Buying a home in Mumbai has become a near-impossible goal, even for Maharashtra’s top 5% earners. A new analysis reveals that this group would need 109 years of savings to afford an average 1,184 sq ft home, priced at ₹3.5 crore, despite earning ₹10.7 lakh monthly. The report, based on NHB data and urban income estimates, ranks Mumbai as India’s least affordable city, far worse than Gurgaon (64 years) and Delhi (35 years).
Why Mumbai’s housing market is out of reach even for the rich?
Financial analyst Akshat Shrivastava attributes this crisis to land scarcity and population pressure, warning that Indian property prices are unlikely to fall. Despite past economic disruptions, real estate rates have surged 200–300% since 2008, with developers simply delaying projects instead of reducing prices.
Meanwhile, Mumbai’s property market is slowing, May 2025 saw a 4% drop in registrations and a 12% decline in stamp duty collections. Buyers and businesses alike are now looking to Panvel, Karjat, Navi Mumbai, and Pune for more affordable alternatives.
