Real Estate Agents in Mumbai Making Big Money

Irrespective of the ups and downs in the market, real estate agents in Mumbai are making good money. Just one deal in a month can easily get them more than 1 Lac rupees. For instance, if the average price of a small 1BHK apartment in Mumbai is 50 Lacs, agents receive 1-2% commission from the buyer as well as the seller. Even with 1% commission, they get to earn 1 Lac through one deal.

Continuous price increase has limited the purchasing power of homebuyers; however, this has not stopped property rates from skyrocketing. Mumbai continues to be one of the most expensive real estate markets in India. According to Knight Frank, a real estate consultancy firm, 29% of under-construction units in the city cost more than 1 Crore rupees.

According to a survey conducted by Knight Frank in 2013, Mumbai is the 16th most expensive real estate market in the world. As per the survey, average cost of homes in residential areas such as Cuffe Parade, Nepean Sea Road, Malabar Hills and Colaba was 57, 800 rupees per sq. ft. Positive growth in Mumbai has led to the 0.5% growth in property rates. The high price growth is mainly led by investors spending big bucks on luxurious penthouses and bungalows. If the super-rich buyers continue to invest heavily, growth in Mumbai rates might increase to 5% in the coming months.

Expensive Properties in the City

Altamount Road in South Mumbai is home to India’s two richest industrialists- Mukesh Ambani and Kumar Mangalam Birla. Several other old business families also have their plush properties on this road. Altamount Road is parallel to Peddar Road and has always been popular among the ultra-rich buyers in India. In 2012, property rate in Altamount Road was 60,000 rupees per square feet.

Star attraction of this location is Mukesh Ambani’s 27 storey home named Antilla. This is a billion dollar home with three helipads, a theatre, ballroom and six floors of parking. Some of the other expensive properties in Mumbai are: Glamis Villa worth 180 Crore, owned by Fazalbhoy family, bhabha bungalow, worth 257 Crore, Gulistan worth 270 Crore, Villa Nirmala, worth 300 Crore, located on Carmichael Road, Nepean Grange, worth 350 Crore.

Real estate is one of the hottest businesses in India, especially in Mumbai. Estate agents in the city are making big bucks as the rich are ready to shell out huge amounts for luxurious properties. Whether there is a boom or a slack, Mumbai’s realty market always offers good money to the agents. If they sell a property, whether it is a flat or commercial property, they get 1-2% as commission. The better they negotiate; the better will be their commission.

If a property is given on lease, they get approximately 2 months brokerage as commission. The brokerage amount is given to the real estate agent on every renewal of the same flat. Whether they sell units from a residential project in Virar or a commercial office space in Andheri, estate agents get to earn a lot of money.

Shaun Anderson has valuable experience of working under reputed real estate agents in Mumbai. He has sold units from a residential project in Virar and several other residential units in Mumbai.