Mumbai Residential Property
Mumbai brims to the top with all kinds of residential properties right from the affordable apartments to lavish bungalows. Mumbai shelters both, the rich and the poor. Home to the Bollywood celebrities, Mumbai residential properties let the middle class in Mumbai survive in full glory. It is in ‘Aamchi Mumbai’ where all the folks from small cities, towns and villages live the dream of their life, some aspiring to enter the world of glamour and some to earn their daily wages.
Some of the main areas where a residential property in Mumbai can be found are Malabar Hill, Andheri, Nariman Point, Marine Drive, Worli, Borivali, Malad, Ghatkopar, Lokhandwala Versova and many more. Real Estate in Mumbai like any other metro city is facing high tides of demand for residential space. The demand for properties in Mumbai is largely due to the advancement in the suburban regions of Mumbai apart from the main city. Navi Mumbai is one of the promising suburbs for finding affordable options in Mumbai at an economical price. The growing infrastructure with a parallel shift in the population has given a new breeze of life to the Real Estate in Mumbai. Despite the Eastern & North Western suburbs presenting various options in Mumbai, the residential property demand has time and again raised an alarm. Seeing the immense pressure, South and Central Mumbai have also chipped in to face the real estate challenge.
The real estate market in Mumbai records the highest prices in India for regions like Marine Lines, Malabar Hills, Napean Sea, Nariman Point, Cuffe Parade, Santacruz and Khar. Other affordable options available in Mumbai are present in Mahim (South Mumbai), Kalamboli and Panvel (Navi Mumbai), Ambernath and Kalyan (Central Mumbai) and Bhayander, Virar, Mira Road, Vasai and Nallaspora (Western suburbs). Areas like Bandra and Juhu are highly expensive for the middle working class but Navi Mumbai seems to give some hope in this respect seeing the upcoming residential projects which are economically priced. However, to find a perfect match of both price and choice when it comes to purchasing a property in Mumbai is a daunting task indeed. One must conduct a proper market research before making any decision.
The imbalance between the population rate and development of residential properties in Mumbai, in addition to the increasing cost of living, has left many of the inhabitants as slum dwellers. Mumbai needs to cross many speed breakers to enjoy a smooth residential ride unless the government and the private builders and real estate developers unite to meet the space crunch in Mumbai at par with the growing population.