Mumbai Property Prices: Up Up And Away
Rising prices of Mumbais real estate has always made news. This week politician and actor Vinod Khanna bought the countrys most expensive 3bedroom flat in Mumbais Little Gibbs Road on Malabar Hills. This luxurious flat in Il Palazzo cost him Rs 30 crore.
Earlier in January this year a property analysis had suggested that rental values in BandraKurla complex and capital values for commercial property are highest for Nariman Point. These property hotspots were ranked in the top ten list of global order.
Sample this capital rates for residential segment in Marine Drive ranges between Rs 1200020000 per sq ft. Even the suburban areas like Jogeshwari Malad and Borivali command property price of Rs 48006500 per sq ft for residential segment. This is by far the highest property rate all over India. Property prices in Delhis posh areas like Model Town Jor Bagh range of Rs 8250 11000 per sq ft.
One major reason for Mumbais rising realestate prices is that the city has acute space crisis. The city is linear in dimensions and tapers towards the sea. Thus there is hardly any scope of expansion. The city can only stretch its borders in north and northwest where Mumbais extensions like Navi Mumbai have already taken shape. Other cities like Delhi Bangalore are blessed in this regard since these cities can stretch their borders in all radial directions. Also Mumbai is the countrys financial capital. Hence all commercial establishments need a foothold in Mumbai. Hence Nariman Point is one of the most expensive commercial locations in the world.
The capital value for posh commercial localities like Nariman Point Churchgate and Prabha Devi range between Rs 1000020000 per sq ft. In the rest of the city commercial property commands values between Rs 35005000 per sq ft. The lease rates for commercial property in Grade A space like Bandra West Ballard Estate Lower Parel comes between Rs 200350 per sq ft.
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About the writer: George Gonigal provides you the best and latest information on Mumbai Real Estate Builders If you want to Buy Apartments in Mumbai he suggests you log on to magicbricks.com
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