Mumbai’s real estate market remains India’s most expensive, with prime locations recording apartment prices of nearly ₹3 lakh per square foot. For homebuyers working with a ₹1 crore budget, options in premium neighbourhoods are extremely limited.
According to an analysis by CRE Matrix in its report, How Much Sqft Can You Buy in Mumbai for ₹1 Cr.?, which examined property transactions across 60 micro-markets in Mumbai during 2024, a ₹1 crore budget can buy just 73 sq ft in Malabar Hill, one of South Mumbai’s most premium residential areas. In Worli, the same budget covers roughly 100 sq ft, while Bandra offers around 124 sq ft—roughly the size of a compact bedroom.
How Much Space ₹1 Crore Buys in South and Central Mumbai
Other prime localities also offer limited space for ₹1 crore. In Lower Parel, buyers get about 136 sq ft, while Prabhadevi offers around 138 sq ft. Tardeo and Juhu provide marginally larger homes at approximately 147 sq ft and 172 sq ft, respectively.
Neighbourhoods such as Colaba, Dadar, Santacruz, and Khar fall in a similar bracket, offering roughly 174 to 200 sq ft within the same budget. These figures underline how central and South Mumbai continue to command premium pricing despite limited apartment sizes.
Suburban Markets Offer Better Value for ₹1 Crore
The stark contrast becomes evident as buyers move toward Mumbai’s suburban markets. In western suburbs like Andheri, Goregaon, Malad, Kandivali, Borivali, and Dahisar, ₹1 crore can fetch homes ranging between 270 and 530 sq ft. These areas continue to attract mid-income homebuyers due to relatively better space affordability and improved connectivity.
Eastern and Central Suburbs: More Space Within the Same Budget
Eastern and central suburbs offer comparable value. Localities including Ghatkopar, Wadala, Kurla, Sion, Chembur, Mulund, Vikhroli, Powai, Kanjurmarg, and Bhandup typically offer 280 to 500 sq ft homes within a ₹1 crore budget. These markets remain popular with working professionals due to proximity to business hubs and transport networks.
Most Affordable Areas in Mumbai for ₹1 Crore Homes
At the more affordable end of the spectrum, neighbourhoods such as Dharavi, Asalpha, Kurla, and Govandi offer the largest home sizes for the same budget. Here, ₹1 crore can secure 540 to 680 sq ft, highlighting the sharp affordability divide between South Mumbai and the city’s peripheral markets.
Additional Costs to Budget for When Buying a ₹1 Crore Home
Beyond the purchase price, buyers must factor in additional costs. Real estate consultants advise budgeting an extra 10% to 20% of the property value for expenses such as stamp duty, registration charges, development fees, and GST for under-construction properties.
Interior and furnishing costs may add another 10% to 15% of the total property value. Even in cases where banks fund a high percentage of the agreement value, homebuyers should be prepared with sufficient liquidity to manage these ancillary expenses.
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