Quick Answer: Is it good to buy home in Mumbai?

Is it worth to buy house in Mumbai?

If you’re thinking of buying a flat in Mumbai, this could save you a considerable amount of money. So, many home buyers are likely to benefit from the all-time-low interest rates and stamp duty reduction.

Does buying a house in Mumbai make sense?

Mumbai has a rental yield of 2.5-3%; your monthly rental comes to ₹ 20,000-25,000 for a property worth ₹ 1 crore. In Mumbai, the owner usually takes care of maintenance and structural repair costs. The lump sum you saved by not buying a house can be invested in equity mutual funds. … Plus, the costs and property taxes.

Which is the best place to buy property in Mumbai?

Top 5 Locations to Invest in Residential Real Estate in Mumbai

  • South Mumbai. South Mumbai is one of the most expensive living pockets of the city. …
  • Lower Parel. Lower Parel is the corporate hub where many businesses have their company offices as well as headquarters. …
  • Bandra. …
  • Worli. …
  • Juhu.
IT IS INTERESTING:  Does India produce the most bananas?

How much does a house cost in Mumbai?

List of posh areas in Mumbai

Area Average property price (per sq ft) Average rent per month
Cuffe Parade Rs 48,750 Rs 3 lakhs
Tardeo Rs 47,786 Rs 2.5 lakhs
Juhu Rs 44,442 Rs 1.75 lakhs
Bandra west Rs 42,691 Rs 95,000

Who is the best builder in Mumbai?

Top Builders in Mumbai

Builder Experience Total Projects
Lodha Group 41 yrs 283 Projects
Godrej Properties 31 yrs 145 Projects
Rustomjee Constructions 25 yrs 94 Projects
Wadhwa Residency 52 yrs 72 Projects

Why are houses in Mumbai so expensive?

“They continue to stay in slums with no proper drainage or sewage facilities because they are unable to afford new houses in the city which cost a minimum of about Rs 50 lakh and housing loans are complicated and not easy to get. Housing prices are so high that people aren’t able to buy houses with their own savings.

Is buying home better than renting in India?

Besides, rents are still much lower than EMIs for apartments in most cities. For example, at the current home loan interest rate of around 7 percent, a house worth Rs50 lakh will need around Rs31,000 as EMI assuming a down payment of 20 percent.

Is it wise to buy a flat in Mumbai?

Buyers today are investing in ready-to-move-in homes, and Mumbai is no exception. “It makes sense for buyers to invest in a ready-possession project rather than wait for a new project to come up over a period of time. Also, prices are beginning to rise again, and the market is looking up steadily.

IT IS INTERESTING:  Why is data so cheap in India?

How much rent should I pay in Mumbai?

“Ideally, you should not be paying more than 30% of your salary towards rent and utilities (such as maintenance/water/electricity expenses). If you consider a monthly take-home salary of Rs 60,000, ideally, your rent should not be more than Rs 15,000,” advises Adhil Shetty, CEO of BankBazaar.com.

Where can I invest near Mumbai?

Here are a few places which have been listed as some of the best to invest in Mumbai 2020.

  1. BKC (Bandra Kurla Complex)- Lately, real estate developers have been attracted to BKC as it has become one of the most sought after destinations to invest in. …
  2. Andheri. …
  3. Kanjurmarg. …
  4. Powai- …
  5. Thane.

Which is the best place to invest in Navi Mumbai?

Here is a list of the Top 5 places to invest in Navi Mumbai.

  • KHARGHAR. Kharghar is undoubtedly, a real estate hotspot for Navi Mumbai. …
  • PANVEL. Panvel has emerged as a booming space to invest in. …
  • VASHI. This place has its importance as the gateway to Navi Mumbai. …
  • ULWE.

What is good salary in Mumbai?

A person working in Mumbai typically earns around 36,600 INR per month. Salaries range from 9,260 INR (lowest average) to 163,000 INR (highest average, actual maximum salary is higher). This is the average monthly salary including housing, transport, and other benefits.

Is Hyderabad cheaper than Mumbai?

Cost of Living Comparison Between Mumbai and Hyderabad

You would need around 105,156.29₹ in Hyderabad to maintain the same standard of life that you can have with 160,000.00₹ in Mumbai (assuming you rent in both cities).

IT IS INTERESTING:  Question: What vegetables do Indians use?
Chants of India