Looking For A 1BHK In Mumbai? Here are Your Options
A recent report by Housing.com indicates that 96 per cent home buyers in would go for a housing apartment, when compared to the two per cent who would want to invest in builder flats. The reaming two would go for villas. Further, of those who want to buy apartment homes, 51 per cent prefer investing in 1BHK units. The reason behind the preference for small homes is obvious.
The developable area for a city surrounded by the sea is limited while the demand for property has been consistently on the rise. A city that holds the crown of being India's financial capital, the rise in demand is only natural. However, this also amounts to Mumbai being counted among the most expensive property markets in the world. However, to understand the price difference, a local comparison might be more appropriate. According to Makaan.com data, while average property prices in Mumbai stand at Rs 11,624 square foot (sqft) , they are Rs 6,500 per sqft in national capital Delhi. Average property prices in Bengaluru and Chennai are Rs 4,800 per sqft and Rs 4,600 per sqft, respectively.
Why Real Estate Is So Expensive In Mumbai
Now that we know the demand for small configurations is the most, let us find out how many 1BHK homes are available for purchase in the Maximum City.
Data available with Makaan.com show there are currently 39,255 1BHK units available in the market which could come for anywhere between Rs 15 lakh and Rs 2 crore. As it true in every case, the worth of a property is decided by the location where it stands, the brand of the developer that builds it, the amenities that come along and the quality & age of the construction.
Here is a look at the number of 1BHK properties in a particular price band available for buying in Mumbai:
Price Range | Units Available |
Rs 15 lakh-Rs 25 lakh | 6,226 |
Rs 25 lakh-Rs 33 lakh | 6,374 |
Rs 33 lakh-Rs 42 lakh | 4,910 |
Rs 42 lakh-Rs 52 lakh | 5,932 |
Rs 52 lakh-Rs 61 lakh | 4,252 |
Rs 61 lakh-Rs 70 lakh | 2,818 |
Rs 70 lakh-Rs 80 lakh | 1,606 |
Rs 80 lakh- Rs 89 lakh | 1,654 |
Rs 89 lakh-Rs 99 lakh | 1,235 |
Rs 99 lakh- Rs 1.7 crore | 730 |
Rs 1.7 crore- Rs 1.16 crore | 751 |
Rs 1.16 crore-Rs 1.26 crore | 288 |
Rs 1.26 crore-Rs 1.35 crore | 493 |
Rs 1.35 crore- Rs 1.44 crore | 67 |
Rs 1.44 crore-Rs 1.53 crore | 170 |
Rs 1.53 crore-Rs 1.63 crore | 83 |
Rs 1.63 crore-Rs 1.72 crore | 58 |
Rs 1.72 crore-Rs 1.81 crore | 27 |
Rs 1.81 crore-Rs 1.90 crore | 21 |
Rs 1.90 crore- Rs 2 crore | 4 |
Who is selling?
Considering small is big as far as Mumbai is concerned developers across segments — small, mid-level and high-end — have launched projects offering 1BHK units. For instance, Lodha has built Casa Royale at Thane West and Heaven Nilje at Dombivali East where 1BHK units are up for grabs. Another sector biggies, Fortune Developers, has built its project Springs at Kharghar where 1BHK units are available for Rs 5.7 crore.