Why is it the right time to own a property in Mumbai ?
Intro: The prices for a residential, commercial and retail property in Mumbai are already
touching the sky and receding prices are surely not in the offing
Financial capital, a global platform, pouring MNCs, IT rage, Bollywood and promising
career aspects…Do they suffice as reasons enough to own a property in Mumbai? Well,
they definitely have a great impact on the developing economy of Mumbai interlinked
with the lives of individuals. So, to an extent yes, they definitely are some of the
prominent driving factors to own a property in Mumbai.
However, the mounting rentals, congested accommodations, insecure environs, increased
spending limits and downpour of home loans call for a greater reason why anyone
residing in Mumbai must own a property. If on one hand Mumbai has limited physical
boundaries, the growing population on the other hand exists in a boundary less manner
expanding in an inappropriate ratio. The sooner an individual realizes his or her dream of
owning a property in Mumbai, the better. The bombarding rate of increasing rentals and
the increasing prices of properties in Mumbai are clear indicators of the times to come.
The boom in the real estate market of Mumbai does not show any signs of receding
prices, moreover, the prices for a residential, commercial and retail property in Mumbai
are already touching the sky.
The prices for a property in Mumbai are towering high just like the sky-scrapers of New
York. Owning a property in Mumbai in the prime locations; be it residential or
commercial, can drain all your finances unless you belong to the super-rich category.
MNCs operating all across the globe see Mumbai as the preferred choice to operate from
India, reason being Mumbai is the financial nerve centre of India. Some might say that
renting is a better option as it rids you of the additional responsibilities that come with
ownership, but the question is shrieking and shrugging the responsibilities cannot
continue for a lifetime. There is no reason for people drawing hefty salaries to delay the
purchase of a property in Mumbai. Think of it like this, unlimited demand and limited
supply = inflation. There is no reason why people migrating to Mumbai will not do so in
future. The economic developments will keep inviting many to the city. If your budget
does not allow you to own a property in Mumbai, especially in the prime locations, you
can always look forward to the suburban areas offering properties at reasonable prices.
Mumbai ranked as the world’s seventh most expensive city to live in is experiencing a
real estate extravaganza. Mumbai is not just the most expensive but also the richest
Indian city. Hopeful of crossing new milestones, Mumbai is confidently moving ahead to
scale new heights. Prices of a property in Mumbai depend on the location. Slowly and
gradually as the gap between the supply and demand for a property in Mumbai widens,
the real estate market seems to be sitting on the saturation point. Once the saturation
reaches a point where all the properties, even those in the suburbs will have the sold out
tag, many people will have to part ways from a long-cherished dream of owning a
property in Mumbai. However, Andheri (West) still has a mix of residential, retail and
commercial properties in the offing. The prices here are pocket-friendly ranging from
moderate to expensive. There are several residential and commercial developments
undertaken by real estate developers in Andheri. So, grab the offer before dreams fail to
turn into a beautiful reality.
If you are targeting posh areas to own a property in Mumbai, then apart from Andheri
(West), Juhu, Bandra, Malabar Hill, Versova, Chembur, Yari Road, Nariman Point and
Lokhandwala Complex are good options. Budget properties can be found at Seven and
Four Bungalows, Manishanagar and Navi Mumbai suburbs.
Get useful information on residential areas, transfer of property ownership and
apartments in Mumbai. Visit www.indrealty.in.