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Mumbai is a city of dreams and owning a home in Mumbai has been a lifelong dream for many people. Space crunch has left the financial capital cramped and the surge in real estate prices has spooked people looking to buy or rent property in Mumbai.
Be it a flat, college, school, office or anything else, getting a spacious flat is not only difficult but also expensive. However most of the rest of the Indians either do not connect with the prices or do not understand the logic behind the exorbitant prices of buying a place in Mumbai.
Recently, a video of construction of a 2BHK flat within just 323 square feet area in Kandivali East area of Mumbai has gone viral. The video shows a flat with two bedrooms, a living room and a kitchen, which is no bigger than a single-car garage for most Indians.
at cost Built at a cost of Rs 75 lakh in a 23-storey high building in Kandivali East, this building has shattered the expectations of the people. People have also reacted strongly on how such a small place can be so expensive!
Also read: Mumbai property registrations in November best in 11 years: Knight Frank report
During the video, which took virtual viewers on a tour of the home, the woman shows off the compact kitchen, living space and two bedrooms in a lavish manner. This has left the netizens in splits as they commented with surprise and also shared laughing comments.
Watch the viral video here:
Reactions:
One user wrote, “2BHK flat in 323 sq ft area. 323 square feet is less than half of a badminton court. This is worth 75 lakhs. Don’t forget the washrooms and try to find a place to shower in them.”
Another commented, “The bathroom is almost over as soon as it started,” while a third commented, “I had to replay the washroom part to figure out where I was supposed to actually shower.”
Mumbai real estate critics said, “Their definition of a master bedroom is a little (very) different… ~300 sqft is usually the actual size of a ‘master bedroom’ in reality. Mumbai RE is a joke.”
At the same time, those who support creativity in space management spoke in defense of the flat. “People laughing at this should go to Singapore; Such flats are being sold for a million Singapore dollars.” Another commented, “That’s some serious creativity in space management!”
What does the data say?
According to Maharashtra government data, the Mumbai real estate market reported 10,901 property registrations in January 2024, which contributed to the revenue. ₹746 crore for the state government – This is a 21 per cent year-on-year (YoY) increase in registration numbers and an 8 per cent year-on-year increase in revenue over the previous year, according to data from the Maharashtra government’s Registration and Stamps Department. Let’s go. IGR).
The State Department had collected revenue of 692 crores in January 2023.
“The recent growth can be attributed to rising income levels and favorable sentiment towards home ownership. Also, the city has recorded the best performance in January in terms of revenue collection in 12 years, driven mainly by high rising stamp duty rates, rising property prices and increased share of premium properties,” Knight Frank India, a real estate consultancy, said in its report.
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Published: 03 February 2024, 10:49 PM IST
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