The prices in real estate in Mumbai, in the Maharashtra region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.foot in Mumbai has increased strongly during the last 6 months. In August, the average price per sq.foot was ₹ 20,723. In the following month the price per sq.foot decreased considerably to ₹ 12,871. The price for the following two months in (October, November) had a considerable decrease of 74 with regard to the prior two months. The price per sq.foot has had a considerable increase of 344 % 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 ₹ 14,614.75 to ₹ 50,280 during December, and January.
Based upon to the price in Mumbai (cities), this has fallen considerably in the last 6 months. The average price for August is ₹ 1.68 crores. During September the price had a considerable reduction till ₹ 1.15 crores. During the following two months (October, November) the average price had a considerable reduction of 80 % with regard to the previous two months. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of ₹ 1.27 crores and ₹ 1.28 crores between December and January.
The graph displaying the average price for BHK illustrates that those properties with 1 BHK are the cheapest ones. At a price of ₹ 1.53 crores they are 59 % more affordable than the average price for Mumbai. The properties with the highest average price have 4 BHK, Their price is 387 % more costly than the average. After that we have properties with 3 BHK priced at ₹ 2.86 crores.
With regard to the average price per sq.foot , those properties with 2 BHK are the cheapest ones at a cost of ₹ 75,568 / sq.foot, with an average ₹ 88,091 / sq.foot price in Mumbai. The properties with the highest average prices have 4 BHK. They are 113 % more expensive than the average followed by properties with 3 BHK with a price at ₹ 1.01 lakhs / sq.foot.
The graph displaying the average prices displays the property type "House" as the most affordable one. At an cost of ₹ 1.53 crores it is 61 % cheaper than the average price in Mumbai. "Commercial" is seen as the second most affordable property type. The dearest property type is "Land" followed by "Villa". At a price of ₹ 3.19 crores it is 478 % more expensive than the average price.
According to the average cost per sq.foot, the cheapest property type is "House" at an average cost of ₹ 11,648 / sq.foot followed by "Villa" priced at ₹ 15,384 / sq.foot. "Land" is the most costly type of property with a ₹ 2.48 lakhs / sq.foot cost followed by "Flat" with an average price of ₹ 1.06 lakhs / sq.foot.