Housing in Mumbai

[Genesis]

What's that like? I seen a couple of videos and heard from people who visited, it's a good seaside city, the pollution isn't crazy like Shanghai yet.

I plan to visit sometime either during this year Christmas or early next year.

But what I'm wondering is, what's the apartment prices like? Compare it to Vancouver?

Anyone know any good websites? Reputable in English?

 

[Chinese-Dragon]

I heard property prices are high in Mumbai.

Though there is no way they could be higher than here.

 

[Bombaywalla]

What's that like? I seen a couple of videos and heard from people who visited, it's a good seaside city, the pollution isn't crazy like Shanghai yet.

I plan to visit sometime either during this year Christmas or early next year.

But what I'm wondering is, what's the apartment prices like? Compare it to Vancouver?

Anyone know any good websites? Reputable in English?

It depends upon where in the city you'd like to stay, and what you're looking for. If you like having a wide selection of restaurants, clubs, and bars, in your neighbourhood, I suggest you check out Bandra (West), though most other neighbourhoods have their fair share of entertainments hop spots as well. Neighbourhoods south of Mahim fall under the 'island city' limit, and tend to be more expensive. That said, like anywhere else in the world, apartments/houses in Bombay that are proximal to the sea/have an uninterrupted sea view, are a lot more expensive than places further inland. Are you looking to buy or rent? Rentals vary from anywhere between INR 40,000 to 4,00,000 for one/two bedroom apartments in a nice area. If you're staying long, rent, if not, I suggest you check yourself into one of the many fine hotels on offer.

 

[bornmoron]

It depends upon where in the city you'd like to stay, and what you're looking for. If you like having a wide selection of restaurants, clubs, and bars, in your neighbourhood, I suggest you check out Bandra (West), though most other neighbourhoods have their fair share of entertainments hop spots as well. Neighbourhoods south of Mahim fall under the 'island city' limit, and tend to be more expensive. That said, like anywhere else in the world, apartments/houses in Bombay that are proximal to the sea/have an uninterrupted sea view, are a lot more expensive than places further inland. Are you looking to buy or rent? Rentals vary from anywhere between INR 40,000 to 4,00,000 for one/two bedroom apartments in a nice area. If you're staying long, rent, if not, I suggest you check yourself into one of the many fine hotels on offer.

Buying only for Indians & NRIs...rest Can't. Only RENTAL.

 

[Chronos]

What's that like? I seen a couple of videos and heard from people who visited, it's a good seaside city, the pollution isn't crazy like Shanghai yet.

I plan to visit sometime either during this year Christmas or early next year.

But what I'm wondering is, what's the apartment prices like? Compare it to Vancouver?

Anyone know any good websites? Reputable in English?

In a nutshell. High. REALLY HIGH.

 

[Indian Gurkha]

South Mumbai is very high....almost comparable to other Western cities...suburbs like Andheri, Goregaon are relatively cheaper...I stay in Andheri BTW...
Here are a few websites to help you:
Real Estate, Property, India Properties, Buy-Sell-Rent Property: Makaan.com
Real Estate | Property in India | Buy/Sale/Rent Properties | MagicBricks
99Acres.com - Residential Real Estate Property - Residential Apartments India - Independent House Flats Villa Residential Land - Buy Book - Residential Listings India

 

[kbd-raaf]

I heard property prices are high in Mumbai.

Though there is no way they could be higher than here.

How is the Chinese real estate market? My girlfriends Chinese side of the family have investments there? I heard the prices have increased 800%+ since the early 2000s.

 

[Chinese-Dragon]

How is the Chinese real estate market? My girlfriends Chinese side of the family have investments there? I heard the prices have increased 800%+ since the early 2000s.

That's about right.

It also depends where you are. Here in HK housing prices are literally insane, as in world-record beating insane.

Housing prices are crazy in places like Beijing too. And despite the significant effort the government is putting into cooling down the housing prices (check the huge restrictions on buying a second property in Beijing), in the long term the demand is only going to go up.

In Guangzhou, if you want to buy a second property, you have to make an immediate down-payment of 70%! (Though at least that will help to alleviate the risk of bad loans).

How is the Chinese real estate market? My girlfriends Chinese side of the family have investments there? I heard the prices have increased 800%+ since the early 2000s.

That's about right.

It also depends where you are. Here in HK housing prices are literally insane, as in world-record beating insane.

Housing prices are crazy in places like Beijing too. And despite the significant effort the government is putting into cooling down the housing prices (check the huge restrictions on buying a second property in Beijing), in the long term the demand is only going to go up.

In Guangzhou, if you want to buy a second property, you have to make an immediate down-payment of 70%! (Though at least that will help to alleviate the risk of bad loans).

If your girlfriend's family already owns multiple properties, then I guess they don't have much to worry about on that front. Chinese people in general love property over pretty much any other investment, the demand will always be there.

 

[kbd-raaf]

That's about right.

It also depends where you are. Here in HK housing prices are literally insane, as in world-record beating insane.

Housing prices are crazy in places like Beijing too. And despite the significant effort the government is putting into cooling down the housing prices (check the huge restrictions on buying a second property in Beijing), in the long term the demand is only going to go up.

In Guangzhou, if you want to buy a second property, you have to make an immediate down-payment of 70%! (Though at least that will help to alleviate the risk of bad loans).

I don't understand though, I thought there was massive amounts of supply because of the large housing projects that have been going on.

Why has housing prices increased so much? :/ I know in Mumbai it's because of the land-mafia and shortage of supply. But China doesn't have that problem?

Is there something else going on that I don't know about? Also are non-Chinese residents allowed to buy property in China?

 

[dray]

I don't understand though, I thought there was massive amounts of supply because of the large housing projects that have been going on.

Why has housing prices increased so much? :/ I know in Mumbai it's because of the land-mafia and shortage of supply. But China doesn't have that problem?

Is there something else going on that I don't know about? Also are non-Chinese residents allowed to buy property in China?

People are treating property as investment and buying as much as possible, I guess.

 

[Chinese-Dragon]

I don't understand though, I thought there was massive amounts of supply because of the large housing projects that have been going on.

Why has housing prices increased so much? :/ I know in Mumbai it's because of the land-mafia and shortage of supply. But China doesn't have that problem?

Is there something else going on that I don't know about? Also are non-Chinese residents allowed to buy property in China?

You're right, supply is huge. I guess you have seen our production and construction numbers.

However, demand is higher. China is in the middle of a truly enormous urbanization process, bigger than any country has ever seen, due to our sheer population size.

And of course, corruption and inefficiency from local officials and businesses hurts a lot too. Corruption from local officials is pretty much the biggest grievance in the country.

But I think the most important factor is that Chinese people tend to have a big obsession with property investment. It is seen as the best and safest investment, since even if property prices plummet, you can still use those properties as a place to live.

The result is that there are a lot of properties that were bought solely for the purpose of investment, and those properties are in fact empty for most of the year.

I'm aware this happens in other countries too. The difference here, is the sheer scale of it.

 

[dray]

What's that like? I seen a couple of videos and heard from people who visited, it's a good seaside city, the pollution isn't crazy like Shanghai yet.

I plan to visit sometime either during this year Christmas or early next year.

But what I'm wondering is, what's the apartment prices like? Compare it to Vancouver?

Anyone know any good websites? Reputable in English?

Apartment prices? Are you planning to visit or settle?

 

[Arya Desa]

You're right, supply is huge. I guess you have seen our production and construction numbers.

However, demand is higher. China is in the middle of a truly enormous urbanization process, bigger than any country has ever seen, due to our sheer population size.

And of course, corruption and inefficiency from local officials and businesses hurts a lot too. Corruption from local officials is pretty much the biggest grievance in the country.

But I think the most important factor is that Chinese people tend to have a big obsession with property investment. It is seen as the best and safest investment, since even if property prices plummet, you can still use those properties as a place to live.

The result is that there are a lot of properties that were bought solely for the purpose of investment, and those properties are in fact empty for most of the year.

I'm aware this happens in other countries too. The difference here, is the sheer scale of it.

Some chinese person was telling me prices are sky-high in China because housing is seen as the most save investment in China. Can you confirm?

 

[Genesis]

Buying only for Indians & NRIs...rest Can't. Only RENTAL.

damn you are right. But then again, I do intend on staying in India for about a year, the question is can I keep my place once I leave and only comes back once or twice every few years.

What about if I incorporate a company and just place my property under that.

@DRAY

I do plan on staying for a year, mostly work and travel, for fun. More for fun than work, though that is a part of it. I want to buy a place, because I heard Mumbai is good, and that the prices are always rising, so that if I buy one when I get there and sell it a couple years later, I may get a free trip out of it plus cash to spare with the difference in price.

@Arya Desa

yea, it's true, if my parents are any indication, yea. Put money in a bank, the interest rate is negligable, buy a house, it will double in a decade or so, and you can rent it out in the mean time, there is also no property tax.

Though there is all kinds of restrictions on buying now days.


BTW, more freedom for property ownership in China than in India, weird isn't it.

 

[dray]

damn you are right. But then again, I do intend on staying in India for about a year, the question is can I keep my place once I leave and only comes back once or twice every few years.

What about if I incorporate a company and just place my property under that.

@DRAY

I do plan on staying for a year, mostly work and travel, for fun. More for fun than work, though that is a part of it. I want to buy a place, because I heard Mumbai is good, and that the prices are always rising, so that if I buy one when I get there and sell it a couple years later, I may get a free trip out of it plus cash to spare with the difference in price.

@Arya Desa

yea, it's true, if my parents are any indication, yea. Put money in a bank, the interest rate is negligable, buy a house, it will double in a decade or so, and you can rent it out in the mean time, there is also no property tax.

Though there is all kinds of restrictions on buying now days.


BTW, more freedom for property ownership in China than in India, weird isn't it.

What kind of work you do? I want to do that!!