Mumbai Home Buying Guide

Important Things to Consider before buying your dream home in Mumbai

2

Table of Contents

1. Location as a Decision Parameter 03

2. Mumbai Location Bifurcation 04

3. Housing Segment Bifurcation (Budget Split) 05-07

4. Legal Checks 08

5. Hidden Charges 09

6. Under Construction Vs Ready to Move-in 10

7. Recent Developments 11

8. Average Home Prices of Top 10 locations in Mumbai 12-21

3

Location
Location is one of the most important decision making factors while buying a house in Mumbai.

Following factors can be considered before deciding a locality:

- Proximity to workplace, schools, colleges and hospital: Though workplace should be

preference but in case you change your job, location might become irrelevant. Hence, make sure
to have proper connectivity with the local train.

- Price trend in the locality: Do proper due diligence by contacting neighbours for the prices they
paid and general trend for similar properties in the locality.

- Get some idea about the Upcoming infrastructure projects: These can help you get an idea
of the price appreciation in future.

- Other property related details:

● Amenities like Park, Gymnasium, Club House, etc.
● Facilities like security, safety and parking

If your budget is limited, you can choose to buy a house in expanding or emerging localities where cost
will be less compared to established ones.
4

Location Bifurcation
Localities can also be divided based on 3 types:

1. Established Localities
● Dadar
● Bandra (East)
● Bandra (West)
● Worli
● Prabhadevi
● Mahalaxmi
● Santacruz
● Colaba
● Cuffe Parade

2. Expanding Localities

● Kandivali (East)
● Kandivali (West)
● Andheri (East)
● Andheri (West)
● Borivali (East)
● Borivali (West)
● Malad (East)
● Malad (West)
● Goregaon (East)
● Goregaon (West)

3. Emerging Localities

● Chembur
● Kurla (East)
● Kurla (West)
● Kanjurmarg (West)
● Mulund
● Powai
5

Housing Segment bifurcation (Area wise Analysis)

Affordable Segment (10L-30L)

6

Middle Segment (30L-60L)

7

Higher Segment (1 crore - 3 crores)

8

Legal Checks (Documents required)

Documentation requirements differ when you buy ready to move-in or an under construction property. In
under construction property, you will be required to get some extra documents till the possession is given
by the builder.

Important Documents to verify before buying house:

1. Sale Deed

It is the core document. Before buying the property make sure that sale was executed properly by
the previous owner. Also check all the conditions or hire a lawyer before signing the documents.

2. Completion Occupancy Certificate

Completion Certificate is issued by Municipal Authority and Occupancy Certificate is issued by

local government. Both these certificates are necessary before getting possession. It shows that
the property is built as per the laws and suitable for living. It is also necessary to get a home loan
or apply for water sanitation and electricity connection.

3. Building Plan

Building plan is generally known as site plan which contains map, blueprint of construction,
equipment layout and other utilities. Bankers verify it to know whether the property is
illegally constructed by the previous owner or is part of the original map.

4. Encumbrance Certificate

This provides evidence that no monetary due is pending on the property. Make sure that you get
this certificate and no dues are pending by the owner. Otherwise after the purchase liability will
also be transferred to you. This document can be obtained from the sub-registrar office.

5. Mutation Certificate

This certificate is popularly known as “Possession Letter”. It establishes a process of transfer of

property to new owner and the certificate is about tax liabilities

6. General Power of Attorney

A buyer needs to identify whether the previous sale or purchase of the property was made
through a General Power of Attorney (GPA). In case the transaction was conducted through GPA,
a copy of the document must be gained to ensure that the sale or purchase was made by an
authorised person.

7. No Objection Certificate
Different government authorities like electricity departments, safety, gas and water boards give
NOC. This ensures that no claims are pending by any authority.
9

Hidden Charges
There could be some hidden charges when you buy a house which might not be disclosed during the
time of sale but added later. Here is a list of most common hidden charges you can enquire about well in
advance:

1. Parking Space Charges

In Mumbai where there is already a high shortage of space, getting parking space can be a costly
affair. So make sure that parking cost is considered by you.

2. PLC- Preferential Location Charges

Generally these charges are levied by developers when some preferential location like sea
facing, corner house is asked for.

3. Interior Cost

If you move in a under construction property or old ready to move in house, considering interior
cost which ranges from 5 lakh - 30 lakh based on your preferences should be considered and
included in the cost of house
10

Under Construction vs Ready to Move in Property

Because of the price difference between an Under Construction and Ready To Move-in Property, and
flexibility of payments available in Under Construction, people tend to wait with financial difficulties.

But there are many areas where rents are very high . So in case if you buy an Under Construction, EMI
along with rent you will pay (until possession) can prove to be costly. If that is so, Ready To Move
properties in emerging localities are preferable.

Suburbs vs Outskirts
Properties in the city area are costly compared to the outskirts and also finding under construction
properties is comparatively difficult.

In the outskirts, facilities may be less but properties are generally cheaper. Train connectivity to the
suburbs is an issue with the outskirts but with the completion of ongoing Metro construction,
transportation will not be an issue in the coming future.

Suburban trains route & New Metro

Source: https://www.localsofmumbai.com/portfolio_tag/linear-map/
11

Recent Developments

Lottery System under Maharashtra Housing and Area Development Authority (MHADA)

In 2023, 4000 units will be allocated under this scheme. 2683 units will be under Pahadi-Goregaon
project and remaining 1317 units are spread across Bandra, Borivali and Kanamwar nagar and
Magathane.

60% of MHADA lottery will be for EWS (Economically Weaker Section) and LIG (Low Income Group)
and 40% will be for MIG (Middle Income Group) and HIG (High Income Group). For 4000 units more
than 82000 applications are received where most applications are done from Pune.

Eligibility (There is also eligibility criteria like 18 year old and domicile certificate of Maharashtra)

Category Annual Family Income in Mumbai, Pune and Nagpur

EWS 6 lakh

LIG 9 lakh

MIG 12 lakh

HIG Above 12 lakh

There is also a registration fees

More information is available on lottrey.mhada.gov.in/housing.mhada.gov.in

12

Average Price of Top 10 Areas in Mumbai

1. Juhu

Type Average Price Range (per sq ft)

Residential Properties for Sale Rs. 29,500 - Rs. 49,000

Residential Properties for Rent Rs. 64 - Rs. 107

Facilities in Juhu

Facilities Names

Educational Institutes Utpal Sanghavi Global School

Ecole Mondiale World School
Jamnabai Narsee School
St Joseph High School
Usha Mittal Institute of Technology
SNDTs Women University
Mithibai College
MKS College of Commerce

Hospitals Advanced Multi speciality Hospitals

Lotus Eye Hospital
HBT Medical College
Criticare Hospital

Transportation Vile Parle Railway Station

Andheri Railway station
Mumbai International Airport
D N Nagar Metro Station

Shopping Centers DB Mall

Amrapali Shopping Centre
Prime Mall
Parle Square
13

2. Malabar Hills

Type Average Price Range (per sq ft)

Residential Properties for Sale Rs. 42,000 - Rs. 69,200

Residential Properties for Rent Rs. 93 - Rs. 155

Facilities in Malabar Hills

Facilities Names

Educational Institutes SP Jain School

Jai Hind College
Casa Montessori
Nrp Sheth Multipurpose High School
Hill Grange High School Tardeo

Hospitals St. Elizabeth's Hospital

Transportation Girgaon Metro Station

Charni Road Railway Station
Grant Road Railway Station
Chhatrapati Shivaji Maharaj International
Airport

Shopping Centers Chandralok

Palladium Mall
Cr2 Mall
14

3. Cuffe Parade

Type Average Price Range (per sq ft)

Residential Properties for Sale Rs. 45,100 - Rs. 69,800

Residential Properties for Rent Rs. 101 - Rs. 160

Facilities in Cuffe Parade

Facilities Names

Educational Institutes GD Memorial School

Dunne's Institute
Kundani College of Pharmacy
Dilkap Colleges & Institute

Hospitals Healthspring Cuffe Parade

INHS Asvini
Kaifak Medicare
Apollo Clinic

Transportation Churchgate Railway Station

Mumbai CST Station
Mumbai International Airport

Shopping Centers The Arcade Shopping Centre

CR2 Mall
Oberoi Shopping Centre
Taj Shopping Arcade
15

4. Bandra West

Type Average Price Range (per sq ft)

Residential Properties for Sale Rs. 30,100 - Rs. 49,900

Residential Properties for Rent Rs. 60 - Rs. 102

Facilities in Bandra West

Facilities Names

Educational Institutes St Stanislaus High School

Arya Vidya Mandir High school
St Theresa's High School
Rizvi College of Engineering
Fr Conceicao Rodrigues College of
Engineering
Chetna College

Hospitals Lilavati Hospital

Bhabha Hospital
Holy Family Hospital

Transportation Bandra Railway Station

Mumbai International Airport
Colaba-Bandra-SEEPZ line (upcoming)

Shopping Centers Link Square Mall

Veena Beena Shopping Centre
Gazebo Shopping Centre
16

5. Tardeo

Type Average Price Range (per sq ft)

Residential Properties for Sale Rs. 32,300- Rs. 53,900

Residential Properties for Rent Rs. 73 - Rs. 130

Facilities in Tardeo

Facilities Names

Educational Institutes Aditya Birla World Academy

Hill Spring International School
Girton High School

Hospitals Apollo Spectra Hospital

Jaslok Hospital and Research Centre

Transportation Grant Road Railway Stations

Mumbai Central Railway Station

Shopping Centers High Street Phoenix

Palladium Malls
Atria Mall
17

6. Pali Hill

Type Average Price Range (per sq ft)

Residential Properties for Sale Rs. 36,400- Rs. 64,800

Residential Properties for Rent Rs. 70 - Rs. 118

Facilities in Pali Hills

Facilities Names

Educational Institutes Rizvi Educational Complex

St. Anne’s High School
St. Andrews High School
St. Andrew’s College
RD National College
Thadomal Sahani Engineering College

Hospitals Lilavati Hospital

Nanavati Hospital
Gurunanak Hospital
Holy Family Hospital

Transportation Colaba–Bandra-SEEPZ Metro (upcoming)

Shopping Centers Link Square

Citi
Infinity
Crystal Point
DB Mall
18

7. Worli

Type Average Price Range (per sq ft)

Residential Properties for Sale Rs. 28,100 - Rs. 47,300

Residential Properties for Rent Rs. 70 - Rs. 121

Facilities in Worli

Facilities Names

Educational Institutes DY Patil International School

Sacred Heart School
Podar International School

Hospitals Podar Hospital

ESIC Hospital

Transportation Lower Parel Railway Station

Currey Road Station
Colaba–Bandra-SEEPZ Metro (upcoming)

Shopping Centers Atria Mall

Palladium Mall
INOX Nakshatra Mall
19

8. Versova

Type Average Price Range (per sq ft)

Residential Properties for Sale Rs. 18,500 - Rs. 31,700

Residential Properties for Rent Rs.47 - Rs. 80

Facilities in Versova

Facilities Names

Educational Institutes Bhavan’s College

Rajiv Gandhi Institute of Technology
Orchids Global Learning Academy
Jankidevi Public School
Versova Welfare Association High School

Hospitals KDAH Hospital

BSES MG Hospital
Nanavati Hospital
CritiCare Hospital

Transportation Versova Metro Station

Mumbai Metro Line 2
Mumbai International Airport

Shopping Centers Infiniti Mall

Citi Mall
Crystal Point Mall
DB Mall
20

9. Colaba

Type Average Price Range (per sq ft)

Residential Properties for Sale Rs. 32,600 - Rs. 45,400

Residential Properties for Rent Rs.77 - Rs. 121

Facilities in Colaba

Facilities Names

Educational Institutes BD Somani School

St Joseph's High School
Army Public School
Kendriya Vidyalaya

Hospitals INHS Asvini Hospital

Saifee Hospital
Kalajot Hospital

Transportation Lower Parel Railway Station

Currey Road Station
Mumbai Metro Line 3

Shopping Centers Metro Plaza

CR2 Mall
The Arcade
21

10. Powai

Type Average Price Range (per Sq. ft.)

Residential property for sale Rs. 15,900 - Rs. 24,900 per Sq. ft.

Residential property for rent Rs. 34 - Rs. 56 per Sq. ft.

Facilities in Powai

Facilities Names

Educational Institutes Maharashtra National Law University

National Institute of Industrial Engineering
IBS Business School
Gopal Sharma Memorial School
Hiranandani Foundation School
IIT Bombay

Commercial Hubs ATL Corporate Park

Powai Supreme Business Park

Transportation Kanjurmarg Railway Station

Shopping Centers DMart Ready

Empire Plaza
Galleria Mall
Haiko Mall
D Mall