1 BHK Flats In Mumbai: A Pricey Affair

Bangalore: Real Estate is one area that is subject to constant inflation irrespective of the slowdown in the economy and the subsequent reduced purchasing power among the people. It is thus, that there is always an increase in the rate of the real estate prices in all the leading cities in India.  Mumbai is the one prominent city that has been reeling with the high prices of real estate. The appreciation of the property prices in Mumbai have far exceeded than those in other cities.

Crossing the 1 crore price tag

It has been seen that the property prices have enhanced to more than 1 crore in almost all the leading areas of Mumbai. The fact that Mumbai has the most number of upcoming projects priced over 1 crore rupees bears testimony to the demand of residential apartments.

It is therefore seen that the number of homebuyers who are concentrating on purchasing studio apartments or to buy 1 BHK apartments in Mumbai. This is due to the simple reason that properties have become almost unaffordable in Mumbai.

Preference for smaller homes

The city has therefore seen decreased participation of homebuyers for bigger houses and an increased concentration towards smaller and affordable houses. Because of the investor shift, some of the developers have also working towards the development of projects that house smaller homes.

Majority of the property developers though have been bringing forth new projects that are high- priced. Some of the new projects therefore that have been developed in the outskirts in Mumbai have therefore been priced at an extremely high rate.

The city of Mumbai has reached a point of saturation in the prime areas as compared to some other cities like Delhi and therefore had the property developers rushing to the suburbs of Mumbai.