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Did you know ₹1 crore can barely get you a bathroom-sized apartment in South Mumbai
Mumbai real estate: In the financial capital’s high-priced market, a budget of ₹1 crore can barely secure a bathroom-sized apartment in prime areas
Mumbai's real estate market remains the most expensive in India, with apartment prices soaring to nearly ₹3 lakh per square foot. However, options are extremely limited for homebuyers with a budget of ₹1 crore.
According to an analysis by CRE Matrix, which examined property transactions in 60 micro markets of Mumbai during 2024, a budget of ₹1 crore would secure just 73 square feet of residential space in Malabar Hill, South Mumbai.
The same amount would buy 124 square feet in Bandra, while it would cover 278 square feet in Andheri. Moving further north, ₹1 crore could get around 380 square feet in Borivali and over 680 square feet in Dharavi—an area also known as Asia’s largest slum cluster.
This data highlights the stark disparity in residential space affordability within different parts of Mumbai.
₹1 crore can get you just a bathroom or bedroom-sized apartment in South Mumbai and Bandra
According to a CRE Matrix report, Malabar Hill is the costliest locality, where ₹1 crore can buy just 73 square feet of space. Following closely is Worli, where the same budget would cover around 100 square feet. Recently, Worli made headlines when Uday Kotak, founder of Kotak Mahindra Bank, purchased an apartment there at an astounding rate of over ₹2.80 lakh per square foot.
Bandra ranks third among the costliest localities, offering just 124 square feet for ₹1 crore—roughly the size of a bedroom. In Lower Parel, an area surrounded by commercial office spaces, ₹1 crore buys about 136 square feet, while in Prabhadevi, it covers 138 square feet. Other prime areas like Tardeo and Juhu offer slightly more space—147 square feet and 172 square feet, respectively, according to data shared by CRE Matrix.
Meanwhile, according to CRE Matrix data, ₹1 crore can get an apartment ranging from 174 to 200 square feet in neighbourhoods like Colaba, Dadar, Santacruz, and Khar.
Suburban pockets in Mumbai continue to be the city’s most affordable real estate markets
According to the CRE Matrix report, Mumbai’s western and eastern suburbs remain the most affordable areas for homebuyers with a budget of ₹1 crore.
In the western suburbs, localities such as Goregaon, Andheri, Kandivali, Malad, Borivali, and Dahisar offer residential spaces ranging from 270 to 530 square feet for ₹1 crore.
Similarly, in the eastern and central suburbs, areas like Ghatkopar, Wadala, Kurla, Sion, Chembur, Mulund, Vikhroli, Powai, Kanjurmarg, and Bhandup provide slightly larger apartments, typically between 280 and 500 square feet within the same budget.
Dharavi, Asalpha, Kurla, and Govandi rank as the most affordable areas in Mumbai. According to the data, ₹1 crore can secure a comparatively spacious apartment ranging from 540 to 680 square feet in these neighbourhoods.
These figures highlight the stark contrast in housing affordability between Mumbai’s prime localities and its suburban pockets.
How much money do you need in hand to purchase a ₹1 crore property?
Real estate consultants advise that, regardless of a property’s price, homebuyers should plan for an additional 10% to 20% of the purchase price when purchasing an apartment.
For instance, if a buyer has a budget of ₹1 crore for a 1 BHK apartment in Mumbai, they would need at least 10% to 20% extra to cover other expenses associated with the purchase.
Also Read: Planning to buy a house worth ₹1 crore in Mumbai? Know how much you need to keep aside
According to Sarthak Joshi, a real estate consultant based in Borivali, banks typically finance 90% to 95% of the agreement value as a home loan. In some cases, even 100% funding has been disbursed. However, beyond the agreement value, buyers must also account for costs such as stamp duty, registration fees, development charges levied by the developer, and GST if the property is still under construction.
In addition to these expenses, Joshi points out that another 10% to 15% of the property’s cost may be required for interior work. While this is considered a value addition, a minimum of ₹15 lakh would still be essential for purchasing a ₹1 crore apartment, even if a 100% home loan covers the agreement value.
Proper financial planning is crucial to cover these additional costs and ensure a smooth home-buying experience.
