Mumbai Real Estate Is 20% Costlier Than Dubai, Says Akshat Shrivastava: What’s Driving The Surge?

Mumbai Real Estate vs Dubai Real Estate: “Mumbai real estate is at least 20 per cent more expensive than Dubai’s, yet it keeps rising despite massive infrastructure issues because real estate is hyperlocal, Indians overwhelmingly prefer to buy at home, often using black money, and there’s always someone willing to pay any price,” said, Akshat Shrivastava, a known investor shared in a social media post on X (formerly Twitter) on June 17, 2025. Despite chronic strains on trains, utilities and roads, buyers in Mumbai and across India continue to absorb steep valuations, buoyed by an unrelenting pool of domestic demand.

While speaking with Outlook Money, Ankit Kansal, Managing Director 360 Realtors, a real estate consultancy firm said, “Mumbai’s status as a prominent real estate hub in India, limited availability of land parcels, high-value micro-markets such as Lower Parel, Andheri, Bandra, Colaba, South Mumbai, etc., status as the economic capital of India.”

Akshat Shrivastava Explains the Equity Contrast

He adds, “By contrast, equity isn’t geographically bound, and many Indians would rather own U.S. stocks (PPFAS once held 32  per cent of its portfolio overseas). After 2020, equity investing exploded: DEMAT accounts proliferated, SIPs grew, and investors began to ask why bother with real estate at all. Now, better-educated investors compare Indian versus global equities and see U.S. markets have outperformed India over the last decade. India’s markets were always ‘expensive’ on high P/Es, which is justified by fast growth forecasts, but that growth hasn’t materialized, and India isn’t leading in AI, semiconductors, or robotics. Fundamentally, long-term bets often make more sense in the U.S. Ironically, all the groundwork laid in India for equity adoption may end up benefiting the U.S., which has prompted restrictive policies, tighter LRS limits, extra TCS, caps on mutual funds’ overseas allocations to make equities hyperlocal. And just as India pays a premium for substandard food and education, investors may soon be paying top dollar for baseline-quality equities.”

Policy Pushback and the Re-Localisation of Capital

Regulators have capped the Liberalised Remittance Scheme, imposed tax-collected-at-source on overseas investments and urged funds to curb foreign exposure, all to keep capital within India. But by reinforcing domestic markets, these measures risk undermining the diversification today’s retail investors crave, especially as U.S. indices have significantly outperformed Indian benchmarks over the past decade.

How to Purchase Real Estate in the UAE – Step-by-Step Guide

The process unfolds in clear stages for Mumbaikars drawn to Dubai’s comparatively affordable market. First, research locations assessing commute times, school catchments, shopping and public transport and shortlist apartments, villas or commercial units. Next, hire a RERA-certified agent to navigate listings, arrange viewings and handle negotiations within local regulations.

During site visits, gauge neighbourhood character and build quality. Simultaneously, vet each developer’s track record to avoid post-handover disputes.

Securing Financing for Your Purchase

Begin with mortgage pre-approval from banks such as Emirates NBD, HSBC UAE or Abu Dhabi Commercial Bank, which may lend up to 80 per cent of a property’s value. Expatriates should plan for a 20–25 per cent down payment; UAE nationals may borrow with as little as 15 per cent upfront. Beyond principal repayments, budget for a 4 per cent transfer fee, approximately 2 per cent in agent commissions and a 0.25 per cent mortgage registration charge plus administrative levies.

Making an Offer and Completing the Sale

With financing arranged, your agent submits an offer and steers negotiations. Once agreed, both parties sign a Memorandum of Understanding and the buyer provides a 10 per cent deposit. The developer then issues a No Objection Certificate, confirming that no dues remain on the property.

Legal Requirements and Final Registration

To close the deal, visit the Dubai Land Department with the signed MoU, NOC, Emirates IDs and proof of deposit. After settling all transfer and registration fees, the Department issues the title deed officially vesting ownership. Prospective landlords must then register with Ejari to secure a valid tenancy contract.