Real Estate in Mumbai, India
Last updated on Feb 02, 2023
Summary: The average cost of a nice 2 bedroom home in Mumbai, India is around $200,000 USD. A nice 3 bedroom home in Mumbai is around $300,000 USD. These properties typically include modern amenities such as air conditioning, a kitchen, and a balcony. There are no restrictions on foreign ownership for properties in Mumbai. An expat should search for a home to buy in Mumbai by researching the different neighborhoods and areas, looking at listings online, and visiting the area to get a better feel for the area. The most desirable neighborhoods in Mumbai include Bandra, Juhu, Malabar Hill, and Worli.
How do I find a place to live in Mumbai?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One of the best ways to find a place to live in Mumbai is to use online resources such as rental websites, classifieds, and real estate agents. You can also search for local newspapers and magazines that list available properties. Additionally, you can ask friends and family who live in the area for recommendations. Once you have narrowed down your search, it is important to visit the property in person to ensure it meets your needs," remarked one foreigner who made the move to Mumbai.
"We live in Powai; I chose the area by finding the middle spot on the map between my husband's office commute and my kids' school bus ride," explained one person living in Mumbai, India.
What is a typical expat home or apartment like in Mumbai?
"Expat homes and apartments in Mumbai are typically modern and luxurious, with amenities such as air conditioning, high-speed internet, and 24-hour security. Many expat homes and apartments are located in upscale neighborhoods, such as Bandra, Juhu, and Malabar Hill, and offer stunning views of the city skyline. Expat homes and apartments often come with a variety of amenities, such as swimming pools, gyms, and private gardens. Expats can also find a variety of housing options, from high-rise apartments to villas and bungalows," remarked one foreigner who made the move to Mumbai.
"We live in 2000 sq ft, flat; 4 bedroom that 3 bedrooms have 2 floor to ceiling wall closets; 5 bathrooms as the smallest is for the maid; 3 patios with 2 small patios attached to 2 bedrooms. The kitchen is small with one sink and a built in stove and a patio for the washing machine. I had to buy the refrigerator. I have a storage room with shelves. I have wall sliding glass doors in 2 bedrooms and the living room, and large window in the dining area, giving the place lots of light, and unfortunately, heat. We have an AC unit in each bedroom and living room. It is smaller than most expats' homes. They tend to live in much larger flats," explained one person living in Mumbai, India.
What is the average cost of housing in Mumbai?
If you are thinking about moving to Mumbai, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Mumbai can vary greatly depending on the area and type of property. Generally, housing in Mumbai is quite expensive, with prices ranging from mid-range to luxury. Renting a one-bedroom apartment in a good area can cost anywhere from $500 to $2,000 per month, while buying a property can cost anywhere from $50,000 to millions of dollars," remarked one member in Mumbai.
"Lower than home. My area is around 1 lac; we pay less than most expats in Powai, and much more than most Indians. Our electrical bill is much lower than expats, but have my Indian friends falling over in shock," explained one expat living in Mumbai, India.
Should I buy or rent a home in Mumbai?
If you have not spent a lot of time in Mumbai, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Mumbai can be a great investment, as the city is a major economic hub and real estate prices are likely to continue to rise. However, it is important to consider the cost of buying a home in Mumbai, as well as the cost of maintaining it. Renting a home in Mumbai can be a more cost-effective option, as it allows you to live in the city without the long-term commitment of buying a home. Additionally, renting a home in Mumbai can give you the flexibility to move to a different area of the city if your needs change. Ultimately, the decision to buy or rent a home in Mumbai should be based on your individual needs and financial situation," explained one expat living in Mumbai, India.
What do I need to know when buying property in Mumbai?
When we asked expats what advice they would give a foreigner before buying a property in Mumbai, they said:
"When buying property in Mumbai, it is important to research the area and the property thoroughly. Make sure to check the title deed of the property to ensure that it is legally registered and that there are no encumbrances on the property. It is also important to check the local zoning laws and regulations to ensure that the property is suitable for the intended use. Additionally, it is important to be aware of the taxes and fees associated with the purchase of the property, such as stamp duty, registration fees, and other applicable taxes. Lastly, it is important to hire a qualified lawyer to help with the legal aspects of the purchase," explained one person living in Mumbai, India.
Are foreigners allowed to own property in Mumbai?
When we asked expats what advice they would give a foreigner before buying a property in Mumbai, they said...
"Yes, foreigners are allowed to own property in Mumbai. The Indian government has made it possible for foreign nationals to purchase property in India, provided they meet certain criteria. Foreigners must obtain permission from the Reserve Bank of India before they can purchase property in India. Additionally, they must have a valid visa and must provide proof of their source of income. Furthermore, they must also pay taxes on the property they purchase," said one foreigner living in Mumbai, India.
What appliances are typically included in a rental?
We asked foreigners in Mumbai what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Mumbai typically include a refrigerator, washing machine, stove, and air conditioner. Other common appliances may include a microwave, water heater, and television," explained one person living in Mumbai, India.
Additional Information about Searching for a Home in Mumbai:
We asked foreigners in Mumbai what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats in Mumbai can search for homes by using online real estate websites, such as MagicBricks, 99acres, and Housing.com, which offer a wide range of listings for rental and purchase. Additionally, expats can contact local real estate agents who specialize in helping expats find homes in Mumbai. Expats can also search for homes through online expat forums, such as InterNations, which provide advice and recommendations from other expats who have already gone through the process of finding a home in Mumbai," said one in Mumbai.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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