The beautiful marine city of Mumbai is the heart of Maharashtra. It is also the financial Capital of India and one of the safest cities in the Country.
The city enjoys a strong and robust economy with a constant growth every year. Although the city is home to a large number of Multinational Companies, yet it has a strong diversity of business and industry providing a large base of employment opportunities.
Mumbai is also the hotspot property destination for the real estate property hunters, attracting major builders and developers not just from India but also the foreign collaborators.
Mumbai’s real estate has redeveloped many parts of the city, by demolishing the old buildings and replacing them with mixed developments of business, shopping and living space.
The city’s real estate prices have out weighed that of Manhattan making it one of the major real estate market of the world.
The real estaste market of Mumbai has boomed over a few years due to the interest of large Corporate Houses and investors especially from abroad.
But the growing number of M.N.Cs along with other industrial sectors and their huge expansion plans has pushed up the demand for office spaces and commercial units. This has also sky rocketed the real estate prices and rents across the city. The office rents of Mumbai are second highest in the world.
By the end of this decade, the requirement of the office units is estimated to increase immensely. The base will continue to shift from south Mumbai to the western and central suburb.
The reason being easy accessibility of the land, better infrastructure, proximity to the Airport and major highways as well as afffordable prices.
In the residential segment, the increase in per capita income of an average Mumbaikar has motivated him to opt for a better lifestyle .
In recent years, there has been a significant boost in the number of the residential projects offering lucrative packages. However, they have not achieved much success in attracting buyers due to the non- affordable prices.This has led to a discord between the buyer and the seller which needs immediate attention.
Then only can the ‘boom’ in the real estate market be called as a ‘boom’ and not a ‘bubble’.
About the author:
dipty gharat is an eminent writer and has written several articles on biotechnology, plastic surgery, aviation ...
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