Mumbai is the financial capital of India. The amount of money that circulates in Mumbai is huge.
Majority of the big companies in India either have their head-office in Mumbai or have a significant presence in Mumbai. Almost all big financial firms/companies/banks have their head-office in Mumbai.
The number of high-paying jobs in Mumbai
is significantly higher than anywhere else in India. 7 figure monthly salaries (10 lac+) are common in Mumbai.
Mumbai richest Indian city with total wealth of $820 billion: report - Livemint
India’s financial capital Mumbai, which is home to 46,000 millionaires and 28 billionaires, is the richest Indian city with a total wealth of $820 billion, says a report.
The points mentioned in post #2 and #5 are valid.
Black money is a major driver of the real estate sector in India and it is likely to remain so at least for next decade.
Unless the actual generation
of black money is controlled, efforts to curb the flow
of black money into real estate will prove futile.
In tier 2 and tier 3 cities too, land has become ridiculously expensive, but apartments are still affordable.
, tenements/bungalows are slowly getting replaced by flats/apartments because land prices are no longer affordable, even for the upper-middle class.
New bungalows are getting constructed only on the outskirts, where land is cheaper. A 1300 square feet plot (minimum needed for 2bhk) in the central areas costs a minimum Rs 75 lac. Plots of similar size and touching main roads go for 1.25 crore and more.
Unless supplemented by funds from some other source, no middle-class family can afford to buy or construct a bungalow
in the central areas with their own income.
Plots are still cheaper on the outskirts and one can get a decent bungalow for 45 lac.
Apartments are still affordable and 30-40 lac can buy a decent apartment in a central area.