Mumbai is the country’s financial, commercial, and entertainment capital. It is also in one of the top ten financial centres globally, accounting for 6.16 per cent of India’s GDP and 25 percent of industrial output, 70 percent of marine trade (Mumbai Port Trust and JNPT), and 70 per cent of capital transactions. Mumbai has the eighth-largest number of billionaires of any city on the planet, several important financial institutions and corporate offices of major Indian and multinational organisations are located in the city. Being a metropolitan city, the property rates in Mumbai are always in a race to make a new high.
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Mumbai’s business potential entices people from all around India to relocate to the city. Mumbai was expected to grow from 42 lakhs (4.2 million) households in 2008 to 66 lakhs (6.6 million) households in 2020. As per the property trends in Mumbai, all these factors contribute, and hence the property rates in Mumbai in 2023 are higher than in other cities. In this article, you will find the latest real estate rates and prices trends such as the difference between 1 square feet land price in Mumbai in 2023 and 2022.
Property Rates in Mumbai
The demand for newer and better residential and commercial real estate is never-ending in a city as big as Mumbai. Every year, millions of people migrate to the city in the hope of better financial, educational and social life. Those people who settle, start their journey from worrying about flat rents in Mumbai to owning an apartment one day.
Average Mumbai flat rates:
- 1 BHK- 65.5 L
- 2 BHK- 1.5 crores
- 3 BHK- 3 crores
- 4 BHK- 9 crores
Here is a tabulation of property rates in Mumbai’s top 15 localities for 2020 and 2021 and the growth rate in the cost. The price is mentioned as Mumbai per square feet rate.
| Locality Name | Buy Rates | ||
| Rate per square feet in Mumbai | |||
| 2021 | 2020 | Y/Y growth rate | |
| Thane (East) | Rs. 10,285 – 12,665/sq. ft. | Rs. 9,785 – 11,965/sq. ft. | 6-7% |
| Thane West | Rs. 9,945 – 12,155/sq. ft. | Rs. 9,245 – 11,555/sq. ft. | 4.37% |
| Ambivali | Rs. 15,640 – 20,230/sq. ft. | Rs. 14,540 – 19,140/sq. ft. | 5.21% |
| Andheri (East) | Rs. 16,065 – 19,040/sq. ft. | Rs. 16,065 – 18,000/sq. ft. | 2.23% |
| Andheri (West) | Rs. 20,400 – 24,438/sq. ft. | Rs. 20,400 – 24,438/sq. ft. | Constant |
| Ashok Nagar | Rs. 16,022 – 18,955/sq. ft. | Rs. 15,422 – 18,355/sq. ft. | 5.04% |
| Borivali (East) | Rs. 15,980 – 18,572/sq. ft. | Rs. 15,980 – 17,400/sq. ft. | 2.1% |
| Borivali (West) | Rs. 16,022 – 18,488/sq. ft. | Rs. 16,022 – 18,000/sq. ft. | 1.47% |
| Dahisar | Rs. 11,900 – 14,365/sq. ft. | Rs. 10,600 – 13,650/sq. ft. | 7.27% |
| Film City Road | Rs. 14,450 – 15,258/sq. ft. | Rs. 14,450 – 15,258/sq. ft. | Constant |
| Gokul Nagar | Rs. 14,450 – 16,872/sq. ft. | Rs. 14,450 – 15,872/sq. ft. | 5.31% |
| Goregaon (East) | Rs. 14,705 – 18,870/sq. ft. | Rs. 14,705 – 18,000/sq. ft. | 1.56% |
| Goregaon (West) | Rs. 16,320 – 19,465/sq. ft. | Rs. 16,320 – 19,465/sq. ft. | Constant |
| Bandra (East) | Rs. 25,160 – 35,870/sq. ft. | Rs. 25,160 – 35,870/sq. ft. | Constant |
| Bandra (West) | Rs. 33,660 – 40,078/sq. ft. | Rs. 33,660 – 40,078/sq. ft. | Constant |
| Juhu | Rs. 33,235 – 37,400/sq. ft. | Rs. 33,235 – 37,400/sq. ft. | Constant |
Plot / Land Rates in Mumbai
The average land rate in Mumbai per square feet is ₹ 945/sq. ft
Here is a tabulation of plot/land price in Mumbai’s top 15 localities for 2020 and 2021 and the growth rate in the cost. The price is mentioned as per square foot rate in Mumbai.
| Locality Name | Buy Rates | ||
| Price Range (Rs. per sq. ft.) | |||
| 2021 | 2020 | Y/Y growth rate | |
| Thane (East) | Rs.9520/sq. ft. | Rs.9520/sq. ft. | Constant |
| Thane West | Rs.8591/sq. ft. | Rs.9520/sq. ft. | Constant |
| Ambivali | Rs. 11,134/sq. ft. | Rs. 10,534/sq. ft. | 3.4% |
| Andheri (East) | Rs.16,376/sq. ft. | Rs.15,200/sq. ft. | 8% |
| Andheri (West) | Rs.19,665/sq. ft. | Rs.18,700/sq. ft. | 6% |
| Ashok Nagar | Rs.11,419/sq. ft. | Rs.11,419/sq. ft. | Constant |
| Borivali (East) | Rs. 10,000/sq. ft. | Rs. 10,000/sq. ft. | Constant |
| Borivali (West) | Rs. 12,022/sq. ft. | Rs. 11,300/sq. ft. | 5.6% |
| Dahisar | Rs. 11,900/sq. ft. | Rs. 11,000/sq. ft. | 3% |
| Film City Road | Rs. 14,450/sq. ft. | Rs. 14,450/sq. ft. | Constant |
| Gokul Nagar | Rs. 14,950/sq. ft. | Rs. 14,950/sq. ft. | Constant |
| Goregaon (East) | Rs. 14,705/sq. ft. | Rs. 14,000/sq. ft. | 4.8% |
| Goregaon (West) | Rs. 16,320/sq. ft. | Rs. 15,720/sq. ft. | 3.8% |
| Bandra (East) | Rs. 25,160/sq. ft. | Rs. 25,160/sq. ft. | Constant |
| Bandra (West) | Rs. 33,660/sq. ft. | Rs. 33,660/sq. ft. | Constant |
| Juhu | Rs. 33,235/sq. ft. | Rs. 32,450/sq. ft. | 8% |
House Rates in Mumbai (Independent)
The average Price for independent house rates in Mumbai is as follows:
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- 1BHK- 55 L
- 2BHK- 1 crore
- 3BHK- 4.7 crores
- 4BHK- 12 crores
The average Mumbai flat price is approximately Rs. 3 crores. Here is a tabulation of house rates in Mumbai’s top 15 localities for 2020 and 2021 and the growth rate in the cost. The price is given as per square feet rate in Mumbai.
| Locality Name | Buy Rates | ||
| Price Range (Rs. per sq. ft.) | |||
| 2021 | 2020 | Y/Y growth rate | |
| Thane (East) | ₹9,222 | ₹10,500 | -5% |
| Thane West | ₹8,843 | ₹8500 | Constant |
| Ambivali | ₹16,536 | ₹15,900 | 5-8% |
| Andheri (East) | ₹15,263 | ₹14,857 | 10-13% |
| Andheri (West) | ₹17,793 | ₹16,930 | 8-12% |
| Ashok Nagar | ₹10,932 | ₹10,000 | Constant |
| Borivali (East) | ₹19,481 | ₹20,000 | Constant |
| Borivali (West) | ₹21,022 | ₹19,458 | 10-15% |
| Dahisar | ₹12,349 | ₹12,000 | Constant |
| Film City Road | ₹13,244 | ₹14,500 | -7-12% |
| Gokul | ₹13,327 | ₹13,000 | Constant |
| Goregaon (East) | ₹15,955 | ₹14,500 | 5% |
| Goregaon (West) | ₹17,428 | ₹17,200 | Constant |
| Bandra (East) | ₹19,160. | ₹19,000 | Constant |
| Bandra (West) | ₹33,603 | ₹33,000 | Constant |
| Juhu | ₹55,791 | ₹55,791 | Constant |
Property Rent in Mumbai in 2023
As per the current property trends in Mumbai, property rates in Mumbai, especially the graphs of 1 RK rent in Mumbai, have grown quite well. According to the latest RBI House Price Index, the average Mumbai flat rate has increased at a CAGR of 9.58 percent over the last five years. Therefore, you may always locate a Mumbai House price that meets your budget, even if it is a suited project coming built in an early location loaded with facilities and infrastructure.
Now we will take a look at average flat rents in Mumbai. We will discuss all kinds of apartments rented in Mumbai like 2 BHK, 3 BHK, 1 BHK, and 1 RK.
2 BHK Rental Property Price in Mumbai
The average 2 BHK rent in Mumbai is Rs. 50,610. Here we have tabulated the property rent prices in Mumbai’s top 15 localities for 2020 and 2021 and the growth rate in the rent.
| 2021 | 2020 | ||
| Location | 2 BHK Rental Price | Average Change in Rent | |
| Bandra West | Rs.75,000/-Rs.2,00,000/- | Rs.95,000/-Rs.3,00,000/- | -15-25% |
| Bandra East | Rs.60,000/-Rs.1,50,000/- | Rs.1,10,000/- | -10-12% |
| Khar West | Rs.75,000/-Rs.2,00,000/- | Rs. 65,000/-Rs. 2,20,000 | -20-25% |
| Santacruz West | Rs.70,000/-Rs.1,78,000/- | Rs.80,000/-Rs.1,10,000/- | -13-17% |
| Santacruz East | Rs.48,000/-Rs.90,000/- | Rs.45,000/-Rs.100,000/- | -5-10% |
| Vile Parle West | Rs.55,000/-Rs.1,05,000/- | Rs.50,000/-Rs.65,000/- | -15-25% |
| Vile Parle East | Rs.50,000/-Rs.95,000/- | Rs.40,000/-Rs.90,000/- | -2-3% |
| Juhu | Rs.85,000/-Rs.2,00,000/- | Rs.14,000/-Rs.2,50,000/- | -10-12% |
| Andheri West | Rs.45,000/-Rs.80,000/- | Rs.6,000/-Rs.48,000/- | -25% |
| Andheri East | Rs.33,000/-Rs.55,000/- | Rs.35,000/-Rs.60,000/- | -5% |
| Jogeshwari | Rs.30,000/-Rs.51,000/- | Rs.35,000/-Rs.57,000/- | -10-12% |
| Goregaon West | Rs.30,000/-Rs.45,000/- | Rs.25,000/-Rs.45,000/- | -2-3% |
| Goregaon East | Rs.25,000/-Rs.50,000/- | Rs.10,000/-Rs.1,00,000/- | -20-25% |
| Malad West | Rs.27,000/-Rs.47,000/- | Rs.17,000/- | -15-25% |
| Malad East | Rs.31,000/-Rs.50,000/- | Rs.12,000/-Rs.60,000/- | -10-12% |
| Kandivali West | Rs.20,000/-Rs.57,000/- | Rs.11,000/-Rs.45,000/- | -5-10% |
| Borivali West | Rs.18,000/-Rs.35,000/- | Rs.18,000/-Rs.38,000/- | Constant |
3 BHK Rental Price in Mumbai
The average 3 BHK rent in Mumbai is Rs. 90,750. Here we have tabulated the flat rent rates in Mumbai’s top 15 localities for 2020 and 2021 and the growth rate in the rent.
| 2021 | 2020 | ||
| Location | 3 BHK Rental Price | Average Change in Rent | |
| Bandra West | Rs.1,50,000/-Rs.5,50,000/- | Rs.2,15,000/-Rs.6,15,000/- | -5-10% |
| Bandra East | Rs.90,000/-Rs.2,20,000/– | Rs.58,000/-Rs.3,00,000/– | -5-10% |
| Khar West | Rs.1,25,000/-Rs.4,55,000/- | Rs.75,000/-Rs.4,00,000/- | -2-7% |
| Santacruz West | Rs.1,29,000/-Rs.3,00,000/- | Rs. 1,20,000/-Rs.4,50,000/- | -10-12% |
| Santacruz East | Rs.1,10,000/-Rs.2,25,000/- | Rs.1,00,000/- | Constant |
| Vile Parle West | Rs.1,00,000/-Rs.2,20,000/- | Rs.2,00,000/- | -2-3% |
| Vile Parle East | Rs.82,000/-Rs.2,00,000/- | Rs.76,000/-Rs.1,90,000/- | -2-3% |
| Juhu | Rs.1,25,000/-Rs.4,00,000/- | Rs.1,00,000/-Rs.4,00,000/- | -5% |
| Andheri West | Rs.75,000/-Rs.1,50,000/- | Rs.90,000/-Rs.2,00,000/- | -15-25% |
| Andheri East | Rs.60,000/-Rs.1,30,000/- | Rs.14,500/-Rs.2,50,000/- | -13-17% |
| Jogeshwari | Rs.48,000/-Rs.85,000/- | Rs.1,50,000/- | -5-10% |
| Goregaon West | Rs.55,000/-Rs.1,00,000/- | Rs.25,000/-Rs.60,000/- | -10-12% |
| Goregaon East | Rs.50,000/-Rs.90,000/- | Rs.63,000/-Rs.1.40,000/- | -15-25% |
| Malad West | Rs.48,000/-Rs.55,000/- | Rs.22,000/-Rs.1.10,000/- | -15-25% |
| Malad East | Rs.45,000/-Rs.95,000/- | Rs.45,000/-Rs.1,20,000/- | -5-10% |
| Kandivali West | Rs.28,000/-Rs.58,000/- | Rs.18,000/-Rs.50,000/- | Constant |
| Borivali West | Rs.31,000/-Rs.50,000/- | Rs.12,000/-Rs.90,000/- | -15-25% |
1 BHK Rental Price in Mumbai
The average 1 BHK rent in Mumbai is Rs. 35,520. Here we have tabulated the flat rent rates in Mumbai’s top 15 localities for 2020 and 2021 and the growth rate in the rent.
| 2021 | 2020 | ||
| Location | 1 BHK Rental Price | Average Change in Rent | |
| Bandra West | Rs.46,000/-Rs.75,000/- | Rs.35,000/- | -15-25% |
| Bandra East | Rs.37,000/-Rs.58,000/- | Rs.50,000/-Rs.1,00,000/- | -20% |
| Khar West | Rs.43,000/-Rs.75,000/- | Rs.40,000/-Rs.70,000/- | Constant |
| Santacruz West | Rs.38,000/-Rs.70,000/- | Rs.28,000/-Rs.65,000 | +5-10% |
| Santacruz East | Rs.32,000/-Rs.54,000/- | Rs.5,000/-Rs.27,000/- | +15-25% |
| Vile Parle West | Rs.32,000/-Rs.55,000/- | Rs.35,000/-Rs.55,000/- | Constant |
| Vile Parle East | Rs.35,000/-Rs.48,000/- | Rs.32,000/-Rs.44,000/- | Constant |
| Juhu | Rs.48,000/-Rs.60,000/- | Rs.9,000/-Rs.75,000/- | -2-7% |
| Andheri West | Rs.30,000/-Rs.45,000/- | Rs.7,000/-Rs.35,000/- | +5-10% |
| Andheri East | Rs.23,000/-Rs.30,000/- | Rs.6,000/-Rs.30,000/- | 1-2% |
| Jogeshwari | Rs.20,000/-Rs.30,000/- | Rs.19,000/-Rs.24,000/- | Constant |
| Goregaon West | Rs.22,000/-Rs.35,000/- | Rs.18,000/-Rs.30,000/- | +5-10% |
| Goregaon East | Rs.19,000/-Rs.30,000/- | Rs.15,000/-Rs.30,000/- | Constant |
| Malad West | Rs.15,000/-Rs.26,000/- | Rs.15,000/-Rs.20,000/- | +3-9% |
| Malad East | Rs.19,000/-Rs.35,000/- | Rs.8,000/- | +5-10% |
| Kandivali West | Rs.18,000/-Rs.25,000/- | Rs.19,000/-Rs.25,000/- | 1-2% |
| Borivali West | Rs.14,000/-Rs.28,000/- | Rs.13,500/-Rs.25,000/- | Constant |
1 RK Rental Price in Mumbai
The 1 RK rent in Mumbai is Rs. 19,260. Here we have tabulated the flat rent rates in Mumbai’s top 15 localities for 2020 and 2021 and the growth rate in the rent.
| 2021 | 2020 | ||
| Location | 1 RK Average Price | Average Change in Rent | |
| Bandra West | Rs.36,000/- | Rs.32,000/- | 2-4% |
| Bandra East | Rs.31,000/- | Rs.25,000/- | 5-7% |
| Khar West | Rs.37,000/- | Rs.29,000/- | 5-15% |
| Santacruz West | Rs.35,000/- | Rs.24,000/- | 5-15% |
| Santacruz East | Rs.37,000/- | Rs.28,000/- | 15-21% |
| Vile Parle West | Rs.35,000/- | Rs.36,000/- | Constant |
| Vile Parle East | Rs.34,000/- | Rs.33,000/- | Constant |
| Juhu | Rs.42,000/- | Rs.31,000/- | 5-15% |
| Andheri West | Rs.28,000/- | Rs.19,000/- | 18% |
| Andheri East | Rs.23,000/- | Rs.16,000/- | 15-20% |
| Jogeshwari | Rs.18,000/- | Rs.17,000/- | Constant |
| Goregaon West | Rs.21,000/– | Rs.19,000/- | Constant |
| Goregaon East | Rs.18,000/- | Rs.12,000/- | 20-30% |
| Malad West | Rs.16,000/- | Rs.11,000/- | 5-15% |
| Malad East | Rs.19,000/- | Rs.18,000/- | Constant |
| Kandivali West | Rs.17,000/- | Rs.9,000/- | 30% |
| Borivali West | Rs.15,000/- | Rs.12,500/- | 5-10% |
In real estate investing, everything depends on when you enter the market. To get the best deals at Mumbai real estate prices, you have to buy property in Mumbai at the right time. For example, with the construction of Navi Mumbai Airport, property rates in Mumbai in that area are increasing steadily. Property prices in Mumbai will also vary in case there are other amenities attached to the property such as clubhouses, swimming pools, parks, extra parking spaces, etc. In this article, we presented a tabulation of the current and the last year’s property prices in Mumbai for every kind of property for you to make an informed and correct decision for your investment. If you are looking for brokerage-free properties on sale and rent, you can certainly check out the thousands of listings on Nobroker website and mobile application. For further assistance, drop a comment below and our executive will be in touch with you.
FAQs
Q1. What is the most expensive real estate in Mumbai?
Ans. In 2023, the most expensive real estate in Mumbai is in areas such as Bandra (east and west) and Juhu. The average cost per square foot in these areas is between Rs. 35,000 to Rs. 55,000!
Q2. How much is the average rent for a flat in Mumbai?
Ans. If you are looking for a flat for rent in Mumbai, you will have to pay between Rs. 25,000 to Rs. 90,000 depending on the locality.
Q3. Why are property rates in Mumbai so expensive?
Ans. The property rates in Mumbai are expensive because of many factors such as – the financial capital of India, demand being more than supply and the buzzing social lifestyle.
Q4. What is the cost of a 2bhk flat in Mumbai?
Ans. The average cost of a 2-bedroom apartment or flat in Mumbai is close to Rs. 2 crores.
Q5. What is the rate of real estate growth for properties in Mumbai?
Ans. On average, real estate prices in Mumbai have appreciated 9% per annum in the past decade.
