Why High-Rise Apartments In Mumbai Are Expensive And Cheap In Delhi?
India has two capitals – Delhi (political capital) and Mumbai (financial capital). Both cities have a high-density population of more than 2 Crores and due to this, the property value is very high. But, the way of home preference of the people of both the cities is very different from each other.
How? Let’s find out
In Mumbai, most people prefer to buy the home on the top floors of high-rise towers, but in Delhi still, there are lots of people who prefer independent homes or low-rise communities. Due to this, high-rise apartments in Mumbai are pricier as compared to Delhi. When we discussed with the real estate experts and real estate developers who are active in both cities, an interesting explanation come into sight. Because of climate, land scarcity, sea and slums, Mumbaikers prefer to live in high-rise apartments.
High buildings in Delhi owing to power cuts and heat
Residential property advisors in Delhi say that Delhi is a hot & humid city and there are also frequent power cuts in the summer season. So, if the power cuts occur during hot weather conditions, then there is lots of trouble caused by the heat on the top floor. In contrast, the heat in Mumbai remains low thanks to the sea. Here the climate is pleasant at high altitudes and the electricity supply is also very good.
Higher floors, Costlier apartments
According to the real estate developers, the residential property market is location-based, the more you buy an apartment on the top floor, the more cost will increase. The location of the high floor in Mumbai is favourable due to the climate and power supply. That’s why there is demand here. But the higher the building is built, the more the cost increases. That’s why property becomes expensive here as compared to Delhi.
High Floor Preference Because Of Slum in Mumbai
Executing director of a reputed real estate firm says, due to the slums in Mumbai people want to take floors so that the view is good. Because of high pollution, people also like to live on the high floor. Sea site views are also a factor. Due to the high demand for high-rise apartments in Mumbai, this city has 9 tallest buildings in the top 10 of India.
Cultural Difference of Development in Delhi and Mumbai
Experts from urban planning, say that there are lots of land banks are available in and around Delhi. Therefore, areas like Noida, Gurgaon, Faridabad, have developed here, and here you can see many ongoing low rises or residential plotted developments. On the other hand, Mumbai is struggling with land scarcity and is surrounded by the sea. Therefore, the possibilities of land expansion are zero here. Most of the wealthy people want to live nearby the beach, that’s why sea-facing high-rise apartments are high on demand. On the other hand, Delhi's culture of living in high-rise apartments is not that high.
How much does a luxury apartment in Mumbai cost?
The average price of an apartment in Mumbai starts from 3Cr. Affordable housing is tough.
Which are the most luxurious apartments in Mumbai?
Not just one there are several luxurious apartments in Mumbai,
1. Lodha The Park Worli: that is located in South Mumbai with high-end amenities and outstanding connectivity. It consists of 2BHK, 3BHK, 4BHK, & 5BHK apartments, penthouses, etc.
2. Omkar 1973 Worli, Hanuman Nagar: It is a perfect example of the finest quality modern architecture to provide an ecosystem for the people to enjoy from work, live a life i.e. relaxing and indulge in fun activities with 3, 4, 5 Bedrooms Apartments, Penthouses.
3. Peninsula Ashok Towers, Parel: Located in South Mumbai this community is highly maintained. It shares great connectivity with a myriad of features. You can choose from 1, 2, 3, 4, 5, Bedrooms Apartments, Penthouses.
Which society is best in Mumbai?
Hiranandani Estate- In addition to the various types of residential apartments, penthouses, condominiums, bungalows, commercial complexes, office buildings, hospitals, schools, community centers, gymnasiums, banks, shopping malls, film studios, bus garages, hotels, restaurants, and pubs in Hiranandani Estate, you can also find a sports club, a sports club, restaurants, and pubs. It covers an area of approximately 250 acres.
Which area in Mumbai has the highest rent?
India's most exclusive residential address, Malabar Hill is not just Mumbai's most posh area, it's also its most exclusive residential address inhabited by billionaires and millionaires. A few marquee properties of more than Rs 300 crore are also located in the hillock area, in addition to luxurious condos and penthouses.