68% flats in Mumbai cost above Rs. 1 crore: Liases and Foras

Pankaj Kapoor

A study conducted by a real estate research firm, Liases and Foras, Affordable housing in Mumbai is more of a myth than reality if a recent study is to be believed. Only 2% of flats available in the city cost between Rs 25 lakh 50 lakh.  Most of these 1 B H K houses are located in the far-flung areas of the city such as Marol and Saki Naka and are surrounded by filth and slums.

Mr. Pankaj Kapoor, MD of Liases and Forassaid, “In Mumbai the average cost of a flat was Rs. 27 lakh in 2001. It is almost Rs 2.35 crore now. Flat prices have gone up Ten times in the past Tenyears. There were 55% slums because of unaffordable houses Ten years ago. The figure is now 70% If the prices do not come down, more slums will mushroom in the city”
  
Highlights of Study
* The average price of a flat in greater Mumbai is Rs 2.34 crore, up from Rs 2.14 crore past year.

* 36,000 flats have not been sold as 30% of flats in Mumbai cost between Rs 50 lakh &  Rs 1 crore;  38% fall in the Rs. 1 crore - Rs. 2 crore bracket while the remaining 30% cost over Rs. 2. crore. These include 2 B H K &  3 B H K flats in posh areas of the city.

* The flat price for the MMR (Mumbai Metropolitan Region) is Rs. 1.4 crore compared to Rs. 87 lakh past year.

About Liases Foras.
It founded in the year 1999, a non-brokerage firm, has been a focused researcher in the field of real estate.
Contact: 9, Amrit Kutir, S.N.Marg,
Andheri(E), Mumbai-400 069.
E-Mail :contact@liasesforas.com
phone :   91-22-26841222,  91-22-26841248, 91-22-26841555,

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