How many vacant flats are there in Mumbai?
Mumbai tops the list with 0.48 million vacant houses, followed by Delhi at 0.3 million and Bengaluru at 0.3 million. In terms of share of vacant houses to total residential stock, Gurugram ranks the highest, at 26 per cent.
Mumbai alone accounts for nearly one third of this unsold inventory. Property consultants Anarock estimates that over 2,16,603 houses, mainly targeted at the higher income group, in the Mumbai Metropolitan Region remained unsold in 2019 out of the total 6.48 lakhs of unsold houses across India's top seven cities.
MUMBAI: In 2021, Greater Mumbai recorded the highest apartment sales in a decade with total property registrations of 1.1 lakh flats. This was 70% more than in the previous year and 45% higher than the pre-pandemic year of 2019, said a report. The previous annual high was 80,746 in 2018.
India has nearly 11.09 million urban vacant housing units of which 10 states and union territories contribute to 78 percent (8.64 million) of total vacancy levels and the proposed Model Tenancy Act has huge potential to institutionalise rental housing in the country, according to a new report.
Higher floors, Costlier apartments
The location of the high floor in Mumbai is favourable due to the climate and power supply. That's why there is demand here. But the higher the building is built, the more the cost increases. That's why property becomes expensive here as compared to Delhi.
The major problem in Mumbai is the growth of squatter settlements known in India as SLUMS. These slums come with many issues for people including the lack of planned access to clean water and sanitation systems, poor health, lack of education, unemployment and the prospect of crime.
India is the second largest country by population in the world, and as such, makes a compelling case for the study of vacancy in a country with high housing costs[4] The Census of India (2011) reports that 11.1 million units, approximately 12.4% of the total urban housing stock, are vacant.
According to the last census in India, 7.5% of residential buildings in the country are lying vacant.
Delhi-NCR property market has maximum stuck housing units at 1.9 lakh (190,000), worth nearly Rs 1.2 trn crore (Rs 1.2 trillion), that were delayed by at least seven years, according to property consultant Anarock. A total of 1,90,120 housing units, worth Rs 1,19,291 crore, were stuck in the Delhi-NCR as of 2020-end.
- Draft Agreement – Sale Deed. ...
- Property owner's original agreement – You can see this agreement and also take a copy of it.
- Earlier sale deeds/sale documents if the case is of reselling.
- Share Certificate of the society.
- Bills such as of electricity, telephone.
Which is best place to buy flat in Mumbai?
- South Mumbai. South Mumbai is one of the most expensive living pockets of the city. ...
- Lower Parel. Lower Parel is the corporate hub where many businesses have their company offices as well as headquarters. ...
- Bandra. ...
- Worli. ...
- Juhu.
Only 5-10% of Mumbai's housing is available for rent, compared with 40-50% in big cities across the world, according to Mumbai's City Development Plan 2005-2025.
1.160 billion housing units.
Strong foothold in urban India
As per Census 2011, there are a total of 27.37 million rented households3 in India, of which 79.4% or 21.72 million are urban rented households.
According to the 2011 census, there are 24.67 crore households in India. Of these, 68% are rural households and 32% urban households. Data suggests that a majority of households live in owned houses in both rural and urban areas.
Malabar Hill isn't only Mumbai's most affluent neighbourhood, but also India's most exclusive residential address, with the bulk of residents being billionaires and millionaires. additionally to luxurious condos and penthouses, the hillock area contains a few marquee properties priced at Rs 300 crores and above.
- Best Areas to Live in Mmbai for Families.
- Colaba- Cuffe Parade.
- Worli- Lower Parel.
- Dadar-Matunga-Parel.
- Juhu.
- Powai.
- Ghatkopar East.
- Borivali.
Most flats have a lifespan of 75-100 years and with proper maintenance, they can last longer. So, you don't really need to worry about a building older than 50 years. Coming back to profit, three factors come to my mind when it comes to selling an old flat.
Mumbai is a city with a massive population but, like most of India, it struggles with poverty. Poverty has long been a major concern for the Indian government, but with a consistently growing population, it is becoming increasingly harder to create effective change.
social - poor housing conditions and crime. economic - low wages or unemployment. environmental - polluted drinking water and a lack of sanitation.
How can we solve housing problems in big cities?
Firstly, building more apartments instead of houses might help mitigate the issue about housing shortage. Since an apartment can accommodate a tremendously higher number of people than a house can, governments should encourage the citizens to buy flats rather than their own houses.
Only 5-10% of Mumbai's housing is available for rent, compared with 40-50% in big cities across the world, according to Mumbai's City Development Plan 2005-2025.
According to the 2011 census, Mumbai has 26,65,481 households (or 12.44 million persons), including homeless households. Existing housing stock in the city consists of housing for residential or mixed use (26,56,920 units) and vacant houses (4,79,842 units). Total housing stock, therefore, amounts to 31,36,762 units.
| Particular | Nos. |
|---|---|
| Total Number of Household | 6,74,339 |
| Total Population of District | 3,085,411 |
| Total Male population | 1,822,174 |
| Total Female Population | 1,531,123 |
The average size of a household in Mumbai, according to the 2011 census, is 4.77 people per household. If we assume that Dharavi has a similar family size, the number of people living in the slum will be around 2,80,000.
A combination of factors such as distance from the prime South city centres to the suburbs, coupled with lack of robust infrastructure connecting these places, has led to prices surging in the prime city centres and the immediate peripheries such as Prime North (Bandra-Juhu) and South Central (Byculla-Chembur).
Mumbai has been ranked as one of the safest cities to live in India. The city has well developed infrastructure, and it is also knows as the financial and commercial hub of India.
Renting relieves one of the burdens of EMI fees, property taxes, and other legal problems that come with owning a home. 2. Renting gives the impression of less responsibility. In metro cities, a house worth Rs 50 lakh can be rented for just Rs 10,000-15,000 per month.
Antilia. Situated on Altamount Road, one of the most exclusive roads in Mumbai. It is owned by billionaire businessman Mukesh Ambani, it reportedly costs around 12000 crores. It is the most expensive house in the world after Buckingham Palace.
Which person owns the most land in Mumbai?
However, what they are most famous for is being Mumbai's biggest private land owner with vast tracts of land in the north eastern suburb of Vikhroli. The Godrej group owns 3,400 acres of land in Mumbai, the country's most expensive property market.
