Indian Real Estate: Mumbai’s Changing Market
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Indian Real Estate: Blow Hot Blow Cold
Given the changes seen last year, especially the last four months, a complete update on property rates in various Mumbai locations are classified into A / B / C category types, to justify price bandwidth and differences.
South Mumbai property rates may seem higher, but the ratio of carpet to built-up of these locations has barely an 8 to 10% difference, and at times, saleable areas are on the basis of useable or carpet space, as compared to properties in eastern / central and western suburbs that have a difference of 35 to 45%.
For example, a 3,000 sq. ft. Maker Tower A / B apartment at Cuffe Parade would be approximately 7 to 8% less in terms of usable space due to internal wall thickness, etc. But, one would still get usable / carpet space of approximately 2760 to 2800 sq. ft. Compare this to a new development with a higher difference, as high as 40%; all you get in hand is approximately 2,200 sq. ft., though charged for 3000 sq. ft.
Property prices from Bandra right up to Borivali have appreciated, scaling new highs in recent months. Just as the 30-scrip BSE index leads the stock market to new highs each day, exclusive premium projects in each location lead the rest of the real estate market to follow suit.
On the rental market front, rental values remained steady across the Mumbai with the exception of Juhu to Bandra properties, which saw a reasonable appreciation, as expatriate families choose to live in the Bandra - Juhu area due to its central location. Proximity to work place is mainly consolidated between Lower Parel and Malad, except for Nariman Point FIIs. And, the American school at BKC also plays a major part in the in the decision to rent a home in the area.
South Mumbai real estate remained flat with very little to write about. And, that is Mumbai real estate for you, blow hot blow cold; one never knows which way the prices will yo-yo!
Source: Economic Times
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