subject: Rise In Rates Of Mumbai Properties [print this page] Mumbai, the economic capital of India has often been the trendsetter in the indicative property prices of Mumbai Real Estate as such has always been in the forefront when it comes to property prices. It has in the recent years a report 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.
The Mumbai Property prices as well as the raise in rental values in Mumbai owe much of its credit to the large scale investments in the business sector. Mumbai has always been the hot favorite for most of the corporate sector to have their headquarters in the city. And with escalating investments by MNCs in the IT, ITES and the BPO sector, there has been a growing demand for workplace ; which have consequently developed an imbalance in requirement and provide for residential properties. The rental values in Mumbai Apartments have also in high corresponding to that in other metros.
Government of Maharashtra has entrusted work of development of subways, Flyovers to MSRDC. The flyovers are planned with a corridor development strategy. This fast corridor will make it achievable to move from Thane, Vashi or Borivali and reach South Mumbai swifter.
The Bollywood, the Mumbai film industry, the largest in the world, is also a contributing factor for the growth in the real estate cost of Mumbai. High net worth investors, other investors along with rising middle class communities are continuously fuelling the price increase in real estate value here.
In a recent issue of Forbes Magazine Mumbai has been described as the future capital of the world. Mumbai is also the trend capital of India, so it is one of the foremost cities to be hit by the retail buzz. With the starting up of the retail market, there has been a rising need for retail properties in Mumbai. This has made a practical 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 need is excessive.
Considering all these features, it can be said that Future of Real Estate in Mumbai will continue to observe a growing trend.
