Mumbai, the financial capital of India, is known for its bustling real estate market. However, the city’s annual monsoon season and the resulting waterlogging significantly impact property values and rentals.
Waterlogging: A Major Factor Affecting Mumbai’s Real Estate: Waterlogging is a significant concern for homebuyers and investors in Mumbai. Areas prone to waterlogging typically see a 10 to 20% decrease in property and rental values compared to areas unaffected by this issue.
Five Waterlogging Hotspots in Mumbai:
- Nana Chowk (Grant Road): Nana Chowk, located in South Mumbai, is one of the city’s most expensive areas. Despite its proximity to Tardeo, one of Mumbai’s priciest real estate markets, Nana Chowk is prone to waterlogging. Property prices in this area range between ₹50,000 and ₹70,000 per square foot.
- Hindmata (Dadar): Hindmata, located near Dadar in Central Mumbai, is another area prone to waterlogging. It takes just 15 to 20 minutes of heavy rainfall for this area to become waterlogged. Property rates in Hindmata range between ₹30,000 and ₹50,000 per square foot.
- Milan Subway (Vile Parle): Milan Subway, located between Vile Parle and Santacruz, is another area prone to waterlogging. Despite its proximity to the Mumbai International Airport, this low-lying area becomes waterlogged every year during the monsoon season. The per square foot rate in this area ranges between ₹40,000 and ₹70,000.
- Dahisar Subway: Dahisar Subway, located on the northernmost tip of Mumbai, is another area prone to waterlogging. This vehicular subway becomes waterlogged within 30 minutes of heavy rainfall. The per-square-foot rate of apartments in this area ranges between ₹17,000 and ₹25,000.
- Gandhi Market (Sion): Gandhi Market in Central Mumbai is infamous for its waterlogging issues. It takes only 10 minutes of heavy rainfall for this area to become waterlogged. Despite this, residential rates in and around Gandhi Market range between ₹30,000 and ₹50,000 per square foot.
Waterlogging is a significant concern for Mumbai’s real estate market. Homebuyers and investors looking to invest in Mumbai’s real estate market would do well to avoid areas prone to waterlogging. Despite the lower property and rental values in these areas, the inconvenience caused by waterlogging during the monsoon season is a significant drawback.
