Real Estate in Mumbai
Intro: Real Estate in Mumbai is galloping with joy; the spree to build residential,
commercial & retail projects has spilled over to the suburban areas
Mumbai, the financial pivot of the country houses the key financial establishments like
RBI (Reserve Bank of India), BSE (Bombay Stock Exchange) and NSE (National Stock
Exchange). Home to Bollywood, Mumbai has a record population of over 14 million.
Mumbai is a vibrant and cosmopolitan city accommodating both the rich and the poor.
Real Estate in Mumbai is flourishing high. This metropolitan city has Bollywood
celebrities, top bureaucrats, politicos and industrial tycoons residing in South Mumbai.
Thus, South Mumbai can be treated as an abode for affluent and powerful personalities.
In sharp contrast to this, Dharavi shelters the poorest sections of the society. It is rightly
said, Mumbai has something for everyone.
With the Real Estate in Mumbai galloping with joy, the spree to construct residential,
commercial and retail developments has spilled over to the suburban areas. Thousands of
people migrate to Mumbai in the hope of better education, career prospects, establishing
business, becoming a star celebrity or a show stopper in the world of fashion and
glamour. World renowned MNCs have been operating their business from Mumbai due
to its cost-effectiveness and easy availability of manpower as compared to other parts of
the world. Navi Mumbai is the new real estate destination in Mumbai suburbs. The area
offers affordable real estate properties and has many upcoming retail, commercial and
residential projects in the pipeline.
Nariman point is the epicenter for all the commercial activities in Mumbai. The area
houses the top most corporates and is the most sought after location for establishing a
commercial base. Surprisingly, despite the skyrocketing rentals Nariman Point leads the
pack for commercial locations. The Mumbai government had to come up with CBDs or
Central Business Districts to ease the mounting pressure for space at Nariman Point.
Under this move, BKC or Bandra Kurla Complex came out as a good alternative being
positioned between Nariman Point and the airport. Bandra Kurla Complex did solve the
purpose for which it was developed and eased the space crunch at Nariman Point for a
short stint. However, the corporates were still found vying for a high-profile address at
Nariman point is undoubtedly the first choice for top corporates and finance firms but
South Mumbai is also slowly gaining ground as it has become a lucrative site for
launching any overseas corporate very new to the Indian soil. A recent analysis shows
that companies are now relocating from Nariman Point to cheaper rental areas. South
Mumbai has witnessed a remarkable revival for commercial space as new corporates
have been found dropping the idea of creating a base at Nariman Point. The presence of
top-notch financial and legal establishments in South Mumbai has given it a location
advantage over others.
Real Estate in Mumbai is at the summit as the realty prices being directly proportional to
the supply and demand curve have been climbing up the real estate charts steadily. This
means higher the demand, higher the price. With the real estate in Mumbai moving at a
brisk rate, it is likely to join the bandwagon of foreign cities like New York with prices
touching the sky like those of New York sky scrapers. If at all real estate in Mumbai gets
the stature of New York real estate prices, around 95% of Mumbaikars and remaining
Indians will find the properties out of their reach, be it commercial or residential.
The prices of real estate in Malabar Hills are so high that only the elite segments of the
society can afford to purchase a residential property in this area. Not only the posh areas
but suburbs like Khargar and Panvel are also witnessing a steep price hike. The steady
flow of foreign investments into Mumbai is somewhere responsible for the sharp rise in
the property prices and rentals. Mumbai has a strong builder lobby having strong
connections to the ruling politicians due to which the property prices did not fall down in
Mumbai even in the wake of global meltdown. The market for real estate in Mumbai is
growing day-by-day to tackle the ever-growing demand for properties. However, the
government and the private developers need to fasten their seatbelts to let the real estate
in Mumbai launch affordable residential options at a higher speed.
Find out the prime residential areas of Mumbai. Log on to Indrealty.in for real estate
articles to give you the pre- and- post-purchase assistance.