Mumbai Property Trends

Introduction

The real estate sector in the city is wide-spread consisting of real estate developers and top builders engaged in development of infrastructure for sale and lease alongside Mumbai Real Estate agents and Property Dealers. The real estate market have redefined and reformed luxury apartments giving way to Condominiums. Apartments are restructured into penthouses and houses modified into villas and estates.

There has also been a noteworthy rise in the number of Mumbai real estate agents and the property listing with them. The prices in the Mumbai real estate market are directly proportional to the comforts and the international styling offered by the realtors. Property values have skyrocketed and this can be perceived with the entry of conglomerates like Godrej, Vascon and Tata that have entered the real estate market and have initiated various projects to gain profits during the real estate bubble. Many top builders in India and abroad having their presence in the country and across the globe have Mumbai as their base city.

The real estate agents and dealers led a helping hand to bargain the rental or lease offer terms. They can also provide information regarding the Home Loans, products available in the market, ongoing home loan rates etc which can be very useful. There are several companies and institutions that offer best deals and help in getting the finest value for buying or selling a property in the city of Mumbai.

Mumbai Growth Drivers

The real estate market in Mumbai has gone through a major revolution over a period of time. Being the third most populous city, it is the only city with good property market. The city still has huge prospects to grow and offers good returns to both the investors and buyers. The growth in the real estate sector can also be attributed to the large number of IT, ITES, BPO companies that have been set up in the city. Huge portions of land available, higher affordability and several policies offered by the government make Mumbai a promising and striking destination for commercial real estate development. There is an estimated requirement of about 7 million sq ft during the FY 2009-10.

The city has also observed an upward trend in the capital and rental value. However, the property values in the city are higher when compared to the rest of the country. The city is witnessing more real estate activities due to the availability of ample space, manpower and also the strategic location of the city. 

This is considered as a primary factor for investors and buyers to prefer Mumbai over other destinations for their property needs and requirements. The leading factor for India’s growth is the real estate sector which is contributing to India’s GDP and Mumbai’s real estate market is a prime donor supported by the market growth trend from IT and ITES, BPO segment.

Mira Road (E) Thane, Powai Andheri, Kharagar, Nerul and  Malad are some of the prime localities comprising the bulk of the property investment. These localities are vital with respect to the property market in Mumbai. Most of the realtors and builders focus on these areas. There has been a significant rise in the number of apartments in the city, which can be seen as another crucial factor in the growth of the real estate market in Mumbai. Also, there has been tremendous support from banks to provide loans to developers and buyers at attractive interest rates. The growth of real estate market in Mumbai is directly proportional to the economic progress of the country. One of the key factors effecting the real estate market in Mumbai has been the inflation.