Compared to other cities of India, the construction cost of a house in Mumbai is 10 percent more as per the guidebook Construction Cost Guidebook. So if you are planning to build a house in the financial capital of India, you should have your financial plan in place and also a deep pocket.
It is important to note that the real estate builders in Mumbaiconsider quite a few factors when quoting the price of the construction. But before we get into the details of the factors that affect the price of constructing the house in the Mumbai metropolis, here are some figures.
- A mid-rise building in Mumbai will cost you Rs 3,125 per square foot (sq. ft). Delhi and Pune follow the closest to Mumbai’s construction cost at Rs 2,750 per sq. ft.
- Despite the price hike by 2025, the real estate of the primary urban centers will be about 8.2 billion sq. ft.
- About 17 million people will be employed by the sector
The figures indicate that despite the price increase, the real estate market in Mumbai will not slow down. On the contrary, even the top builders in Mumbai have breathed a sigh of relief with the GST enactment. The regulation allows the constructors to source their material transparently. It also stabilized the construction costs where materials are bought only from suppliers who are registered with the authorities.
Factors Impacting The Construction Cost of House In Mumbai
Mumbai’s Developmental Regulation
Irrespective of who the constructor or builder is, they need to get the approval of constructing a property in the area by the local municipal corporation, council, or the Panchayat. Until they grant the permission, the construction cannot start. In addition, they need to approve the height of the construction, minimum surrounding areas to be left vacant, the room sizes, refuge areas, and parking spaces.
The Building Plan
An architect needs to do the floor plan or the layout of the house or the building. Its cost typically starts from Rs 20,000 per sq. ft in Mumbai. This can increase depending on the reputation of the architect or the firm where the plan is being made. This also needs to get approved by the local council before the construction can start.
Often, the construction cost of a house in Mumbai is determined by the quality of the constructors’ raw materials. Typically when you hire the top builders in Mumbai, they will select the best material. Unfortunately, this also means the cost of constructing the building will be more.
Whether you are constructing 3 BHK flats in Mumbai or a single-story property, it is often a one-time venture for many. Hence, it is highly recommended you hire an experienced consultant who can guide you with proper plumbing, tiling, and other amenities of the property. They might cost between 10 and 15 percent of the project’s total cost.
So, when you are looking at constructing a house in Mumbai, typically. You are likely to invest between Rs 3,000 and Rs 3,5000 per 1,000 sq. ft with the basic amenities.
To Sum Up!
Since the construction cost of a house in Mumbai is not cheap, always hire an expert to get the work done. The person should know what they are doing, stay within your budget, and give you the best materials and amenities.