There are various ways to describe Mumbai. Mumbai is financial capital of India. As most who lived in Mumbai there would surely know; India’s most expensive housing market. House prices rise much faster than wages which means that houses become less and less affordable. In cooperate world many of people are getting unemployment, many of people offers for a less salary in current situation is become higher issue to buying a property. There are various reasons behind Mumbai’s high property prices are mentioned below.

Geography.

Mumbai is surrounded by water on three sides, preventing circular development in city. Development in Mumbai has always been one directional from the south towards  the north Mumbai.  Mumbai is a separate city resides in between water which passes fresh air and make good climate. This is the reason for migration of huge amount of people from other states in Mumbai.

Migration.

Mumbai is a dream city where everyone’s dream comes true, nobody can seat jobless those who want to do job. The large film industry (Bollywood) is located in Mumbai only. These are the main reason for attracting a lot of migrants from other parts of the country, which cause to increasing house prices in Mumbai.

Increasing nuclear families.

In current generation most of the people wants to stay separate from join family is the reason to require additional houses. So inherent demands from Mumbai’s local inhabitants is always rising, which reflects on property prices.

Infrastructure.

Various projects in Mumbai such as Mumbai trans-harbour  link, Mumbai local train, Navi Mumbai International airport, Metro, etc  facilities attract people to stay in Mumbai which increase population of Mumbai which reflects on property prices.

There are many other reasons for Mumbai’s high property prices and I have shared according to my experience in Mumbai.