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 Some
pockets of the suburbs have recently witnessed an increase in rental
values with few large enterprises moving in. The rentals prevailing
in the suburbs range from Rs. 60 - 80 per sq. ft. per month with
few premium buildings commanding as high as Rs.120 per sq. ft.,
prices similar to those of upmarket areas in South Mumbai. The monthly
rentals in areas like Nariman Point and South Mumbai range from
Rs.100 - 150 per sq. ft., while retail rentals in prime areas of
South Mumbai are available from Rs.180 - 220 per sq. ft. A sobering
effect on rental values is likely with the new Mumbai Rent Control
Act and more than 80,000 residential dwellings are expected to come
into the market.
The secondary areas of Worli, Bandra-Kurla and Andheri have capital
values, which have stabilised at Rs.4,500 to 7,000 per sq. ft.
Values in the prime areas of South Mumbai like Nariman Point, Napean
Sea Road, Colaba and Cuffe Parade have stabilised at Rs.9000 to
Rs.14,000 per sq. ft. Real estate prices in secondary areas of Worli,
Bandra and Juhu are prevailing in the range of Rs.5000 to Rs.9000
per sq. ft. The average capital values in the retail sector have
stabilised in the range of Rs.17,000 to 20,000 per sq. ft in primary
areas and Rs. 8,000 to 12,000 in secondary areas.
In the next few months, real estate in Mumbai will witness realistic
trends. The market will register a slow and steady rise in prices
over the coming years.
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Price Table
No one can place a finger on the exact property rates in Mumbai.
The table below is only an approximate price indication per sq.
ft. of both residential and commercial (including shopping) property
in Mumbai, Navi Mumbai and Thane district updated as on 30 April
2000. Rates maybe more by 50 to 100% depending upon location, amenities,
etc. These rates are not applicable for slum areas where the rate
is much lower.
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