Mumbai: The Hub of Premium Real Estate in India
Mumbai, the city of dreams, continues to remain the most expensive real estate destination in India despite the sharp slowdown in the country’s housing market. The city continues to receive all the limelight because of its high price and glamorous real estate sector. According to a recent report published by JLL India, real estate in the Mumbai Metropolitan Region (MMR) will continue to be high priced in comparison to its counterparts in other parts of the country like the National Capital Region (NCR), Bangalore and Chennai. Builders are putting forward their 3 BHK Flats in Mumbai for Sale mainly targeted at the HNIs who wish for an extravagant lifestyle in this cinematic landscape.
There are a few reasons why Mumbai is rising as the hotspot of premium real estate in India. Let us discuss these factors in some detail:
Government Policies and Regulations– The first and foremost reason why the Mumbai’s real estate market is so high-priced lies in the policies of its local government. The ready reckoner rate (known as circle rate in NCR) has been continuously escalated by the government of Maharashtra over the past few years. The real estate prices in the city are directly affected by this rate, thus reflected in the high price. On an average, the price of a 2 BHK Apartment for Sale in Mumbai ranges between Rs 1,800 per sq ft and Rs 5,000 per sq ft.
Location– Flanked by the sea on three sides, Mumbai is the only city in India that witnesses a three way growth. Starting from the south, the development pattern moves towards the northern parts of the city. Commerce of the city also flourishes with exports via sea-route.
Scarcity of Land– The demand supply pattern of Economics applies well to the realty market of Mumbai. Since there is scarcity of developable land in the city, it is growing upwards. Skyscrapers mark the future of real estate in Mumbai. At the same time there are significant areas of slums here.
Burgeoning Population– Thousands of people migrate to the cities in search of better job opportunities and a higher standard of life. Mumbai attracts the highest migration because its per capita income is double that of the national average. Bollywood also attracts acting aspirants to try out their luck in the city.
High Standard of Living– As the trend of nuclear families grows in the country, people look forward to owning their home in a city that offers high standard of living. Mumbai is one such destination. People look for a 2 BHK Apartment for Sale in Mumbai at an affordable rate. But the developers are coming up with premium options seeing the high demand.
Apart from all these factors pertaining to the end-user, investors are also showing renewed interest in the market. The NRIs demand also brings a spur in the rates of real estate in Mumbai. Because of such glamour in the city, Mumbai is and will continue to remain a premium real estate destination of India.