subject: Mumbai Real Estate Scenario [print this page] Mumbai is Indias economic capitalMumbai is Indias economic capital. Often termed as the alpha city or the engine of the economic growth of the country, Mumbai is one of the richest cities in Asia today. All the above recognition has made Mumbai, a favoured destination for immigrants to look for fruitful opportunities. This situation further led to the problem of the housing crunch in the city, creating a golden opportunity for prominent real estate players to step into the picture to satisfy the mounting need of housing in Mumbai. Interestingly, the enormous demand of housing facilities in Mumbai has resulted in a huge inflow of investment in a relatively shrinking Mumbai real estate market.
Real Estate Investment in Mumbai:
Is it safe to invest in Mumbai Real Estate? Is it profitable to venture in the growing alpha city? The onset of the Indian IT sector in the last two decades has changed the growth picture of India. With more and more of multinational organizations setting up their premises in India, lakhs of immigrants have relocated to Mumbai in the last few years. Reaping better job opportunities and living standards, the middle-class population have turned to find their dream homes in growing suburb cities of Mumbai. Driven by the huge housing demand, Mumbai realtors are developing world-class housing options in the neighbourhood of major IT/ITES hubs. To satisfy the dream of home buyers, real estate players have started to hunt better investment options in the city.
From The year 2000, investing in Mumbai has become a profitable venture. Fuelled by the sky-touching demand, the Mumbai property rates increasingly slipped out of a normal buyer. Above recognition has made Mumbai, a favoured destination for immigrants to look for fruitful opportunities. By 2006, the Mumbai property prices recorded a hike of 100%, making it difficult for an average buyer to fit in his/her pocket. Mumbai has resulted in a huge inflow of investment. Mumbai realtors are developing world-class housing options. This hike also reflected in the average sales prices and the demand of luxury residential options.
Properties in Mumbai: A Road Ahead
The global economic slowdown has affected the skyrocketing growth of Mumbai properties to a great extent. In its research studies published by Richard Green (University of Southern California, Lusk Center for Real Estate), there arent any prominent concerns about the real estate trends in 2012. However, the Mumbai real estate market may face a correction as presently it is overvalued.
