subject: Mumbai, the Ideal Realty Destination in India [print this page] Mumbai is the richest and the most glamorous city in India that houses top notch industrialists, bureaucrats and celebrities. It is regarded as the financial capital of the country with National Stock Exchange (NSE), Nifty, headquarters of leading companies and other important financial institutions located in the city. Mumbai real estate is possibly the first to be developed with homes spelling extravagance for affluent buyers and affordability for middle class. Its realty market has seen its share of ups and downs with times of slowdown but has picked up pace with revival of the economy. This article throws light at the existing realty trends in Mumbai, the property rates, the upcoming projects, the redevelopment works and other related things.
Mumbai real estate is among the most expensive property sectors in the country and the good news is that realty rates are expected to rise further according to JLLM. The growth in residential property segment is in vogue with hundreds of housing projects under construction or awaiting approval across the country. And as per Jones Lang LaSalle Meghraj (JLLM), a global realty consultant, the demand for commercial real estate in India is improving. Even retail segment is no less with enough demand and supply equation going on as the mall culture and the concept of organized retail gains popularity. Therefore, the entire realty spectrum-housing, office and retail spaces-is witnessing large scale developments in present times. This constant demand and the subsequent construction are to get translated in large number of transactions, related to leases as well as outright purchases.
The property in Mumbai has developed so much that it has reached a saturation point where no space for further construction is left particularly in the central city. The peripheries of the city are continuously getting redefined and expanding everyday owing to the availability of limited space. The urbanization trends and liberal FDI policies have triggered realty investments in Mumbai, the city of dreams. A huge supply deficit is being faced due to the growing population as thousands of young aspiring models and actors come to the city with starry dreams in their eyes. This wonderland welcomes corporate professionals and students from across the country as well being home to some of the most prestigious colleges and world renowned companies. With such diverse kind of people migrating to the fashion city of India, the demand for real estate is obviously going to be unstoppable. Mumbai realty market is flooded with housing projects but still falls short of meeting the colossal demand. This is probably why renting accommodations, PGs, apartment sharing and hostels are so common in the city. Besides the capital realty market, the rental in Mumbai and nearby areas is also very sought after.
Apart from developing housing in Mumbai, realtors are found to be focused on improving the infrastructure of the city. Consequently, various projects for improving connectivity and basic amenities are being launched like that of metros, monorails, flyovers, etc. A quick look at Mumbai property rates reveal while South Mumbai demands highest prices, West Mumbai interestingly falls in both premium and affordable categories. Quickly following them is Central Mumbai and then Navi Mumbai in its suburban areas. The capital values of apartments in Mumbai ranges from `1,400 to `85,000 per square feet and rentals vary from `5,000 to `80,000 per month. With the entire Bollywood and TV industry settled in the city along with leading businessmen, the property prices are no surprise.
Mumbai real estate is the best option for property investors as it is expected to soar higher in coming times. The richest Indian city is all set to get costlier.
Mumbai, the Ideal Realty Destination in India
By: Deepika Bansal
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