30 July,2024 03:37 PM IST | Mumbai | mid-day online correspondent
Image for representational purpose only. Photo Courtesy: istock
The property rates in Mumbai are always soaring and most often than not skyrocketing like its highrises every passing day. Indian real estate portal Magicbricks has shared that Andheri, Khar West and Prabhadevi are the most premium areas in Mumbai for residential investments.
According to its latest property evaluation tool, PropWorth, average property rates in Andheri increased 8.8 per cent YoY to reach Rs 29,061 psf; while rates in Prabhadevi increased 16.5 per cent in the past one year to reach Rs 59,300 psf.
Average property rates in Khar west increased 2.7 per cent in the last one year to touch INR 45,390 psf.
On the other hand, areas such as Virar (average rate INR 4,522 psf), Nalasopara (INR 5,109 psf) and Mira Road East (INR 9,020 psf) are amongst the more affordable areas to make residential investments.
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Between April-June 2024, property prices in Mumbai increased 6.5 per cent QoQ, to INR 26,780 psf from INR 25,153 psf in the previous quarter. With increasing demand, which is attracting attention towards under-construction properties as well, prices of such properties also increased 13 per cent to reach INR 27,422 psf.
Further, the average price of multistorey apartments across the city is INR 31,100 psf, according to the real estate portal.
