subject: Mumbai A Coveted Hot Spot For Residential Property [print this page] As today Mumbai stands for the comfort in the residential property market which is redefining from flats to condominiums, the meaning of the apartments to penthouse and residents to villas and estates. To own a beautiful residential property in the first-rate of any city is everyone's dream in India specialy Mumbai. Today this dream becomes all the more difficult if you would like to own a house in big cities like Mumbai, Delhi, Bangalore, Kolkata and Chennai. Mumbai being the trade capital of the nation and hence investors pertaining to the real estate are more concentrating not only from India but even abroad.
Population of Mumbai is increasing at a massive rate. Unfortunately the rate of new residential property development in Mumbai has always been lower than rate of increase in population. Coming cross to an appropriate house within your means is a gigantic task in Mumbai. Being the largest residential property market in India having the population around 19 million people. Mumbai and its suburbs encompass one of the biggest urban agglomerates in the world that is only second to Tokoyo.
Mumbai state may use a new model for redevelopment of old and dilapidated buildings in the city. To encourage composite or cluster -wise redevelopment of 16,000- odd cessed buildings, the state plans to prepare a master plan, which will be incorporated in the new development plan of Mumbai. So far, privated developer like Lodha Group, Indiabulls, Hiranandani, Nirmal Lifestyle and many more are allowed to redevelop buildings according to their own plans.
Mumbai being the most desired property destination for the residential property hunter has attracted major builders and developers not just in India but also the foreign collaborators. Mumbai real estate market lists the maximum number of Real Estate Builders and Developers in India. The Prices of residential property in Mumbai are skyrocketing but still the supply of quality constructions falls way short of the demand. Today in order to meet demand of different categories of buyers, property developers are developing residential property, also commercial and retail space as well. This made the city one of the coveted hot spot both residential and commercial property. Because more and more individuals are coming to the city for better employment opportunities, an increase in demand for residential property can be felt more.
