How much does a house cost in Mumbai?
Live MintA house is probably the biggest spend for most Indians. And with urban population increasing manifold, buying a house in a large city, which is where most jobs are likely to be, has become difficult—the first and foremost obstacle being the cost of the property. Unlike the share market where you can see the price of a particular share on real-time basis, or a mutual fund where the value of a unit is declared each day, determining a property’s value is difficult. A property price depends on various factors such as location, neighbourhood, quality of construction, amenities and age of building, among others. Though there are some real estate indices like the National Housing Bank’s Residex, Housing Price Index and Residential Property Price Index, developed by the Reserve Bank of India, their utility is limited.