Property price in Mumbai 2023: The average price of residential properties in the Mumbai Metropolitan Region (MMR) has been increasing consistently
Property price in Mumbai 2023: The average price of residential properties in the Mumbai Metropolitan Region (MMR) has been increasing consistently. Between 2018 and 2022, the average price in MMR jumped over 13% from Rs 10497 per sqft to Rs 11875 per sqft, according to Anarock Research data.
The biggest jump in Mumbai property prices in the last 5 years was seen in 2022. Data shows that between 2021 and 2022, the average property prices in MMR jumped around 7% from Rs 11,092 per sqft to Rs 11,875 per sqft.
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Cost of buying a flat in Mumbai in 2023
The prices of residential flats in Mumbai will vary depending on the region. While in some areas like Kandivali and Malad, the average prices are more than Rs 23,000 per sq ft, in some other areas the price could be around the average price or slightly lower. Therefore, you should do your own research by consulting real estate agents or builders to find the exact price. That said, the following will give you an idea of how much it may cost to buy a 1000 sqft flat in 2023.
Assuming you are buying a flat at the average rate of Rs 11,875, a 1000 sqft flat may cost you more than Rs 1.2 crore. The total cost will increase further if other expenses such as registration charges, GST, and the cost of various amenities charged by builders are to be taken into account.
Considering the average area-wise price in Mumbai in 2022, the cost of a 1000 sqft flat in different micro-markets of Mumbai will be as follows:
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- Thane West: Rs 2 crore plus (Avg per sqft price: 19,100)
- Dombivli: Rs 1.1 crore plus (Avg per sqft price: Rs 10,500)
- Kalyan: Rs 1 crore plus (Avg per sqft price: Rs 9,100)
- Borivali: Rs 2.3 crore plus (Avg per sqft price: Rs 22,000)
- Mira Road: Rs 1.5 crore plus (Avg per sqft price: Rs 14,000)
- Panvel: Rs 1 crore plus (Avg per sqft price: Rs 9,000)
- Kandivali: Rs 2.4 crore plus (Avg per sqft price: Rs 23,000)
- Malad: Rs 2.5 crore plus (Avg per sqft price: Rs 23,500)
- Thane East: Rs 2 crore plus (Avg per sqft price: Rs 19,300)
While property prices have been increasing, there isn’t a very high jump in rental yields in the MMR. As per Anarock Research data, the rental yield in Mumbai increased by 3.8% in 2022 while Navi Mumbai saw a 3.2% increase in rental yield. Thane region witnessed a 2.9% increase in the rental yield in 2022. In the last five years, the average rental yield in MMR has been around 3.5%.
