The recent studies on cost of flats in Mumbai reveals that only 2% of flats available in the city cost between Rs25-50 lakh. Most of these 1BHK houses are located in the far-flung areas of the city such as Marol and Saki Naka and are surrounded by filth and slums. A whopping 36,000 flats have not been sold as 30% of cost between Rs50 lakh and Rs1 crore; 38% fall in the Rs1-2 crore bracket while the remaining 30% cost over Rs2 crore. These include 2BHK and 3BHK apartments in posh areas of the city. The average price of a flat in greater Mumbai (city and the suburbs) is Rs2.34 crore, up from Rs2.14 crore last year. The figure for the Mumbai metropolitan region (Thane, Panvel, etc) is Rs1.4 crore compared to Rs87 lakh last year.
The average cost of a flat was Rs27 lakh in 200. Flat prices have gone up ten times in the past decade. There were 55% slums because of unaffordable houses 10 years ago. The figure is now 70%. If the prices do not come down, more slums will mushroom in the city. The skyrocketing realty prices have forced genuine buyers to rent a place as it is more affordable. Besides, it also saves the time they spend on their commute to office. Earlier people bought houses when they were 40 or 50. Today people in the 20-30 age group are tempted to buy flats. They prefer to stay separately instead of living with their parents. Several flats may be vacant today, but they will be sold in the future because of the enormous demand.
The average cost of a flat was Rs27 lakh in 200. Flat prices have gone up ten times in the past decade. There were 55% slums because of unaffordable houses 10 years ago. The figure is now 70%. If the prices do not come down, more slums will mushroom in the city. The skyrocketing realty prices have forced genuine buyers to rent a place as it is more affordable. Besides, it also saves the time they spend on their commute to office. Earlier people bought houses when they were 40 or 50. Today people in the 20-30 age group are tempted to buy flats. They prefer to stay separately instead of living with their parents. Several flats may be vacant today, but they will be sold in the future because of the enormous demand.
