Mumbai has now developed into one of the most important commercial and residential hubs in India. With a lavish lifestyle and advanced infrastructure, the city attracts a large number of people. Mumbai is also popular among property investors, as a Property in Mumbai can earn you a lucrative rent. Various parts in Mumbai have witnessed a price appreciation in recent years, which implies that properties can also be resold for high profit. These factors have resulted in a high demand for real estate properties here. This has led to the growth of the real estate industry in Mumbai.
Residential & Commercial Properties
Mumbai has a high demand for both types of property. The ambiance and the lifestyle promote the growth of a residential hub and have led to an increase in demand for residential property in Mumbai. Migrants from across the country settle in this city to enjoy the dynamic lifestyle and lucrative prospects. A number of companies have developed sophisticated housing projects to meet this demand.
However, the market for commercial property in Mumbai also looks bright. The city offers several advantages in the field of business, which attracts leading companies to open their centers here. This has created a demand for properties with modern commercial spaces. There is a great balance between the commercial and residential sectors. The commercial sector ensures adequate employment while the residential sector supplies a steady workforce. The residential hubs also create a better market for the businesses in this city.
Top Builders Developing Projects
The advanced infrastructure and promising market for such properties has prompted the top real estate developers to build projects in Mumbai. While this has been caused by the demand for homes, such luxurious projects are also drawing in people from other cities. The developers being reputed, people consider the properties as prime choices due to reliability. Such apartments in Mumbai developed by these developers are purchased both by homeowners and investors.
The spread of this development has reached the suburbs of Mumbai, such as Kandivali, Navi Mumbai, and Thane and led to the growth of the industry there too. These localities are becoming popular among people looking forward to Buying Properties in India as a result of the main city filling up quickly.
Mumbai is a beautiful city with an ambiance suitable for living in. A number of parks and refreshment zones have been developed, which makes flats in Mumbai quite popular. The social infrastructure and entertainment venues have been built in a well-planned manner such that the residents from most parts of the city can access them easily. The commercial sector enjoys similar benefits. The number of entertainment zones creates a refreshing lifestyle which keeps one from getting too tired of work.
The infrastructure, along with several dedicated commercial properties offers a healthy working environment that increases productivity. Mumbai has good green living facilities. Several parks have been built where children can play outdoors and nature lovers can enjoy a good time. Moreover, green living facilities have become a trend in the properties developed here. Most sophisticated residences come with landscaped gardens and other features offering lush green views. The closeness to nature offers several health benefits and a relaxing environment.
Connectivity & Transportation
This plays a major role when choosing a real estate in Mumbai because transportation and connectivity are important factors for both residential and commercial sectors. A well-developed network of roads, railway, metro rail, and monorail ensure a quick transit. One can easily get across to the important hubs of civic amenities and offices. This saves a lot of time for those who have to travel every day for education, work, and other purposes. Good connectivity among the business hubs ensures a prosperous commercial environment. The international airport and the dock allow excellent trading facilities which are a major boost for business.
Infrastructure in Mumbai
Being one of the metropolitan cities, Mumbai offers all the amenities necessary for a healthy and relaxed lifestyle. The social infrastructure in Mumbai is well-developed, with a reputed healthcare sector. Some of India’s best hospitals offer their services in Mumbai. Schools, colleges and other institutions in Mumbai are also quite well known. This creates the perfect environment for projects in Mumbai as homebuyers always look for these amenities before making a purchase. Other amenities such as shopping, bars, restaurants, pubs, multiplexes, etc. are all located within easy access. This is another important factor behind the growth of the real-estate sector in Mumbai. The economic and social scenario
As discussed earlier, Mumbai is a huge commercial hub, in fact, one of India’s largest. Not only business, but the industrial sector has also flourished well in this city. Some of the leading companies in various fields have set up offices in Mumbai, which offer lucrative employment opportunities.
Such well-paid jobs and booming businesses have greatly developed the economic condition and the standards of living in Mumbai. A large portion of Mumbai's population has the standards that match the high-end residential projects launched here. The city is also socially well-developed, with proper amenities to ensure a healthy and relaxed lifestyle. The community the people in Mumbai have good tastes in terms of culture.
The future of Real Estate in Mumbai
The government has undertaken initiatives to help the real estate industry grow more. The introduction of RERA was a major move in this direction. RERA has been taking care of the safety of the buyers while safeguarding the interests of the developing at the same time. This has encouraged developers to build more properties. Satisfied with the service of RERA, investors are finding greater confidence in investing in Mumbai properties.
The MahaRERA has been doing a great job of solving disputes between homebuyers and developers. Demonetization and the introduction of GST had temporarily slowed the growth of the real estate industry, but now it is regaining pace and developing rapidly. Investment in real estate is growing quickly. It is expected that the positive trend would continue in 2020 and the Mumbai real estate would attract a greater number of investors.