Bold yet spiritual, glittery yet classy, Mumbai manages to stuff all the extremes under one roof that leaves almost visitors exhilarated and enchanted. Mumbai is the state capital of Maharashtra and also known as, aamchi Mumbai. The city is globally acclaimed for its diverse and cosmopolitan culture. It is embellished with unbeatable infrastructure; best companies to work with, major world banks, asia’s oldest stock exchange and lots more. Mumbai contributes for over 6% for India’s total gross domestic product (GDP). These characters are coercing more and more people to choose the city as their permanent address and providing a momentum to real estate in Mumbai. The fourth largest city of world and home for more than 20 million people and still it is blooming. In June, 2016, Forbes published an article in which according to Mercer’s 22nd annual Cost of Living Survey, Mumbai is ranked 82 as India’s most expensive city for expatriates. Read More
Mumbai property rates are quite on higher side in comparison to other Indian cities and loaded with varied property types. So, if you are looking a property in Mumbai then, you may get lots of options depending upon your budget, location and type of property required.
Mumbai offers numerous varieties of properties depending upon the requirement, purpose, budget and locality. From residential apartment to villas, commercial space to farm houses, one can find a variety of options in the city. However with restricted land availability in the city, the supply and thus the demand for villas, builder floors, and residential land are surpassed by that for residential apartments. While the percent of independent house and builder floor demanded by buyers is less in Mumbai, but it is still exist as a niche segment in Mumbai.
The city has different areas to cater different income groups, it ranges from residential properties, commercial properties to rental properties, posh areas and others. Being such a vast city, selecting a nest near the work place is very important. Mumbai real estate is considered to be one of the highly expensive property markets in India. Owing a property in Mumbai has a high real estate value, and the credit goes to high demands and higher property rates.
Increased rental rates, both in residential and commercial properties, have made investments in Mumbai the most profitable industry trend. NRIs are finding Mumbai as their most favourite and secure place for investment. To cater the demands of NRIs, builders and developers of Mumbai are introducing new residential and commercial projects. According to a survey by Indian Express, “Mumbai’s eastern suburbs most favoured for homes, offices in 2015”
If we talk about the few of the posh areas of the city, then here is the list:
Rental properties in Mumbai have gained a huge interest in the property market, with the advent of industries; there is a massive increase in the number of migrants. And this is directly affecting the rental property market. As per the surveys, the rental graph in MMR is positive with the increase in the number of tenants. The popular opted rental localities of Mumbai are:
With the advent of manufacturing units, MNC’s, shopping malls and restaurants, commercial property market has received great momentum. Commercial projects are developing and widening in all the directions of Mumbai as well as in adjoining areas. Over a few years, the investors and corporates are investing money in property in Mumbai. Some of the commercial real estate hubs are as follows:
The proposed upgradation of infrastructure, remodelling of railway networks and increasing demand of commercial property in Mumbai has uplifted the real estate world of Mumbai. Various renowned builders such as Hiranandani, Lodha group, Dosti Group and more are launching residential and commercial units with the outstanding amenities at reasonable prices.
Mumbai is popular as the commercial hotspot of India, which holds a special position in commerce, Bollywood (movie industry) and fashion industry. It is the home for prominent organisations such as the Reserve Bank of India, Securities and exchange board of India (SEBI), Essel Group, Reliance industries, Aditya Birla and many more.
Mumbai serves as an economic hub of India, contributing 10% of factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India's foreign trade.
With the increasing population, land availability is a major upcoming threat, to overcome it, the government is launching new residential and commercial areas near to Mumbai center such as Navi Mumbai. It is a lush green sider of Mumbai with the scenic beauty, broad roads, well connected transport modes and modern facilities.
Government is also promoting reconstruction or renovation of the older buildings in the posh areas of the city with a view to offer a social and physical good infrastructure. In collaboration with some of the renowned builders, the focus is now on developing the distant suburbs to cater the increasing needs of the ever-increasing population of Mumbai.
Major infrastructure projects proposed by the government such as the Mumbai Metro expansion, coastal road, Trans Harbour Link and the Smart City project are expected to help Mumbai real estate market grow.
The latest development on the transportation front is the one area that has worked in the favour of Mumbai property market immensely. The city now runs on four modes of transports – Buses, Trains, Metro, and Monorails.