subject: Real Estate Price Trends In Mumbai Properties [print this page] Mumbai, the financial capital of India has always been the trendsetter in the indicative property prices of real estate India Mumbai as such has always been in the forefront when it comes to property prices. It has in the recent years a record rise in property prices at par with some of the highest real estate prices in the world. In such terms, Mumbai, our Manhattan of India can put New Yorks Manhattan to shame.
Mumbai is also the fashion capital of India, so it is one of the foremost cities to be hit by the retail buzz. With the opening up of the retail market, there has been a growing demand for retail Mumbai properties. This has created a viable market for mall space and other retail stores and showrooms. These retail stores and malls are either owned by a business group or leased for hefty prices as the demand is high.
The property prices as well as the increase in rental values in Mumbai owe much of its credit to the large scale investments in the commercial sector. And with increasing investments by MNCs in the IT, ITES and the BPO sector, there has been a growing demand for office space; which have consequently created an imbalance in demand and supply for residential properties. The rental values in Mumbai have also in high corresponding to that in other metros.
Mumbais residential market has already seen a slowdown over the last three quarters, and even the festival season did not yield the anticipated rise in sales. The downward pressure in rates will continue, aver experts.
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