Where Is Mumbai Searching For Property?

Where Is Mumbai Searching For Property?

Where Is Mumbai Searching For Property?
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It would be a matter of great joy for you if you are now financially ready to buy a property in Mumbai, India's financial capital which is counted among the most expensive property markets in the world. Data available with Makaan.com show you have to pay an average Rs 8,700 to buy a square foot (sqft) of space here. The average price for the same space in national capital Delhi is Rs 4,900. Since you have built yourself a nest egg, let us assist you in finding the perfect locality.

Where is demand concentrated?

Thane West: Based on the searches on Makaan.com, Thane West emerges to be the top choice of prospective buyers as well as renters. This is the locality where the highest number of people is looking for homes; this is also the locality with the highest number of sellers' listings. However, you should be ready to shell out more than the city average price if you want to settle in this locality. Data available with Makaan.com show average rate of property at Thane West, which has a livability score of 8.4 on a scale of 10, is Rs 11,900 per square foot (psf). This is also the locality where renters are looking for homes aggressively and landlords are supplying equally aggressively. You will be paying an average monthly rent of Rs 21,000 for an apartment at Thane West.

Kharghar: For buyers and sellers, Kharghar is the second most popular locality after Thane West, listings on Makaan.com show.  Rate of property in this locality, which has an 8.1 rating on a scale of 10 on Makaan livability score, currently stand at Rs 8,500 psf. In case you are looking for a rented accommodation, Kharghar is the area that has the second highest number of listings after Thane West. To rent a flat here, you will be spending Rs 20,300 every month. Rental demand is quite high, too. After West and Andheri West, this is the locality where the demand is the highest by the renters.

Mira Road: Mira Road is third most popular locality where buyers are looking for property; in terms of supply, the locality stands at the fourth spot. Average rate of property in this locality, which has a livability score of 7.9, is Rs 7,500 psf. In case you are looking for a rented home, this is where the fourth biggest number of listings is available. However, the demand for rented homes is not as high ---this is the 11th most searched locality for renting property. Monthly rents are comparatively cheaper in Mira Road localities. At Boisar, for instance, you can rent a 2BHK home for a monthly rent of Rs 7,000.

Where else are buyers are looking for property?

Listed below are the other popular localities where buyers are looking for homes. The ranks are based on the searches made for these localities on Makaan.com. Also mentioned are the average rates of property in these areas.

Kalyan West: Average rate of property in this locality, which has a livability score of 7.5, is Rs 6,100 psf. Average monthly rent here is Rs 11,500.

Ulwe: Average rate of property in this locality, which has a livability score of 7, is Rs 6,600 psf. Average monthly rent here is Rs 7,900.

Kandivali West: Average rate of property in this locality, which has a livability score of 8.3, is Rs 15,600 psf. Average monthly rent here is Rs 29,700.

Panvel: Average rate of property in this locality, which has a livability score of 7.6, is Rs 6,300 psf. Average monthly rent here is Rs 16,400.

Dombivali: Average rate of property in this locality, which has a livability score of 7.6, is Rs 6,600 psf. Average monthly rent here is Rs 11,200.

Bhandup West: Average rate of property in this locality, which has a livability score of 9, is Rs 15,900 psf. Average monthly rent here is Rs 37,200.

Borivali West: Average rate of property in this locality, which has a livability score of 8.6, is Rs 16,900 psf. Average monthly rent here is Rs 21,000.

Andheri West: Average rate of property in this locality, which has a livability score of 9, is Rs 25,400 psf. Average monthly rent here is Rs 85,500.

Where else is the highest supply?

While Thane West, Kharghar, Chembur and Mira Roadare the top four localities in terms of supply, listed below are the other localities, in that order, where you should be headed to buy property as there is no dearth of options.

Powai: Powai is premium real estate with a livability score of 9.3. Rates of property in this locality currently stand at Rs 23,000 psf.

Kandivali East: Be ready to spend Rs 15,800 psf to buy property at Kandivali East. The locality has a livability score of 8.6

Goregaon: In the eastern part, rate of property currently is Rs 18,900 psf. In Goregaon West, rates are comparatively lower, at Rs 16,500 psf. Both the areas have a livability score of 8.7.

Chembur East: Average rate of property in this locality is Rs 22,400 psf.

Ulwe: Average rate of property in this locality, which has a livability score of 7, is Rs 6,600 psf.

Bandrup West: Psf rate of property in this locality, which has a livability score of 9, is Rs 15,900.

Virar: Psf rate of property in this area is Rs 4,400. Virar has a livability score of 7.2.

Note: the analysis is based on the searches/listings on Makaan.com.

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