How Much Will it Cost to Buy a Flat in Mumbai?

Posted on: Mar 26, 2025 | 3 mins | Written by: HDFC ERGO Team

How Much Will it Cost to Buy a Flat in Mumbai?

Mumbai is one of the most expensive places to invest in real estate in India. If you're planning to buy a flat in Mumbai, you will have to take a lot of factors into consideration. This is going to be a considerable investment, so you must ensure that you follow the right approach to make a smooth process.

However, you must know that buying a flat isn't enough. You must also buy flat insurance so that you can safeguard your property investments. The average cost of buying a flat in Mumbai is going to cost you significantly. So, you must ensure that you're prepared for it. This will help you avoid any unexpected or unwanted surprises.

What is the Cost of buying a Flat in Mumbai?

The cost of a flat in Mumbai can often exceed INR 50 lakhs to even crores. This itself is a sign of how expensive the properties are in Mumbai. Due to inflation, over the years, property prices in Mumbai have risen significantly.

The average cost of flats in Mumbai include:

• 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)

Now that you're investing such a high amount in buying properties in Mumbai, you must also consider securing the property with flat insurance. It is advisable that you opt for comprehensive coverage so that not only the structure but the contents of the flat are covered too.

Significance of Property Investment in Mumbai

Mumbai is one of the fastest-growing cities. As of today's date, Mumbai holds a lot of value in regards to capital appreciation in future. Whether you plan to stay or rent out the property, investing in a property in Mumbai can be a great deal. The property investments across Mumbai are likely to bring you higher returns. Moreover, the outcomes are also going to be one of the most reliable ones.

The suburbs of the city provide a valuable investment area, especially considering the micro-markets available for the people. Moreover, the island also offers significant investment opportunities driving profitability. A lot of real estate developers have launched properties and continue to take up residential investments across different areas.

Therefore, you have a very good opportunity to get your hands on some of the best apartments in Mumbai. The real estate property developers can also help you with the apartment insurance depending on the choice you make.

Factors Affecting Mumbai Flat Cost

As Mumbai Real estate prices are rising every day, it is important to know what factors influence them. Purchasing an apartment insurance along with the flat can prove to be quite expensive. Therefore, some of the factors to consider to purchase a flat in Mumbai include the following:

1. Location

Location is one of the most important factors to consider while buying a flat in Mumbai. The place must be accessible from other parts of the city. Furthermore, it should also be located near schools, malls or hospitals. This plays an important role in ensuring the profitability of the area.

A good location of the property also ensures that the location is likely to grow more in the coming times. It is always advisable to invest in a property that will bring you a good return on investments. The developers in Mumbai are now expanding their base to ensure that everyone gets the best return.

2. Budget

You need to be mindful of your budget too. While buying an apartment in Mumbai, you will have to discuss with different developers so that you can get the best deal on a particular property. The real estate developers in Mumbai have very high rates. Furthermore, you will also need to get home insurance. So, make the choice accordingly.

Once you connect with the developers for the property, make sure that you are negotiating the deal too. Negotiating can play an important role in ensuring that you find the best property. Most of the developers and banks attract homeowners showing great rising interest rates. However, make sure that you're maintaining transparency from the initial stages only so that you can get the best on your property investment.

3. Connectivity

Always check how well the location where you're buying the property is connected. Connectivity is one of the main important factors to consider while buying a flat in Mumbai. After all, when your house is connected properly, you will have the option to roam across the city seamlessly.

If you have a job that you need to travel to every day, connectivity becomes an even more important factor to consider. Commuting in Mumbai daily can be a task considering all the traffic. However, if the area is connected in an easily accessible location, you must not face any trouble while travelling.

4. Infrastructure of Locality

You need to be mindful of the infrastructure of your locality as well so that you can get the best returns. Your home insurance would also determine this impact. Most of the developers in Mumbai are going for well-developed social infrastructure.

These developers are considering the proximity of the property to social avenues, healthcare sectors, employment hubs and more. Each of these factors can often contribute to making the property a good view and determining a safe and comfortable living environment.

Market Research Before Buying the Property

Before you buy a property in Mumbai, it is important that you do proper research. For example, when you're buying villas, you will have to check the location, the reputation of the builder, the connectivity from the area and what villa insurance you must take.

Villa insurance is one of the most important things to consider. Villas in Mumbai can be very expensive. Therefore, you must get your hands on the insurance once you purchase it. In fact, even if you're living in the villa as a tenant, it is important that you get renters insurance. This would play an important role in safeguarding the contents of your house.

The property that you invest in Mumbai requires you to conduct a thorough market research. It is extremely crucial that you partner with real estate experts who can help you explore all the possible opportunities and determine the growth of your business.

Conclusion

The property that you buy in Mumbai is going to cost you a lot of money. It is advisable that you conduct research and choose a property that fits your budget. The real estate properties in Mumbai don't have to be expensive. You can definitely find properties that fit your requirements and budgets. However, you must connect with the developers so that you can understand the property implications and eventually make a choice accordingly. If you rent the property, you can opt for renters insurance or else if you purchase then homeowners insurance.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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