Watch your step ! Property Value in Mumbai
If you are watching sunset over Arabian Sea on Marine Drive right now, this piece of land did not exist before 20th century.
If you are doing treasure hunting in Chor Bazaar right now, this piece of land did not exist before 18th century.
Once called Heptanesia, Bombay was constituted by a cluster of seven islands (meaning of "Heptanesia" in ancient greek, indeed), Colaba, Little Colaba, Bombay, Mazagaon, Worli, Mahim, and Parel.
The creeks between islands were filled and flats were settled under British authority.
The major reclamation Hornby Vellard Project which carried out in 1784 closed the creek between Worli and Bombay islands with a sea wall.
Prior to these reclamations, 7 years after being given partially to King of England from Portugal as a dowry, Bombay was transferred from King of England to East India Company in 1668 for an anual rent of ..... 10 pounds !
Nowadays, real estate values of southern part of the city is getting quite expensive, and costal reclamation is restricted.
The city is developping to further north, or even further to the east side of the bay (Navi Mumbai = New Bombay).
The average monthly rent of a three bedrooms appartment in city centre is 73,158 INR (= 745 GBP, 957 EUR or 1,152 USD).
The most expensive residential area in the city is Malabar Hill, located in one of the seven original island, Bombay Island, where the property values would not be estimated under 60,000 INR~ per sq.ft. (= 610 GBP~ /sq.ft., 8,500 EUR~or 10,300 USD~/sq.m) !
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