What type of property can you buy for under Rs 1 crore in Mumbai?
Mumbai is the financial capital of India and India's most expensive property market and finding space with that budget in the city is very difficult, but not impossible. Moneycontrol lists the options you have.
Wondering what type of property you can buy in Mumbai with a budget of Rs 1 crore?
Your options range from a studio apartment in Central Mumbai to a 1 BHK flat in the distant suburbs. You may also be lucky enough to find a tiny commercial space in the distant suburbs of Dahisar, Borivali and Mulund.
Mumbai is the financial capital of India and finding an apartment for Rs 1 crore in the city is very difficult. But there are plenty of options available in the Mumbai Metropolitan Region (MMR). MMR also covers cities neighbouring Mumbai including Thane, Navi Mumbai, Kalyan and Dombivali.
If you are looking for a 1 BHK apartment in Mumbai within that budget, the suburbs are the only option.
Blox, a technology-enabled online system that provides buyers e-commerce functionality in their home buying journey, has a list of 250+ verified properties for Rs 1 crore or less.
They range in size from 400 to 700 square feet and come in configurations of 1 and 2 BHK. The per-square foot rate in the Mumbai city limits ranges from as low as Rs 15,000 to above Rs 1 lakh.
In satellite cities like Thane, Navi Mumbai, Kalyan and Dombivali, a buyer can easily find residential space for between Rs 5,000 and Rs 15,000 per square foot.
"These properties are located in Malad, Kandivali East and Thane. Some notable projects on the website from reputed developers offer the best amenities and good quality of construction for investment or personal use," said Pratyush Saxena, head of sales and business development at Blox.
If you want to stay in the plush areas of Juhu, Khar or Bandra, you may have to settle for a studio apartment in a Rs 1 crore budget.
The average carpet size of a studio in areas including Andheri, Santacruz and Vile Parle is 180 square feet to 200 square feet. Deep in suburban areas like Borivali, Kandivali and Malad, studio apartments are of 250 square feet to 300 square feet in area.
In case a buyer can settle for a place in neighbouring cities like Thane, Navi Mumbai and surrounding areas, one can even buy a 3-BHK apartment.
The farther you move away from prime city areas, the more economical it gets, according to real estate consulting firm Savills India.
"Mumbai is India’s most expensive property market and finding a property within a budget of Rs 1 crore is a tough task,” said Bhavin Thakker, managing director, Mumbai and head of cross-border tenant advisory at Savills India.
“One can find a plush three-bedroom duplex in Kalyan Dombivali Municipal Corporation (KDMC), a minimalist studio in Juhu or Khar, a modest one-bedroom flat in suburban Mumbai or a spacious two-three bedroom apartment in MMR. The further we move northwards, away from the prime city area and away from the local railway stations in that locality, the more economical it gets."
"Thane and Navi Mumbai are more prime locations than other peripheral areas and hence while one can get a house under ₹1 crore here, the size would be smaller ranging from 350 - 400 square feet carpet area,” he added.
“One can look towards KDMC (Kalyan Dombivali Municipal Corporation), Ulhasnagar, Bhiwandi, Ambernath, Navi Mumbai, Sanpada, and Nerul which are some of the locations that offer properties under ₹1 crore. 1 BHK size in these micro-markets would be in the range of 350 to 500 square feet carpet area, whereas a 2 bedroom would range from 650-800 SF carpet area."
Ticket size of deals
An analysis shared by Knight Frank India based on property registration data of May 2022 said that out of the total registrations in Mumbai that month, Rs 1 crore and below deals had a dominant 46% share.
"Rs 1 crore to Rs 2.5 crore has a contribution of 39% while Rs 2.5 to Rs 5 crore has a contribution of 10%," the analysis said
In May, Mumbai city saw property sale registrations of 9,523 units, contributing over Rs 709 crore to state revenue, according to official data.
Home buyers can hope to strike a deal inside Rs 1 crore within the Mumbai city limits if they are willing to live in old buildings.
"Old redevelopment buildings within the city where we have seen a lot of distress selling can be an option,” said Ritesh Mehta, senior director and head - west, residential services and developer Initiatives, Jones Lang LaSalle India.
“The newer ones with fancy and modern amenities are tough to steal within the Rs 1 crore range. A good sized 1 BHK can be bought in Borivali or Dahisar side towards western line and between Ghatkopar to Mulund on central side. However, someone who wants to stay towards South Mumbai near Chembur/Wadala side may also get a studio/1 RK within Rs 1 crore."
Mehta added: "Many resale 2BHKs are also available both in the western and the central sides within Rs 1 crore range but these would mostly be old buildings. Also, one may get 2 BHK in old buildings located in specific pockets of Mumbai like Charkop, Gorai, Vikhroli, Kanjurmarg, and so on."
Mumbai residents demonstrate a low inclination towards relocation to a different micro market, Knight Frank India said in a report last week on a trend that determines the choice of area where a homebuyer would want to purchase a flat.
Out-of-city buyers have shown an interest in purchasing residential properties primarily in the western suburbs followed by the central suburbs.
Central and western suburbs being relatively affordable markets, buyers in these micro markets have shown a tendency to upgrade to properties within their own micro market. So 92% of homebuyers from the central suburbs and 81% of homebuyers from the western suburbs prefer their current location when buying a new property. About 15% of homebuyers from the western suburbs have relocated to the central suburbs.
Homebuyers from the prime micro markets like central and south Mumbai are inclined towards property purchase within their own micro market. So 55% of home buyers in central Mumbai and 50% of homebuyers in south Mumbai have purchased a home in the same micro market.
Commercial property prices in the city range from Rs 15,000 per square foot to Rs 80,000 per square foot towards south Mumbai. Brokers in Mumbai say that one can get a decent 200 to 300 square feet of smart commercial space under Rs 1 crore anywhere between Borivali and Bandra. The price range for this may vary between Rs 20,000 per square foot and Rs 50,000 square foot depending on the area.
"If you ask me what commercial space on can own for Rs 1 crore, I will say there is going to be a lot of inventory of smart offices measuring around 200-300 square feet in the coming months,” said Sanjay Sippy, real estate consultant at Sippy Housing who operates in areas like Bandra, Khar and Juhu.
“In the Bandra area, you can expect commercial space of around 200-300 square feet for Rs 1 crore. However, if you go deeper into the suburbs, options for commercial spaces in Rs 1 crore are already available. These types of investments can also give one fixed rental income of around Rs 30,000 to 40,000, if one opts to rent it out," Sippy said.
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