In the last two decades, the price of a house has been steadily rising.
That has caused many consumers to feel left out of the home renovation industry, especially in the city, a stronghold of the ruling Bharatiya Janata Party (BJP).
In the first six months of 2018, prices for a typical home in Mumbai rose by 11.2% to Rs 2.78 lakh.
For properties of above Rs 50 lakh, prices went up by 2.9% to an average of Rs 2,068,872.
In the past two years, prices have jumped by 4.8% to reach an average price of Rs 1.98 lakh.
This year, the market has seen a dramatic surge in prices.
In the city of 1.1 billion, prices in July were Rs 1,051,828 and they are set to reach a high of Rs 8,947,621 in August.
In all, prices are now about 15% higher than they were in 2013, when prices rose by 7.9%.
According to data provided by property research firm RSS Research, the average value of a home sold in Mumbai in July was Rs 6.78 crore.
The median price was Rs 7.19 crore.
A typical home sold for Rs 6 crore in 2014.
The latest figures also showed that a typical house sold in the country last year was worth about Rs 9.4 crore.
In comparison, a typical family home sold last year for Rs 15.38 crore.
While the city is a stronghold for the BJP, the other major cities in India are also witnessing dramatic rises in prices for homes, with Bangalore and Hyderabad seeing the biggest jump.
While prices in Bangalore and Bangalore Metropolitan are set at a very reasonable level, the trend has spread across the country.
According to data compiled by RSS, in the last six months, the median house price in Hyderabad has increased by 3.8%, while the median price in Bangalore has increased 4.5%.
In Mumbai, a house sold last month for Rs 2 crore in Delhi was worth Rs 6 lakh.
The same property was sold in Delhi for Rs 10.6 lakh in July, according to the latest data.