Mumbai Undergone Several Changes In Real Estate Market

Mumbai is a home to the maximum number of residential high-rise buildings as it is the commercial capital of India

. Mumbai city is undergoing a massive construction and real estate boom, with hundreds of high-rise and more than 85 skyscrapers under construction. The villas and bungalows are giving way rapidly to high-rises. In a city that has limited space and a rapidly rising population, tall buildings offer the ideal solution to provide residential apartments for all. There was a great demand for all the extended suburbs like Andheri, Borivalii, Thane, Navi Mumbai and particularly Panvel which witnessed strong demand due to the proposed international airport.

As high-rise buildings occupy less ground space, surrounding land is available for the creation of essential infrastructural facilities by utilizing the FSI premium generated by these tall structures. Additionally, if such structure are conceived for mixed use they can help retain people in the city centers and solves the space crunch. Prices of Residential Property in Mumbai is expected to move further upside as sales increase and investor sentiments strengthen. According to the report there is supply coming in all segments of residential, from luxury to mass housing.

Moreover, with limited space available in the central city, Mumbai's real estate market boundaries are constantly extending into newer areas. Besides, infrastructure projects such as metro, monorail and flyovers being put in place to boost accessibility more locations within the city and reduce commuting time. This is good news for the realty sector in the medium to long-term, depending on the pace at which these measures are implemented and the residential real estate will continue to be in highest demand and therefore on the priority list of most developers.

The Market of Property in Mumbai has undergone several changes over time. Earlier, buyers were satisfied simply with the four walls of a home. Gradually, as aspirations rose, developers started providing various external and internal amenities, adding to the 'luxury' factor in residential property buying.

Today, home buyers take these basic amenities for granted; they are well read and aware and want products that offer value for money. Developers are also ensuring that they give a wholesome living experience to their buyers and are coming up with unique ideas in tune with customers' needs.

Mumbai a sort of super sale time for NRI's with the present scenario of Indian real estate offering brighter prospects to them in terms of investments. At the moment, the Indian economy is relatively stable when compared to other economies in the West. For the NRI's, the Indian real estate market will fetch better value, as of now if compared with properties in the West and even good amount of appreciation in the future. Interestingly, buying a housing property in India also gives tax benefits, of course in certain conditions. Ranked as one of the most buzzing cities in the world, Mumbai is the commercial capital of India and is gearing itself to become one of the global financial centers.

On the real estate front, Mumbai offers several options that match global standards as enjoyed by NRI's in the countries where they are currently based. Residential complexes, commercial building and retail structures in the city are excellent in terms of quality, earth-quake resistant structures, design and architectural excellence and landscaping, on par with the best worldwide. They are constructed so as to take care of the present as also of the future needs.

by: lokeshmanu24

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