The city has always experienced a rapid growth in its robust economy, mainly from the real estate sector. People are willing to stay and invest in Mumbai due to its business friendly environment and potential to convert millions into billions.
Due to higher property rates in Mumbai, earlier buying was also not affordable for people. But now the conditions have changed and the residents can buy flats according to their suitability and affordability. Thanks to the increasing number of real estate companies in Mumbai, they have enabled a common man to afford flats in Mumbai.
Such companies are also concentrating to construct spacious bungalows and villas with garden, as the demand for such bungalows is increasing. However, some of such bungalows and are available in Andheri West, Juhu, Bandra and Goregaon East and south Mumbai, but they are too expensive to afford.
The most commonly sought apartments in Mumbai are 1, 2 and 3 bedroom apartments. These real estate companies also provide their clients with buildings and pent houses, available with 5 and 6 Bedrooms, including terraces, balconies etc. The best investment options recognized by the real estate companies are the pre-leased properties with high profile tenants. However, the locations targeted by the real estate companies are mainly sub-urbs, which are expected to experience new developments.
Areas suitable for residential property investment in Mumbai are Panvel and Navi Mumbai, espacially areas near Navi Mumbai airport, the Nhava-Sewri sea link, etc. These areas are also beneficial for future prospects due to strategic proximity to Lonavala and Pune. The proximity to the expressway and increased access to Mumbai has made these places worth investing.
The new housing developments in Mumbai have a high real estate value, due to increasing demands. The 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.
Apart from NRIs, various foreign companies are also planning to venture in India, and have chosen Mumbai as their favourite spot, which forms the main reason for increased property rates in Mumbai
The features that make real estate in Mumbai a hot deal are:
Low telecommunications cost.
Availability of basic amenities for better quality of life.
Superior and advanced infrastructure.
Improved intra-and-intercity access.
Home to the headquarters of many large corporate houses.
Other factors aiding in the increasing demand of flats and property in Mumbai are - increase in the number of IT, BPO, KPO and ITES sector, besides it being a hub of renowned business centers and Indian cinema.
Apart from making the property available for higher class, the builders and developers also concentrate on lower and middle class people, who dominate the population of Mumbai. There are affordable flats for sale in Mumbai, which are mainly 1 BHK or 2 BHK flats.
Possessing a property in Mumbai is the dream of millions, which has been made possible with the advent of such builders and developers, offering flats at affordable rates. The Government is also co-coordinating with these real estate builders so that more and more people may get benefitted and get flats and apartments on comparatively lower prices.