Mumbai, India’s financial capital, has emerged as the priciest real estate market not only in India but also in the world. Mumbai property rates have always been higher compared to other metro cities in the country, as various surveys by real estate consultants have shown from time to time. So, is it possible to buy a home in Mumbai for Rs 1 crore in 2025? The answer is ‘Yes’ and ‘No’ both. If you look for a large and desirable property in central areas or top localities, no chance of getting one.
While prices in India’s financial capital are often as high as its skyscrapers, the 1 Finance Mumbai Home Price Index suggests that some areas in the Western Suburbs—Goregaon, Malad, Kandivali, and Borivali—offer some options.
“Priced between Rs 21,058 and Rs 28,277 per square foot (PSF), these neighbourhoods are the city’s sweet spot for homebuyers seeking affordable homes within Rs 1 crore. These areas host MNCs, corporate parks, and amenities such as Sanjay Gandhi National Park, Nesco, and Inorbit. They have excellent connectivity via the Western Railway and Metro Line 2A, making them a prime hub for both work and leisure,” the 1 Finance report said.
Over the last 5 years, the overall Western Suburbs (extending from Dahisar to Vile Parle) has risen by 4% per annum (pa), while Greater Mumbai has increased by 5% per annum, showing minimal difference in growth. Current rates stand at Rs 32,632 per sq/ft for Greater Mumbai and Rs 26,814 per sq/ft for the Western Suburbs.
Key findings of the report on Mumbai property market:
-The chart below contrasts how many square feet a Rs 1 crore corpus could be bought in February 2021 versus February 2025 in different Western Suburbs
-During that period, Goregaon East prices appreciated the most, followed by Malad East and Borivali West
-As of February 2021, Malad East offered the best value at 562 square feet/Cr, but by February 2025, Kandivali West became the most affordable at 475 square feet/Cr
-Kandivali East leads with the highest 10-year growth rate of 6% pa, followed by Borivali West at 5% pa
Decoding the target real estate market in Mumbai:
Image: 1 Finance
“Borivali, Kandivali, Malad, and Goregaon offer affordable and luxury housing, attracting diverse buyers. In 2024, 33% of Greater Mumbai’s property registrations were from the Western Suburbs, with 58% from these areas. First-time buyers can find 1 BHKs for Rs 1-1.5 crore, making them ideal for affordable housing,” the report said.
PSF methodology:
The PSF (per square foot) values are calculated by averaging the prices of affordable, mid-range, and luxury residential properties across the Greater Mumbai region. Property valuations, price trends, and growth projections are indicative and subject to market fluctuations, regulatory changes, and unforeseen economic factors.
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Sharing his viewpoint on the current market scenario, Animesh Hardia, Senior Vice President of Quantitative Research at 1 Finance, said, “The Western Suburbs of Mumbai continue to be a focal point for residential development, representing 41% of Greater Mumbai’s 2024 launches, with Borivali, Kandivali, Malad, and Goregaon accounting for 72% of this activity. The operational Metro Lines 2A and 7, alongside thriving corporate parks and retail hubs, continue to drive steady price growth. However, buyers should note that the current property supply would take approximately four years to be absorbed in present sales rates, reflecting Greater Mumbai’s broader market challenges.
Summing up…
As Mumbai’s residential landscape evolves, the Western Suburbs present a unique combination of affordability, connectivity, and price appreciation potential. Whether you are a first-time buyer or a seasoned investor, these areas promise value within a Rs 1 crore budget, making them the heartbeat of Mumbai’s 2025 real estate narrative.