Booming Demand In Mumbai

Mumbai, as we all of know is one of the most expensive city in terms of Indian real estate market in the world

. Its a busy and wonderful city to stay but you might find it a little difficult to get a house there in terms of expenses.

Industrialization is at its peak and education sector is also booming. So naturally, influx of people is more and there by demand for both residential and commercial is sky rocketing. Its an island city and hence has its own challenges it cannot really expand horizontally band hence vertical is the only way to go for the city. Slums are wide spread and removal of them in order to make more buildings is near impossible because of government regulations. Since so many challenges are there, prices tend to rise automatically.

Joint development of property with land owner, redevelopment of existing projects, slum rehabilitation etc are some of the newer phenomena hitting the island city. This definitely helps in increase of space and optimal utilization of land. It of course requires many approvals and green signals from organizations and government. But its a step in the right direction. Great spaces are available for builders in the extended city and the suburbs like Virar, Navi Mumbai etc. many reputed developers are getting into contracts to develop these places and make them residential for the rising demand. Decentralization of the main commercial hubs of worli, Nariman point, lower parel, goregaon, BKC, navi Mumbai etc has helped tremendously in giving a big impetus to the growing demand of real estate. Commercialization has led to people shifting residences near these areas and hence even residential property is highly priced here.

Another great trend is the importance of projects and upcoming buildings and townships with swimming pool, gym, parking spaces etc. such projects are preferred in this big, busy city. With rise in pay scales, people are ready to spend more and are able to afford luxury! Earlier these amenities were for the rich and famous but now many Mumbaikars can easily afford them. In fact, these days, builders and contractors offer great lucrative offers and discounts to buyers in order to entice them even more. Discounts can range from monetary ones to actual ones like partly furnished house, extra parking space etc. It is a win-win situation for buyers and sellers. During festivals discounts and offers are great!

So, if you are thinking of buying any house in Mumbai, this is a great time for all. Appreciation of real estate will be there or a long time! It will be a good investment.

by: Manusmriti

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