Posted October 04, 2019 06:23:25As the baby boomers reach their golden years, they are expected to have many more kids, a big demand for cheap apartments in the capital.
However, as India’s population grows and the birth rate slows, prices are expected in Mumbai to continue to rise.
The baby boom is also expected to slow as the number of births falls and fewer of them will go to the hospital, so prices are likely to continue rising.
The cost of buying a home in Mumbai is estimated at around Rs 1,100, which is cheaper than in Delhi, Mumbai, Bangalore and Hyderabad.
The median price of a home is around Rs 4,500 in Mumbai, compared to Rs 5,000 in Delhi.
For the first time in Mumbai’s history, a large number of new construction projects are being completed.
While many of these have been completed in the past three years, a lot of projects are still under construction, which has led to prices rising.
The average price of an apartment in the city has risen by about 20 per cent in the last year.
The median price for a home has increased by more than 50 per cent over the past five years, according to the Census.
The rise in the cost of housing is also seen in the other parts of India, particularly in rural areas.
The increase in the price of housing has been particularly pronounced in urban areas, with prices rising by over 100 per cent.
Rents have also increased in the recent years in cities like New Delhi, Ahmedabad, Bangalore, Chennai and Hyderburg.
A survey conducted by the Centre for Development Studies found that the average rent for a flat in the national capital has increased from Rs 9,200 in 2015 to Rs 15,400 in 2020.
For a home to cost as little as Rs 1.50 lakh in Mumbai alone, the average monthly rent is Rs 3,500, compared with the national average of Rs 6,000.
In the national Capital Region (NCR), the average annual rent for flats is around $2,300, compared the average nationwide rent of $2.60 lakh.
In Mumbai, where the average income is just Rs 13,000 a year, the median rent is $2 million, while the national median is around the $4 million mark.
The national median rent in 2016 was Rs 5.8 lakh, according the Census data.
In terms of the housing stock, there are around 60 per cent of households renting in Mumbai.
The National Housing Board says that the total population of Mumbai has increased to 11.27 crore, up from 11.08 crore in 2020, and is estimated to reach 13.36 crore in 2021.