Flats for Rent in Mumbai Without Brokerage | 802+ Owner Flats in Mumbai (2023)

FAQs

Why renting is better than buying in Mumbai? ›

Renting at places is also considered 50% cheaper than buying houses. Secondly, there is no stress of home loan in renting houses. Third, individuals can choose a location near their workplace.

Buying a flat in Mumbai is one of the smartest investments you can make because Mumbai is the booming city of India, and its growth rate is very high and unstoppable. Only ensure that you choose the right developer and the correct location, essential for getting your ROI.

“Cities with the worst infrastructure have the highest value of property,” said Dutt. “And the reason for that is, because the infrastructure is so poor, the buyer is willing to pay a premium to be closer to where they want to be. “Mumbai is a very good example of that,” he continued.

The family members of industrialist and founder of Famy Care JP Taparia have bought a luxury triplex apartment worth ₹ 369 crore in South Mumbai's Malabar Hill. The sea-view apartment is said to be the most expensive in the country, reported The Economic Times citing sources.

RentCafe chalked it up to a matter of “comfort and smart investing.” Owning a home can come with more than its fair share of maintenance and costly repairs and upkeep. Then there's the flexibility renting offers one to move from city to city for career opportunities.

If you're only going to live in a place for only a year or two, renting makes more sense. However, if you're going to stay there for three years or more, then buying would be a good idea and it becomes a better idea the longer you stay.

Average Salary to Buy a House in Mumbai

Since banking institutions offer up to 80% of the property, your salary should be at least 80% of the lowest available flat price. It means the average salary to buy a house is approximately 80% of Rs. 15 lakhs in the case of Mumbai.

The best places for real estate investment in Mumbai include Andheri, Panvel, Wadala, Chembur, Thane West, Virar, Khar, and many more. Let's have a look at these localities in detail and know why they are the top areas for investment.

Most flats have a lifespan of 75-100 years and with proper maintenance, they can last longer. So, you don't really need to worry about a building older than 50 years. Coming back to profit, three factors come to my mind when it comes to selling an old flat.

According to Vastu the ground, first, second and third floors are the best floors to live in because they are close to the water element.

Which facing flat is good in Mumbai? ›

East and North East side is usually favoured for the entrance of a flat. According to Vastu shastra, the presence of the entrance in such directions attracts positivity and good luck. Additionally, the South or West direction is not considered as a good sign for the entrance of a flat.

Malabar Hill, Juhu, Bandra West, Bandra Kurla Complex are the havens for the rich people and one of the best areas in Mumbai.

India's richest person and RIL Chairman Mukesh Ambani recently gifted a property worth Rs 1500 crore to his longtime employee Manoj Modi. The luxurios building is located in a posh area on Nepean Sea Road in Mumbai. The 22-storey building named 'Vrindavan' is spread over an area of 1.7 lakh square feet.

Also known as the financial capital of India, Mumbai has several posh areas that are home to some of the eminent personalities of the country. Malabar Hill, Cuffe Parade, Juhu, Bandra, and Worli are the most expensive localities in Mumbai, with property prices hovering at Rs 30,000-60,000 per sq ft.

Antilia. Owned by Mukesh Ambani, the owner of Reliance Industries, Antilia is not just India's costliest house but also tops the list of the world's costliest houses. Situated in one of the most expensive roads in Mumbai, the Altamount Road, Antilia is a 568-foot skyscraper featuring 27 floors.

One of the major benefits of renting versus owning is that renters don't have to pay property taxes. Real estate taxes can be a hefty burden for homeowners and vary by county. In some areas, the costs associated with property taxes can amount to thousands of dollars each year.

Renting provides much more flexibility. However, if you have returned to the office, either full-time or partially, and assume you'll remain in your current job for a few years, then buying might be wiser. A common rule of thumb is if you plan to stay in the home for five to seven years, then buying is a good option.

The overall cost of homeownership tends to be higher than renting even if your mortgage payment is lower than the rent. Here are some expenses you'll be spending money on as a homeowner that you generally do not have to pay as a renter: Property taxes. Trash pickup (some landlords require renters to pay this)

The drawbacks of having rental properties include a lack of liquidity, the cost of upkeep, and the potential for difficult tenants and for the neighborhood's appeal to decline.

Is owning rental property stressful? ›

Make no mistake; there are a TON of positives to owning rental property. However, don't jump into the rental property game without seeing that there are negatives and it can get very stressful. People often overlook things like times of vacancy, tenants who don't pay rent, and maintenance issues.

What are the best places to live in Mumbai for a middle-class family? Mumbai offers quality living options like Chembur, Malad, Ghatkopar, Kandivali, Borivali, Dahisar, Dadar when it comes to a middle-class family Thane, Vasai, Vikhroli, Vashi, Sanpada, Jogeshwari, etc.

The average cost of living in Mumbai with rent primarily depends on your lifestyle. If you lead a simple lifestyle, it is possible to stay for ₹25,000 to ₹35,000 a month.

If you have a lifestyle that is above the lower middle class then 12 LPA is good enough. There are firms offering 5-6 LPA and people survive on that. They don't live, they survive. 12 LPA is good enough to live.

MUMBAI: The A H Wadia Trust, one of Mumbai's largest private landowners, has sold its 5.5-acre land parcel in Kole Kalyan, Andheri Taluka, for Rs 71 crore. The buyer is Global Eco Hotels, which is involved in hotels, camping sites and short-stay accommodations.

Mumbai has been a center of high growth returns on real estate investments. Recent developments of malls, multiplexes, and commercial hubs have made Mumbai ideal for new investors.

Ratan Tata's House In Colaba

Ratan Tata, the chairman emeritus of Tata Sons owns a magnificiant bungalow in Mumbai's Colaba. The mansion, worth approximately Rs 150 crore, covers a mammoth 13,350 square feet across three stories and seven levels, as per Housing.com.

The NCDRC will issue a directive to the developer to secure the OC for you. OC is an essential document as it ensures the security of your investment. You must not accept possession without this document. As a buyer you must make sure that your builder gets all the necessary approvals before handing over the property.

Lack of Privacy

The first drawback of living in a flat is no privacy. Flat consists of several floors, blocks, and units. One flat building can have hundreds of units, which means that one flat building can be occupied by hundreds of families — thousands of people.

On the other hand, the cons of living in Mumbai include its high cost of living, overcrowding, and air pollution. The city is also prone to monsoon flooding, which can cause significant damage to property and infrastructure.

Which apartment floor is safest? ›

Increased security

The top floor is the most secure out of all the levels. Thieves or other invaders will rarely make their way to the top of the building. If you're on the top, you can feel safe from people who might push into the building from the outside.

Vastu for apartments facing south are always considered to be bad, while East and North-East are the best directions to have the entrance, this is said to bring good luck and positivity. The main door to your apartment should be in the North-East direction of the North or East facing the wall.

Ground-floor flats tend to be more affordable than other types of housing. This is because they're usually smaller and don't require as much upkeep or maintenance. They're also often more accessible for people with mobility issues, making them a great choice for those who need extra support.

Juhu is one place every Indian is familiar with and the best area to live in in Mumbai. Very famous for its beach and street food, this place gets a lot of tourist attractions. Besides beaches, Juhu has many cute cafes, hangout places, and nightclubs.

The Perfect Main Door Direction As Per Vastu

The main door direction as per Vastu should always be to the northeast, north, east or west, as these directions are considered propitious. Avoid having the main entrance gate in southwest, south, northwest (north side) or southeast directions.

The best direction for constructing a bathroom as per vastu is in the north-west section of the home as it supports the elimination of waste.

Bandra West

Known as the Queen of Suburbs, Bandra is a popular home for expats as well as Bollywood stars. It is widely accepted as one of the most cosmopolitan areas of the city that is as sophisticated as it is trendy.

With over 25 lakh Muslims in the city, every fifth Mumbaikar is from this minority community. Nagpada, Byculla, Mazgaon, Mahim, Bharat Nagar, Behrampada, Jogeshwari, Millat Nagar, Kurla, Sonapur-Bhandup, Govandi, Cheeta Camp, and Kidwai Nagar (Wadala East) are areas that have a high concentration of Muslim population.

There are over 1.1 lakh unsold apartments in Greater Mumbai worth a jaw-dropping Rs 2.6 lakh crore (roughly $36 billion).

Is it good to buy top floor flat Mumbai? ›

If you like to frequently visit the clubhouse, swimming pool, park etc., you should go for a lower floor. On the other hand, if you prefer open space, sunlight, surrounding views, and a more isolated feel, you should go for the top floor. If you have elderly people at home, you should go for a lower-floor house.

In Maharashtra's two biggest property markets, Mumbai has 2,72,960 unsold housing units with inventory overhang of 33 months.

The chairman of Reliance Industries lives in one of the world's largest and most expensive private residences – Antilia – in South Mumbai. Other billionaires who reside in the city of dreams include Kumar Mangalam Birla, Dilip Shanghvi and Uday Kotak.

South Mumbai is a highly sought-after area, with many buyers looking to buy property. This has resulted in high demand for real estate, which has increased prices. The second factor is the limited availability of land in the area. South Mumbai is densely populated, and there is limited scope for new construction.

It is one of the most developed cities in India and is also the financial capital of the country. With the growing population annually, this city has an increasing demand in every available sector, which makes the Mumbai cost of living more expensive.

Mumbai is the financial capital of India and is also home to the maximum number of wealth creators of the country with over 280 of the richest Indians residing in the city that is also known as the 'City of Dreams'.

In Mumbai, a penthouse has been sold for Rs 240 crore. The apartment complex is situated in the Worli area. Welson group chairman BK Goenka has bought the flat at the whopping price. The name of the twin towers is Three Sixty West.

The most expensive house in India is Antilia, a 27-story skyscraper located in Mumbai. It is owned by business tycoon Mukesh Ambani and is valued at over 12000 Crores.

If you are looking for a property in a prime location, you may find that buying is a better option, as it would allow you to own a piece of prime real estate in the city. However, if you are looking for a property in an area with high rental demand, you may find that renting is more affordable and convenient.

Advantages of renting a house:

Renting relieves one of the burdens of EMI fees, property taxes, and other legal problems that come with owning a home. 2. Renting gives the impression of less responsibility. In metro cities, a house worth Rs 50 lakh can be rented for just Rs 10,000-15,000 per month.

Is it better to rent than to buy a house in India? ›

In conclusion

The opportunity cost of buying a home is much higher than renting one. However, if you are at a stage where you are stable in life and with your finances, this can be the correct next step for you.

Apartments are the most popular type of property across cities in India because of reasons like contemporary looks, modern-day amenities, in-house maintenance services and better security. Apartments are a good choice for self use, renting as well as for investment purposes.

The average rent for a 650 sq ft apartment in Mumbai is ₹38,200, while the rent for a similar-sized apartment in Hyderabad is just ₹11,000. The median rent across the six largest metro cities is ₹15,600, according to a Mint analysis of rental housing data.

What is the minimum salary needed to live comfortably in Mumbai? Depending upon your lifestyle and standard of living, the average monthly salary for living a comfortable life is INR 60,000.

It is among the costliest metropolises in the country. The living cost here is higher compared to other major cities like Bangalore, Pune, and Delhi. Well, after all, it is one of the best places to live in India.

There are advantages and disadvantages to both solutions, so the choice shouldn't be made lightly. Selling your home, for instance, can net you money right away, but renting will enable you to increase your equity as property values rise and generate income from your tenants.

Buying a house gives you ownership, privacy and home equity, but the expensive repairs, taxes, interest and insurance can really get you. Renting a home or apartment is lower maintenance and gives you more flexibility to move. But you may have to deal with rent increases, loud neighbors or a grumpy landlord.

The Ideal Age (30 - 35)

Furthermore, the salary at this stage would be higher than at an earlier age, and the individual could get a good deal on a bank loan for 20-25 years.

Financial experts say, you should spend just about 30% of your salary in rent and utility expenses. Therefore, going by that logic, if you earn Rs. 50000, you should spend Rs. 15000 barely.

How many rupees is average rent in India? ›

The room rent in the best areas varies from INR 7000 to 15000 per month. Landlords are often flexible as far as the number of occupants is concerned.

The upper floors are also known to get better ventilation, fresh air and more exposure to sunlight compared to the lower floors. Natural sunlight will always keep your apartment bright and during winter it will keep it warm.

If you are buying a property for an investment purpose, the ground floor is the best floor in high rise building for you. People, especially in Mumbai and Bengaluru, prefer upper floors, while buyers in the Delhi-National Capital Region (NCR) and Chennai prefer ground floors.

Any concrete structure should have an ideal lifespan of 75 to 100 years. However, it is believed that a flat has an average lifespan of 50–60 years compared to a house's 40 years. It is also related to apartment life in Chennai.