The rent prices in real estate in Mumbai, in the Maharashtra region have risen considerably in the last couple of months. There has been a strong rise in the rent prices this city.
The price per sq.foot in Mumbai has risen strongly during the last 6 months. In September, the average price per sq.foot was ₹ 53.06. In the following month the price per sq.foot rose considerably to ₹ 88.24. The price for the following two months in (November, December) had a considerable rise of 130 %. The price per sq.foot has risen 113 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.foot of ₹ 81.34 to ₹ 92.18 during January, and February.
When referring to the price in Mumbai (cities), this has risen considerably in the last 6 months. The average price during our first sample month during September, is ₹ 46,741. During October the price went through a considerable rise reaching ₹ 70,338. During the following two months (November, December) the average price had a considerable rise of 122 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has increased 108 % during the last two months.
The graph displaying the average rent price for BHK illustrates that those properties with 1 BHK are the most affordable ones. At a price of ₹ 72,125 they are 45 % more affordable than the average price for Mumbai . The properties with the highest average price have 4 BHK, Their price is 217 % more expensive than the average. After that we have properties with 3 BHK priced at ₹ 1.09 lakhs.
With regard to the average price per sq.foot, those properties with 2 BHK are the most affordable ones at a cost of ₹ 88.41 / sq.foot, with an average ₹ 93.92 / sq.foot price in Mumbai. The properties with the most expensive average prices have 4 BHK. They are 17 % more expensive than the average followed by properties with 1 BHK with a price at ₹ 92.79 / sq.foot.
The graph displaying the average rent prices displays the property type "Office" as the most affordable one. At an cost of ₹ 72,125 it is 83 % more affordable than the average price in Mumbai. "Flat" is seen as the second most affordable property type. The most expensive property type is "Villa" followed by "Commercial". At a price of ₹ 2.76 lakhs it is 496 % more expensive than the average price.
According to the average cost per sq.foot, the most affordable property is "Office" at an average price of ₹ 32.17 / sq.foot followed by "Land" priced at ₹ 47.1 / sq.foot. "Villa" is the most expensive type of property with a ₹ 9,956 / sq.foot value followed by "House" with an average price of ₹ 154.51 / sq.foot.