target seller and buyer. They are the areas that are largely populated by the middle class people. Affordable housing in Mumbai is taking up at a fast rate and the middle class and lower income group is breathing a sigh of relief. There are affordable housing projects in Mumbai initiated by builders like Tata, Godrej, and Vascon constructions. 
 

Mumbai real estate prices

 
According to the data of the real estate market in Mumbai, this city has experienced a huge rise in property prices compared to other cities like Delhi and Bangalore. The rise is particularly noticeable since 2009. The ownership flat rates are given below according to central locations of the city.
 
Apartment sizes (sq ft) Rates in 2009 (Jan-Dec) Rates in 2010 (March)
Navi Mumbai (500- 900) Rs 16 lakhs- 25 lakhs Rs 20 lakhs- Rs 35 lakhs
Western Mumbai Rs 35 lakh onwards Rs 40 lakhs- 2 crores
Central Mumbai Rs 20 lakhs onwards Around Rs 25 lakhs onwards
 
Mumbai real estate rates in areas like Cuffe Parade, Marine Lines, Nariman Point, Malabar Hills, Napean Sea Road, and Churchgate in South Mumbai; Byculla and Ghatkopar in Central Mumbai Suburbs, Nerul, Kharghar and Ghansoli in Navi Mumbai and Bandra (East and West), Khar (East and West), Santacruz (East and West), Vile Parle (East and West) and Borivali in Western Mumbai Suburbs have apartments costing Rs 25 lakhs- Rs 1 crore on ownership. 
 
Affordable areas are around Vashi, Kopar Khairane, and Sanpada. You can at least manage homes on rents for Rs 6,000- Rs 10,000 easily within square feet of 650-800.