Formerly called Bombay, Mumbai is among India's most densely populated cities and acts as the nation's commercial hub. Apart from Bollywood, the city is known for its large markets, skyscrapers, pristine beaches, and luxurious residential properties.
Moreover, Mumbai is home to fascinating markets, majestic temples, restaurants, and nightlife in India. In addition, Mumbai’s transportation and communication is matchless. These are the overall reasons that encourage people to buy flats in Mumbai.
Here are some of the top localities in Mumbai:
Bandra is one of Mumbai's most popular and vibrant neighbourhoods, known for its cosmopolitan culture, lifestyle, and outstanding connectivity. It is divided into Bandra West and Bandra East. Bandra West is famous for its posh residential areas, on the other hand, Bandra East is a rapidly developing region with advanced residential complexes and commercial spaces.
Andheri is another bustling locality of Mumbai situated along the Western Express Highway. Like Bandra, Andheri is split into two sections: Andheri West and Andheri East. Andheri West is known for its vibrancy, with popular regions like Versova and Lokhandwala. Andheri East is a significant commercial hub with many corporate offices, industrial estates, and business parks.
Juhu is renowned for its wealthy residential areas and the pristine Juhu Beach, making it an ideal location for buying flats in Mumbai. It offers a blend of luxury apartments, sea-facing villas, farmhouses, and upscale condominiums, attracting high-profile residents, including Bollywood celebrities.
Prabhadevi is a fast-emerging neighbourhood between Worli and Dadar, known for its proximity to the Arabian Sea and skyscrapers. The area is also home to educational institutions, cultural attractions, and other amenities, making it a preferred choice for those looking for luxurious flats for sale in Mumbai near Prabhadevi.
Matunga is a well-known residential region known for its green spaces, serene environment, and vibrant community. It is also famous for its cultural heritage and delicious South Indian cuisine, which tend to attract many hundreds of thousands of people.
Many property options are available in these popular localities, such as Rustomjee Crown Prabhadevi, Rustomjee Seasons and many more for 1 BHK, 2 BHK, 3 BHK, penthouses, farmhouses, bungalows, studio apartments, etc., both under construction and ready-to-move-in.
Mumbai, situated on the west coast of India, is the capital city of Maharashtra. It is nestled on a peninsula adjacent to the Arabian Sea. Geographically, Mumbai had seven islands, which were later joined through land reclamation projects.
Mumbai's prime coastal location and excellent port facilities make it perfect for import and export activities. It is also a point of entry into West Asia, Western Europe, and Africa.
Formerly called Bombay, Mumbai has a rich history. Initially, it was a centre for the Maratha Empire before falling under Portuguese control and eventually British rule.
Mumbai was a prime trading centre during British rule and has witnessed ample urbanisation and industrialisation since 1947. Its colonial past and vibrant mix of languages, cuisines, art, architecture, and traditions influence the city's culture.
Mumbai is India's most crowded city, with a population of more than 20 million people. Currently, Mumbai's population count is 21,673,000, with a growth rate of 1.77%. The city has been a hub of cultures, languages, and religions, housing a diverse demographic mix.
Mumbai's population includes many migrants from different states seeking employment opportunities in Mumbai, ranging from finance and entertainment to services and manufacturing.
Mumbai boasts an exceptional transportation network that enables it to function as a global metropolis. As one of the busiest places in the world, Mumbai connects many places and streamlines foreign trade.
In addition, Mumbai has a well-developed road network, metro, railways, expressways, etc. The city is also home to Chhatrapati Shivaji International Airport, which links Mumbai to both national and major international destinations.
When you buy flats in Mumbai, here are some of the major things you can do:
In 2024, Mumbai's real estate market remains resilient, with stable property prices in prime locations. Recent developments, such as infrastructure projects like the Mumbai Metro expansion and coastal road constructions, have enhanced connectivity and boosted demand in surrounding areas.
Policy changes emphasising affordable housing initiatives and sustainable development have also influenced market dynamics, encouraging developers to innovate and cater to diverse buyer needs. Despite occasional fluctuations, the city continues to attract investors and buyers of apartments in Mumbai who are seeking long-term stability and urban amenities.
The stamp duty rates for buying flats for sale in Mumbai are:
|
Buyer Type |
Stamp Duty Rates in Mumbai |
|
Male |
6% (including 1% metro cess and 5% stamp duty) |
|
Female |
5% (including 1% metro cess and 4% stamp duty) |
Find the joint ownership rates for buying flats in Mumbai listed below:
|
Buyer Type |
Stamp Duty Rates in Mumbai |
|
Male + Female |
6% (including 1% metro cess and 5% stamp duty) |
|
Male + Male |
6% (including 1% metro cess and 5% stamp duty) |
|
Female + Female |
5% (including 1% metro cess and 4% stamp duty) |
There are no specified fixed rates for new and resale flats in Mumbai, as costs differ depending on location, features, and market conditions.
Typically, posh neighbourhoods have higher stamp duty rates than budget-friendly areas. Additionally, commercial property owners generally face higher stamp duty charges than residential property owners.
Here are the average prices per square foot for apartments in Mumbai:
|
Locality Name |
Price Per Square Foot |
|
Ambivali |
₹16,748 |
|
Andheri (W) |
₹9,767 to ₹60,000 |
|
Andheri (E) |
₹4,687 to ₹34,961 |
|
Ashok Nagar |
₹17,012 |
|
Borivali (E) |
₹8,524 to ₹34,705 |
|
Borivali (W) |
₹9,688 to ₹36,885 |
|
Dahisar |
₹4,727 to ₹27,787 |
|
Thane (E) |
₹11,945 |
|
Thane (W) |
₹11,250 |
|
Bandra (E) |
₹33,067 |
Note: Prices are subject to change.
Here are some factors affecting the prices of Flats in Mumbai:
Buying a flat in Mumbai provides proximity to cultural diversity, major economic opportunities, and a vibrant lifestyle. Besides, Mumbai's extensive social amenities and demand for real estate further enhance its appeal, making it an ideal place to live and invest.
Mumbai offers a wide range of apartments, from luxurious high-rise buildings in prime areas to reasonably compact flats in suburban regions and traditional housing societies.
Current real estate trends in Mumbai comprise stable property prices in major locations, a focus on reasonable housing due to urbanisation, and a focus on sustainable construction practices.
Yes, Rustomjee offers various housing options in different localities of Mumbai, with eco-friendly amenities such as gardens and greenery for a better living experience.
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