Published on March 15, 2014
REAL ESTATE PRICES IN MUMBAI – A RODINHOOD THESIS
Map of Mumbai with residential prices of real estate as reported on 15.03.14 by magicbricks Notice the blue arrows and note the 100,000 sq feet price in the bottom left of the map.
BACKGROUND If you live in Mumbai, I am sure all of you have noticed the oft published 'real-estate' price charts that the daily papers publish. I have been staring at them for a long time now and have been trying to explain a thesis to my wife Chhavi to justify a real estate decision I made a few months back :) Today, I decided to 'Mapify' this thesis (since real estate sits on a map) and decided to share it with everyone!
THESIS Apartments in Cuffe Parade (the southernmost tip of residential Mumbai) are routinely selling for Rs. 88,000- 100,000 per square feet. The same rate applies to apartments in a building like Samudra Bhavan at Worli and many iconic buildings in Malabar Hills, etc. My theory is that the price of real estate in Mumbai gravitates from the south and radiates upwards and sideways in an pulsating fashion (slowing down as it goes farther). See the faint dotted blue arrows. As South Mumbai continues to climb, so also other areas go up, in a ratio directly proportionate to their distance from South Mumbai.
PREDICTION Prices in South Mumbai ARE CHEAP! The 'iconic' addresses in Manhattan, New York and in the West End in London sell for 10 lac per sq. feet; so South Mumbai has space to creep vertically upwards, as it has done for the past 3 decades.
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Source of Real Estate Prices in Mumbai as published in the Times of India, 15.03.14
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