Mumbai Property – Too Expensive for Middle Class

With towering rates of residential property in Mumbai, the middle class man is left out helpless across the city’s housescape, where prices rival London, Tokyo and other expensive cities. Easily Mumbai can be rated as one of the most high-priced places for those looking to buy a house. The situation has come with the decision of the state housing authority to increase rates of its housing stock by around 40 per cent in 2007.

The flats which were earlier supposed to come under the limit of affordable housing are now no more in the picture. Now, the flats built by the Maharashtra Housing Area Development Authority are the only ‘economical’ housing option available in Mumbai

Rental Property in Mumbai

House rent in Mumbai have been reacting with the situation. However, there are always a chances of correction as the markets swelter, just the way it happened in late 90s when the rental values were cut down by 10-15 per cent.However, the boom in the services sector has enabled corporate executives to take advantage of houses at these rates, as well. People are looking to stay closer to their offices to keep away from exertion of distant traveling and are ready to pay a bit more. Herein the demand for luxury apartments for elite class in Mumbai on rent is also increasing considerably.