Mumbai, earlier known as Bombay is touted to be the financial capital of India. It covers a whopping area of 600 sq kms which makes it equivalent to Tokyo and Seoul. The city accommodates a huge population of over 21 million and is the sixth highest city in terms of population. The real estate market in Mumbai has grown at a scorching pace over the past decades. It continues to attract a good number of investment not only from India but a lot of traction is also seen among the NRIs.
Let’s have a look of real estate property in Mumbai.
Mumbai has always attracted the NRI diaspora who are looking for lucrative real estate investment opportunities. On the back of the rigorous infrastructure development, the western belt continues to attract the NRI’s for great investment opportunities. Construction of many bridges have broker on ground and once functional, it is envisaged to travel time between Bandra to Borivali. The old Mahada colonies are also in the redevelopment spree under SRA. The proposed Mumbai Ahmedabad Mehsana Jaipur Delhi corridor has unlocked the value of the highway, thus increasing the number of real estate investment and unlocking the value of real estate property in Mumbai. After this the prices have also flung like anything.
Figures reveal that Andheri west and east suburban’s has attracted a good number of real estate investment in Mumbai in the recent past. A slew of luxury apartments in Mumbai has been launched apparently.
Once of the significant reason of this is the much awaited Mumbai metro station. With the Metro line stitching the trendy west to the industrial east, a golden opportunity for residential units has been unlocked. It has suddenly increased the value of the property in those areas.
Wadala has emerged as a lucrative destination for real investment with spate of luxury apartments in Mumbai launched by the most esteemed builders. The place is now being developed as a Central Business District (CBD) which has suddenly unlocked its value. A new freeway connecting GPO to Chembur with an exit at Wadala makes it a great bet for early investors. The development of a Mono Rail line is envisaged to further enhance the connectivity. On the back of the robust connectivity, the place appears as a hot investment destination.
A progressive development has been seen in the areas which were earlier considered as outskirts such as Panvel and Dombivali . They are now emerging as new townships and appears as a great bet for real estate investment in Mumbai. These areas are reasonably affordable in comparison to other parts of Mumbai and are value for money. Panvel & Kharhgar has lured a good amount of traction on the back of new international airport. A slew of infrastructure developments such as Panvel taloja metro line, widening of the Bombay Pune expressway, Kalyan Shilphata-space taloja bypass and Airoli Kalyan Shilphata road has increased the value of the property. It is also envisaged to boost the movement of industrial raw materials, finished goods, employment opportunities and overall wealth.