Mumbai’s property market has undergone significant changes over the past two decades, driven by limited land, rising prices and expanding transport infrastructure. Real estate expert Owais Machhiwala, who has 18 years of industry experience, discussed these shifts with a prominent news organisation, covering affordability, suburban growth, buying versus renting and changing buyer behaviour.
Asked to describe Mumbai real estate in three words, Machhiwala said, “Dynamic, growth, unaffordable.”
He said a common misconception is that all developers operate unfairly. “One of the biggest misconceptions is that every builder is a thief. There are a lot of very good builders and developers doing a tremendous job. Unfortunately, a few bad apples ruin the reputation of everyone. But buyers should educate themselves before making such a major life decision.”
For middle-class buyers, he pointed towards extended suburban markets. “I think the future of the middle class is in the extended suburbs. Places like Thane, Panvel and other peripheral markets are becoming more accessible, especially with improving connectivity and metro infrastructure. My honest advice is: don’t overextend yourself. Buy where you can afford. You can start with a one-bedroom home and expand later.”
Machhiwala attributed Mumbai’s price resilience largely to limited land, while noting that affordable, connected pockets are emerging. For a Rs 1-crore budget, he said buyers could consider locations such as Mira Road, Vasai-Virar, Nalasopara, Naigaon and Panvel for larger homes, while Karjat and Khalapur could offer investment options.
On buying versus renting, his benchmark is financial stability, with EMIs ideally staying around 40% of income. He also cautioned that property remains relatively illiquid.
Discussing community-specific housing, he acknowledged dietary and community preferences but said widespread segregation could undermine India’s pluralistic character.
He also highlighted social-media-driven FOMO, advising buyers to prioritise financial comfort over lifestyle pressure. For younger Mumbaikars, he said homeownership should be viewed as long-term financial security rather than an immediate obligation.
If money were no constraint, Machhiwala said he would choose Malabar Hill for its sea views, greenery, infrastructure and neighbourhood character.
Source: The Free Press Journal
