Property Prices in Mumbai
Mumbai, the dream-city of millions of Indians, has shown a gigantic proportion in real estate market over the last thirty years. Liberalization in the economic policies along with augmentation in business opportunities has opened the doors for the growth of real estate in India. Mumbai, being the hub of business as well as the Indian economic system, has become the favorite hunting ground for realtors in almost every aspect of commercial, industrial, retail, hospitality, healthcare, and most importantly residential sectors.
The dense population of Mumbai has given a reason to the multinational companies to set up their base in the heart of this city. The establishment of these companies has also given a boost to the real estate sector. With more and more people vying for accommodation in Mumbai and its neighboring areas, the prices of flats for sale or rent have reached skyrocketing prices.
Highly developed infrastructure of the magical city of Mumbai is chiefly responsible for attracting vast number of IT, ITES, BPO, and KPO segments. Besides, the hip and classy lifestyle of the city makes it the most desirable destination of millions. In fact, possessing a house or apartment in Mumbai is considered a matter of pride amongst many sections of society. Research suggests that the demand for apartments is more than that of bungalows or houses in the city. The noted realty players in Mumbai are chiefly the private ones, who offer professional services to ensure a stylish and classy living.
No wonder accommodation charges in Mumbai are exorbitantly high. A close analysis also suggests that the rental value in Mumbai is much higher compared to other metros. Besides, being the ‘fashion capital of India’, it is also the first city to be hit by the retail storm. The inauguration of the retail market has paved the way for mall space, retail stores and showrooms. No wonder, the retail property in Mumbai has also peaked up.
Being the hub of renowned business centers, the home of Bollywood stars, the arena of luxurious lifestyle, Mumbai supports high cost of living. Real estate builders are cashing on the incessant demand for housing and rental facilities in this city. Of late, there have been few talks about making available some affordable housing facilities. The buzz is that the Government is co-coordinating with real estate builders to introduce some sets of apartments on comparatively cheaper rates. If this is to be believed, it would indeed be a great relief for millions. For those who cannot afford to buy an individual housing property, flats for rent in Mumbai are the only option. If the cheaper version of flats is actually introduced, then renting these apartments would not take a toll on one’s pocket. Hopefully, Mumbai would offer more and more people a little space in its heart.