Property Trend | Average Rates | Rent In Mumbai | 1 BHK Trend | 2 BHK Trend | 3 BHK Trend | 1 RK Trend | FAQ
Mumbai is the entertainment capital of India and all the movie stars and celebrities and every who’s who of Bollywood has a home here. It is needless to say that this has led to some areas in Mumbai being expensive. When you look at property rates in Mumbai, you will find that some of these areas are mighty expensive. Hailed as one of the top ten financial centres in the global network, Mumbai alone accounts for 6.16% of the GDP of India. As much as 70 percent of the marine trade in the country happens in this city.
So, it doesn’t come as a surprise that Mumbai has some of the finest posh-rated areas and they are priced exorbitantly high. So, if you want to gauge an idea regarding the property rates in Mumbai, we are going to share the best ideas and details with you. A lot of new housing societies have come up and more and more people are moving to this city of dreams in order to make a life for themselves. So, property trends keep on changing and property prices tend to be on a rise.
This is why we are going to shed light on the property prices in Mumbai to let you get an insight into what to expect out of it.
The Property Trends
The demand has been shooting through the roof for properties in Mumbai. Every year, endless people move to the city with hopes of getting a better life. Mumbai promises better finance and also an improved educational system. You can also hope to live a better social life as well.
However. owning even a single-room apartment or even renting one is not going to be easy. It is not something that everyone can afford. This is why one has to look at the plethora of options and try to decipher what seems to fit their budget and then pick one.
The Average Rates
While this is a gross generalization and there is no guarantee that you will get these rates, here is a summary of what the prices are likely to be when you go house hunting in Mumbai.
- 1 BHK flat is going to cost you Rs. 65.5 lakhs
- A 2 BHK flat is going to cost you Rs. 1.5 crores
- 3 BHK flat is going to cost you Rs. 3 crores
- 4 BHK flats will cost you Rs. 9 crores
Of course, based on the area chosen, the rates are going to differ. Some of the areas in Mumbai are very posh and therefore they tend to attract a very high price. The rates in such flats can be pretty high.
Here is a tabulated chart depicting the details of the hike in property prices in a span of a year. This will show you the massive hike that the city has been experiencing.
So, you can see some of these areas ended up experiencing very huge growth and this in itself is indicative of the massive price spurt that has been happening. Of course, it is no longer easy to find the right property and affording a decent home is not an easy task anymore.
| Area | Rates Per Sq. Ft. 2021 | Rates Per Sq. Ft. 2020 | Y/Y growth rate |
|---|---|---|---|
| Thane (West) | Rs. 10,000 – 12,500/sq. ft. | Rs. 9,000 – 11,500/sq. ft. | 4% |
| Thane East | Rs. 10,250 – 12,500/sq. ft. | Rs. 8,500 – 12,000/sq. ft. | 6-7%0 |
| Ambivali | Rs. 15,000 – 20,000/sq. ft. | Rs. 15,000 – 20,000/sq. ft. | 5.21% |
| Andheri (West) | Rs. 20,000 – 25,000/sq. ft. | Rs. 20,000 – 25,000/sq. ft. | Constant |
| Andheri (East) | Rs. 16,000 – 19,000/sq. ft. | Rs. 16,000 – 18,000/sq. ft. | 2.23% |
| Borivali (East) | Rs. 16,000 – 18,000/sq. ft. | Rs. 16,000 – 17,400/sq. ft. | 2.1% |
| Borivali (West) | Rs. 16,000 – 18,000/sq. ft. | Rs. 16,000 – 18,000/sq. ft. | 1.47% |
| Dahisar | Rs. 11,900 – 14,365/sq. ft. | Rs. 10,600 – 13,650/sq. ft. | 7.27% |
| Film City Road | Rs. 14,000 – 15,000/sq. ft. | Rs. 14,000 – 15,000/sq. ft. | No Change |
| Gokul Nagar | Rs. 14,450 – 16,872/sq. ft. | Rs. 14,450 – 15,872/sq. ft. | 5.31% |
| Goregaon (West) | Rs. 16,320 – 19,465/sq. ft. | Rs. 16,320 – 19,465/sq. ft. | No Change |
| Goregaon (East) | Rs. 14,500 – 19,000/sq. ft. | Rs. 14,500 – 18,000/sq. ft. | 1.56% |
| Bandra (East) | Rs. 25,000 – 35,000/sq. ft. | Rs. 25,000 – 35,000/sq. ft. | Constant |
| Bandra (West) | Rs. 33,000 – 40,000/sq. ft. | Rs. 33,000 – 40,000/sq. ft. | Constant |
| Juhu | Rs. 33,000 – 37,500/sq. ft. | Rs. 33,000 – 37,500/sq. ft. | Constant |
On average, the flat price in Mumbai can be close to Rs. 3 crores. While the above rates are indicative of property, the rates for a plot of land and even houses in the same area can differ significantly. So, whenever you set out to check property rates in Mumbai, you will always need to take an exact estimate of the current time. This is because the property market is highly volatile at the moment and it is subject to a great deal of changes.
The Rent In Mumbai
Along with knowing the details of the property trends, you also need to be aware of the rent trends. A lot of people can’t afford to buy a home and so they choose to rent in such cases. However, even when it comes to the rental rates, it is not going to be less.
The rent too is staggering in the city of Mumbai which makes the whole housing pretty expensive. Of course, there are areas that are comparatively cheaper.
As per the RBI house price index, the average rate has increased by a CAGR of 9.58% over the last five years. There seems to be some fall in the rates in 2022 when you compare it with 2021. It is said that it is so because the supply has exceeded the demand.
So, here we will talk about the rental property trends in Mumbai and this will give you some idea regarding how much you are likely to spend as far as renting a property is concerned.
1 BHK Rental Price in Mumbai
The average1 BHK rent in Mumbai is Rs. 35,520. Here are the details of the rental price trends and this will give you an idea of what to expect.
| Area | 1 BHK Rental Price (2021) | 1 BHK Rental Price (2020) | Average Change in Rent |
|---|---|---|---|
| Bandra East | Rs.35,000/-Rs.55000/- | Rs.50,000 – Rs/ 1,00,000 | -20% |
| Bandra West | Rs.40,000/-Rs.75,000/- | Rs.35,000 – Rs 40,000/- | -20 – 25% |
| Khar West | Rs.40,000/-Rs.75,000/- | Rs.40,000/-Rs.70,000/- | No Change |
| Santacruz West | Rs.40,000/-Rs.70,000/- | Rs.30,000/-Rs.65,000 | +5-10% |
| Santacruz East | Rs.35,000/-Rs.55,000/- | Rs.5,000/-Rs.25,000/- | +15-25% |
| Vile Parle West | Rs.30,000/-Rs.55,000/- | Rs.35,000/-Rs.55,000/- | No Change |
| Vile Parle East | Rs.35,000/-Rs.45,000/- | Rs.30,000/-Rs.45,000/- | No Change |
| Juhu | Rs.45,000/-Rs.60,000/- | Rs.10,000/-Rs.75,000/- | -2-7% |
| Andheri West | Rs.25,000/-Rs.30,000/- | Rs.5,000/-Rs.30,000/- | +2-5% |
| Andheri East | Rs.30,000/-Rs.45,000/- | Rs.15,000/-Rs.35,000/- | 5-10% |
| Goregaon West | Rs.20,000/-Rs.35,000/- | Rs.20,000/-Rs.30,000/- | +5-10% |
| Goregaon East | Rs.20,000/-Rs.30,000/- | Rs.15,000/-Rs.30,000/- | No Change |
| Malad West | Rs.15,000/-Rs.26,000/- | Rs.15,000/-Rs.20,000/- | +3-9% |
| Malad East | Rs.20,000/-Rs.35,000/- | Rs.10,000/- | +5-10% |
| Borivali West | Rs.15,000/-Rs30,000/- | Rs.15,000/-Rs.25,000/- | No Change |
2 BHK Rental Trends In Mumbai
| Area | 2 BHK Rental Price (2021) | 2 BHK Rental Price (2020) | Average Change (Y/Y) |
|---|---|---|---|
| Bandra West | Rs.75,000/-Rs.2,00,000/- | Rs.95,000/-Rs.3,00,000/- | -15-25% |
| Bandra East | Rs.60,000/-Rs.1,50,000/- | Rs.1,10,000/- | -10-12% |
| Khar West | Rs.75,000/-Rs.2,00,000/- | Rs. 65,000/-Rs. 2,50,000 | -20-25% |
| Santacruz West | Rs.70,000/-Rs.1,75,000/- | Rs.80,000/-Rs.1,10,000/- | -13-17% |
| Santacruz East | Rs.50,000/-Rs.90,000/- | Rs.50,000/-Rs.100,000/- | -5-10% |
| Vile Parle West | Rs.50,000/-Rs.1,00,000/- | Rs.50,000/-Rs.65,000/- | -15-25% |
| Juhu | Rs.85,000/-Rs.2,00,000/- | Rs.15,000/-Rs.2,50,000/- | -10-12% |
| Andheri West | Rs.45,000/-Rs.80,000/- | Rs.6,000/-Rs.48,000/- | -25% |
| Andheri East | Rs.33,000/-Rs.55,000/- | Rs.35,000/-Rs.60,000/- | -5% |
| Goregaon West | Rs.30,000/-Rs.45,000/- | Rs.25,000/-Rs.45,000/- | -2-3% |
| Goregaon East | Rs.25,000/-Rs.50,000/- | Rs.10,000/-Rs.1,00,000/- | -20-25% |
| Malad West | Rs.25,000/-Rs.45,000/- | Rs.15,000/- | -15-25% |
| Malad East | Rs.30,000/-Rs.50,000/- | Rs.10,000/-Rs.60,000/- | -10-12% |
| Kandivali West | Rs.20,000/-Rs.60,000/- | Rs.10,000/-Rs.45,000/- | -5-10% |
| Borivali West | Rs.20,000/-Rs.35,000/- | Rs.20,000/-Rs.40,000/- | No Change |
3 BHK Rental Price in Mumbai
One of the common housing units that people tend to buy is the 3 BHK unit. Though it goes on without saying that buying such a huge house will entail a massive expense, if you have the money to splurge, you can choose to rent it.
The average 3 BHK rent in Mumbai is Rs. 90,750.
Here is a consolidated table for the growth rate in rental charges of property in the span of a year. Some areas also saw a decrease in the arts and it is estimated that it was over availability of housing units that has led to the decline.
| Area | 3 BHK Rental Price (2021) | 3 BHK Rental Price (2020) | Average Change in Rent |
|---|---|---|---|
| Bandra West | Rs.1,50,000/-Rs.5,00,000/- | Rs.2,00,000/-Rs.6,00,000/- | -5-10% |
| Bandra East | Rs.90,000/-Rs.2,00,000/– | Rs.60,000/-Rs.3,00,000/– | -5-10% |
| Khar West | Rs.1,25,000/-Rs.4,50,000/- | Rs.75,000/-Rs.4,00,000/- | -2-7% |
| Santacruz West | Rs.1,30,000/-Rs.3,00,000/- | Rs. 1,20,000/-Rs.4,50,000/- | -10-12% |
| Santacruz East | Rs.1,10,000/-Rs.2,25,000/- | Rs.1,00,000/- | No Change |
| Vile Parle East | Rs.80,000/-Rs.2,00,000/- | Rs.75,000/-Rs.2,00,000/- | -2-3% |
| Juhu | Rs.1,25,000/-Rs.4,00,000/- | Rs.1,00,000/-Rs.4,00,000/- | -5% |
| Andheri West | Rs.75,000/-Rs.1,50,000/- | Rs.90,000/-Rs.2,00,000/- | -15-25% |
| Andheri East | Rs.60,000/-Rs.1,30,000/- | Rs.15,000/-Rs.2,50,000/- | -13-17% |
| Jogeshwari | Rs.50,000/-Rs.85,000/- | Rs.1,50,000/- | -5-10% |
| Goregaon West | Rs.50,000/-Rs.1,00,000/- | Rs.25,000/-Rs.60,000/- | -10-12% |
| Goregaon East | Rs.50,000/-Rs.90,000/- | Rs.60,000/-Rs.1.50,000/- | -15-25% |
| Malad West | Rs.50,000/-Rs.55,000/- | Rs.20,000/-Rs.1.10,000/- | -15-25% |
| Malad East | Rs.45,000/-Rs.95,000/- | Rs.45,000/-Rs.1,20,000/- | -5-10% |
| Kandivali West | Rs.20,000/-Rs.60,000/- | Rs.20,000/-Rs.60,000/- | No Change |
| Borivali West | Rs.30,000/-Rs.50,000/- | Rs.12,000/-Rs.90,000/- | -15-25% |
Trends for 1 RK properties in Mumbai
As property prices are pretty expensive in Mumbai, a lot of people choose to opt for 1 RK which means 1 room and 1 kitchen. The room can be used in whichever way you want. When students and even office people live in co-sharing, they find the RK setup to be a lot better and much more economical.
This is why you will find a lot of properties that offer rent on an RK basis rather than a BHK basis. So, if you too are eyeing to rent a 1 RK apartment, we are going to share some light on the trend in property rates in the RK field.
The 1 RK rent in Mumbai is Rs. 19,260. Here are the flat rent rates in the top 15 localities of Mumbai for 2020 and 2021 and the growth trend in the rent.
| Area | 1 RK Average Price (2021) | 1 RK Average Price (2020) | Average Change in Rent |
|---|---|---|---|
| Bandra West | Rs.36,000/- | Rs.32,000/- | 2-4% |
| Bandra East | Rs.31,000/- | Rs.25,000/- | 5-7% |
| Khar West | Rs.37,000/- | Rs.29,000/- | 5-15% |
| Santacruz West | Rs.35,000/- | Rs.24,000/- | 5-15% |
| Santacruz East | Rs.37,000/- | Rs.25,000/- | 15-21% |
| Vile Parle West | Rs.35,000/- | Rs.36,000/- | No Change |
| Vile Parle East | Rs.33,000/- | Rs.33,000/- | No Change |
| Juhu | Rs.40,000/- | Rs.30,000/- | 5-15% |
| Andheri West | Rs.28,000/- | Rs.19,000/- | 18% |
| Andheri East | Rs.25,000/- | Rs.16,000/- | 15-20% |
| Goregaon West | Rs.20,000/– | Rs.20,000/- | No Change |
| Goregaon East | Rs.18,000/- | Rs.12,000/- | 20-30% |
| Malad West | Rs.15,000/- | Rs.10,000/- | 5-15% |
| Malad East | Rs.20,000/- | Rs.20,000/- | No Change |
| Kandivali West | Rs.20,000/- | Rs.10,000/- | 30% |
| Borivali West | Rs.15,000/- | Rs.12,000/- | 5-10% |
So, this should have given you a fair share of ideas regarding what price range to expect when you are looking to rent a property. It is an absolute must to ensure that you analyse the budget at hand and then come to the right decision regarding which investment is better for you.
When you are looking to buy property from an investment point of view, make sure to study the trend of property rates in Mumbai well. The reason we are telling you this is because it is often hard to come to the right decision regarding a property purchase when the initial investment is very high.
So, you need to do the smarter thing and choose well. Mumbai is an evolving city and it is constable developing. So, it comes as no surprise that people are moving here from different parts of the country and they are all looking to generate the right income. This creates a massive housing need and so the property rates in Mumbai is likely to stay strong for a long time to come.
FAQ
Are the posh areas of Mumbai really expensive?
Yes, some of the posh areas in Mumbai especially the ones where film stars tend to live are very expensive. They can be the costliest in the whole of India. The prices can range from as high as Rs. 55,000 per square foot and so owning a house in such areas could be a dream for many.
Why is the property rates in Mumbai so expensive?
There is a lot of demand for housing in Mumbai as people move in large numbers to the city every year with big dreams in their eyes. This is why there is a lot of demand for housing in this city. Whenever the demand exceeds the supply, the rates are likely to shoot high. On top of this, good social life, the best educational infrastructure, and the right lifestyle make this city a great avenue for property builders.
Is Antilia located in the poshest area of Mumbai?
It is believed that after Antilia was built, the price of the area took a sharp increase. The building is not only jaw-dropping but it managed to push the value of the area upward by several notches.