A home on the 32nd floor of a Lower Parel skyscraper comes with sweeping city views, proximity to Mumbai's corporate districts and the prestige of living in one of the city's most recognisable luxury hubs. It also comes with an EMI of nearly Rs 5 lakh every month.
In the second episode of NDTV Profit's The Habitat, Vishal Bhargava steps inside the 2,200-square-foot home of wealth manager Anil Jha, who bought the apartment for about Rs 8.5 crore. For Jha, choosing Lower Parel was about more than the address. Its proximity to his workplace reduced travel time, while the neighbourhood offered access to a network of business leaders and other influential residents.
But the convenience comes at a considerable cost. Jha pays a monthly EMI of about Rs 4.81 lakh. Wearing his wealth manager hat, Jha also offers a rule for buyers considering similarly expensive homes. “Your EMI should not exceed on the higher side 30-35% of your net income,” he says.
The mortgage is only one part of the equation.
Cost Of Living In Lower Parel
Domestic help costs Jha approximately Rs 75,000 every month. In a luxury residential complex, individual household tasks can each command separate charges. "Each help would charge you Rs 8,000 for each work," he says, citing utensil washing, laundry and bathroom cleaning as examples.
Then there is the building itself. "The maintenance would be approximately Rs 61,000 and there would be another approx Rs 12,000 by way of property tax," Jha says. Electricity bills, particularly during Mumbai's summer months, add further to the running costs.
His caution extends to how buyers enter the property market. Jha advises homebuyers to avoid under-construction projects because delays and long waiting periods can undermine the economics of the purchase. "Avoid buying under-construction property in India," he says, arguing that the risks remain relevant across both pre- and post-RERA projects.
For Lower Parel, the attraction is clear: luxury towers, corporate offices, convenience and status. Jha's experience ultimately turns the question of luxury housing into one of affordability rather than aspiration. The address may offer convenience, status and access, but the larger takeaway is his own financial rule: the lifestyle only works if the debt remains comfortably within one's means.
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