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Mumbai is a city of dreams and owning a house in Mumbai has been a lifelong dream for many. Lack of space has cramped up the financial capital and the surge in real estate prices has shocked the people thinking to buy or rent property in Mumbai.
Be it flats, colleges, schools, offices, or anything else, getting a spacious one is not only tough but expensive too. Though for much of the rest of the Indians, either don’t connect with the prices or can’t understand the logic behind the extreme prices of owning a space in Mumbai.
Recently, a video showcasing the construction of a 2BHK flat within a mere 323 sq ft area in Mumbai’s Kandivali East area has gone viral. The video shows the flat with two bedrooms, a living room, and a kitchen, which to most Indians is not much bigger than a single-car garage.
Priced at ₹75 lakhs in a towering 23-storey building in Kandivali East, it has shattered people’s expectations. Also, people have reacted sharply to how can such a small place be so costly!
ALSO READ: Mumbai’s property registration witnesses best November in 11 years: Knight Frank Report
During the video, which took the virtual audience on a home tour, the woman shows the compact kitchen, living space, and two bedrooms in a grandeur manner. This has left netizens in splits and they have commented on it in awe and shared laughing remarks too.
Here’s the Viral Video:
Reactions:
One user wrote, “2BHK flat in a 323 sq ft area. 323 sq ft is less than even one-half of a badminton court. This is for 75 lakh. Don’t miss the washrooms and try to find the bathing space in them.”
Another commented, “Bathroom toh shuru hote hi khatam ho gaya,” while a third commented, “I had to replay the washroom part to understand where exactly do I take a bath.”
Mumbai’s real estate critics said, “Their definition of a master bedroom is slightly (very) different…. ~300sqft is usually the actual size of a ‘master bedroom’ in reality. Mumbai RE is a joke.”
While, those supported creativity in space management, said in flat’s defense. “People laughing at this should go to Singapore; such flats are being sold at a million Singaporean dollars.” Another commented, “That’s some serious creativity in space management!”
What does data say?
According to data from the Maharashtra government, Mumbai real estate market reported 10,901 property registrations in January 2024, contributing to a revenue of ₹746 crore for the state government – this is a 21 percent Year-on-Year (YoY) increase in registration numbers and an 8 percent YoY growth in revenue compared to the previous year, showed data from the Maharashtra government Department of Registrations and Stamps (IGR).
The state department had collected a revenue of ₹692 crore in January 2023.
“The recent increase can be attributed to rising income levels and a favourable perception towards homeownership. Concurrently, the city also recorded the best January tally in terms of revenue collections in 12 years, primarily propelled by higher stamp duty rates, burgeoning property prices, and an increased share of premium properties,” Knight Frank India, a real estate consultancy in its report.
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Published: 03 Feb 2024, 10:49 PM IST
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