Can Rs 1 Crore Still Buy You A Dream Home in Mumbai? Yes, But Only in These 4 Suburbs

A fresh market analysis by 1 Finance showed that in 2025, you can still afford a home in Mumbai, just not in most of it. Four neighbourhoods in the city’s Western Suburbs, Borivali, Kandivali, Malad, and Goregaon, were identified as the only places where that budget stretches far enough to buy a livable space.

Prices in these pockets were recorded between Rs 21,000 and Rs 28,000 per square foot, and most HNIs would get to avail of better value, without missing out much on city life. These neighbourhoods were convenient and affordable, with easy access to the metro, business hubs and green areas including Sanjay Gandhi National Park.

“Borivali, Kandivali, Malad, and Goregaon accounted for 72 per cent of Mumbai’s residential launches in 2024,” said Animesh Hardia, SVP at 1 Finance. “Metro Lines 2A and 7, along with IT and retail hubs, are driving steady growth.”

How Far Rs 1 Crore Goes: Then vs Now

A side-by-side analysis in the report tracked purchasing power from February 2021 to February 2025. It showed how the same Rs 1 crore fetches significantly less space today:

Goregaon East saw the sharpest rise in prices, reflecting increased demand from its growing number of MNCs, tech parks, and proximity to Sanjay Gandhi National Park and Metro Line 2A.

A Market in Transition

Western Suburbs have appreciated at 4 per cent per annum over the past five years, just one point below Greater Mumbai’s 5 per cent. The current average rate stood at Rs 32,632 PSF for Greater Mumbai, compared to Rs 26,814 PSF for the Western corridor.

Kandivali East stood out with a 10-year CAGR of 6 per cent, while Borivali West followed at 5 per cent. Yet, affordability here remained higher than citywide averages, a key factor drawing young families and first-time buyers.

In fact, the Western Suburbs accounted for 33 per cent of all property registrations in Greater Mumbai during 2024, and 58 per cent of those were from the four key localities mentioned.