High Bombay land prices

iyou

I saw this story in Mid-Day today and did some quick calculations. The cost of the property works out to about $468 per square foot, which is astonishing when you consider the annual income of the average Indian. Of course I accept that the "average Indian" isn't likely to be looking to buy a flat anywhere near Shivaji Park, Dadar, but it's nonetheless a bit of an eye opener. And it's not as if we're talking about hi-fi (I love that term) parts of the city like Cuffe Parade, Malabar Hill or Breach Candy. This is just an upscale part of south Bombay.....

For anyone wondering how I arrived at that number, here's how I worked it out: 421 Crore is 421 x ten million Rupees. At Rs 43 to the USD, the price works out to be $97,906,972. 4.8 acres is equivalent to 209,088 square feet, and from there it's a simple division problem to find the cost per square foot.
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Mandsaur

I've read before that housing in Bombay is, per-square-foot, the most expensive city in the world, even more than New York. Strange but apparently true...

crvlvr

...and that's a good deal because its a fairly large parcel (for bombay standards) of land. Once the builders are done developing, it will be even more expensive.

goangoangone

.....and from Bombay they come to Goa for holidays and buy again..................

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lotus blossom

i went to a shopping mall in delhi, just to check it out. was i surprised to see the prices on things; much more expensive than i could afford or would spend. but there were plenty if indians carrying shopping bags of goods. it really made me wonder where they work and live since this is not what i typically see when traveling through india.

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GoanCanuck

There are plenty of people in India who are very wealthy. Even if you consider 1% of the population to be rich, that still comes to more than 12 million citizens! That is more than the entire population of many countries.

crvlvr

Only 2% on the Indian population pay income tax (and we wonder why the govt does not have resources to provide the basics).

lotus blossom

excuse my ignorance, but what sort of work is available in india that contributes to that sort of wealth?

crvlvr

you can't get wealthy working a job. Haven't you heard the saying, "behind every fortune there is a crime"?

lotus blossom

so you're saying that all of the wealthy are criminals? i think that hoarding wealth while others starve is criminal, but i am not so sure that acquisition of it is.

invinciblesummers

just a thought there are differant kinds of wealth i would far rather be rich in health and friends than money......although lol would be nice to have a little to throw around!

JesKaliebe

Actually, a while back I read somewhere that India is the country in the world with the highest amount of millionaires among its population...

GoanCanuck

There are plenty of people who earn huge sums of money legitimately.
1) Doctors
2) Real Estate Developers
3) Lawyers
4) Wholesalers
5) Chartered Accountants
6) Jewellers
7) Industrialists


As JesKaliebe mentioned India has possibly as many millionaires as the whole of Europe combined. As a result you have famous brand names like Gucci and Porsche flocking to India to get a share of this huge market.

eater

Quote:

Originally Posted by iyou I saw this story in Mid-Day today and did some quick calculations. The cost of the property works out to about $468 per square foot,

This seems about right......

the cheapest rate for residential properies south of Andheri or Juhu is INR 7000 /sq ft --- one bedroom apt (1 BHK they call it), 700sq ft works out at $120,000.

If you go north of Andheri - INR 5000/sq ft to INR3500/sq ft

http://indiaproperties.com/buy/searc...&stfl=0&beach=

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