Mumbai Real Estate
If you look at a historical map of construction and Mumbai Real Estate since independence in 1947 till now, you will see a drastic boom. Mumbai Real Estate is on par with the world’s most expensive and dense real estate markets.
Real Estate in Mumbai has been compared with that of New York City, San Francisco and Hong Kong. The prices, the architecture, the amenities, oh the amenities – they are all rapidly evolving and becoming more sophisticated with time.
How Mumbai Real Estate Has Evolved
In real estate there are three magic words to pay attention to, “location, location, location.” Mumbai real estate happens to be the hottest lo
cation in India. Well-established businesses and individuals have made Mumbai their home. The world’s largest film industry, Bollywood, is also located in Mumbai, formerly known as Bombay. Everyone is vying for space in a city that has very little of it. The population density in itself causes Mumbai to be one of the most crowded real estate markets in the world.
Every single one of the 20 million people who currently live in Mumbai want to be here – and others, including foreign investors and expats, former NRIs are also making the move back to this booming economy.
Mumbai used to be marshlands – 7 separate islands – adjoined since the 1880s to make one of the most recognizable metropolises in the world. A mega city with mass international and national appeal, Mumbai real estate is at the heart of India’s progress.
Real estate in Mumbai has changed fairly steadily. Though affordable housing was available well into the 90s during this time, Mumbai suffered a big loss in terms of valuation. While still pricey when compared with the rest of India, Mumbai real estate was on a downturn.
The world has spoken and it sees Mumbai as a prime real estate locale.
Mumbai Real Estate since 2008
The economic downturn and the great recession had a big impact on pricing in 2008. Every investor and economist was uncertain of what would come next and this definitely affected the home buying market. Prices for real estate in Mumbai dwindled significantly, giving many a chance to purchase properties at extremely low rates.
In 2015, even the most prominent of developers struggled with sales – there were lots of new development buildings being constructed but the buyers were not moving. Still other buildings have taken their time to develop and are stalled due to lack of sales and fundraising.
In 2016, while the price trends seem to be steadying, many insiders and homebuyers have felt the very real increase, even though slightly, in cost.
Prices for real estate in exclusive neighbourhoods such as Nariman Point in South Mumbai to newly formed distant suburbs like Mira Road, Nallasopara and Virar are all at some of the highest rates they have been – but they have managed to plateaued in the past few years.
Mumbai real estate has always had one reason to boom – the land is limited but the population keeps increasing. With the advent of new businesses and relaxed rules on international businesses setting up in India, there is a fresh new market of HNIs from foreign countries teaming up with local buyers who are willing to put in the long-term effort to purchase investment properties in this central city of Mumbai.
NRI Investment in Mumbai Real Estate
Traditionally, Mumbai has been a hotspot for investors that are not living in the country. Many Indians who have gone abroad and have newfound wealth ensure that they invest both for personal use and to generate new income. The developers are well aware of this sector that is investing in Mumbai and take into account their ability to pay exorbitant prices when creating luxury and prime real estate properties.
Current Picture of Real Estate in Mumbai
It was reported by DNA that real estate prices in Mumbai were falling significantly in 2015 – where an apartment that would cost Rs. 3 crore in 2014 was fetching somewhere around Rs. 2.91 crore in 2015. This is not a huge difference in pricing, but when you account for all the properties and apartments that lay empty across Mumbai even today, it adds up to a significant loss for the real estate developer but benefit for the first time buyer who wants to get in on the lowest possible pricing available. Currently, though some people believe prices are lower than they used to be – the market continues to grow albeit at a steadier level. The main reason for that is so many new jobs and opportunities are in Mumbai and everyone needs a great place to stay.
Life in Mumbai
Life in Mumbai is busy for the working and also for those who want to take in the sights and sounds. Mumbai has many options for entertainment such as trendy boutiques, world-class shops, restaurants, concerts, museums, food festivals and much more. Even major festivals of India such as Ganesh Chaturthi, Diwali, Holi and Navratri are celebrated with much gusto in Mumbai. But the Mumbai homebuyer still requires a bit more relaxation due to the hectic lifestyle. This is why real estate in Mumbai offers some of the best amenities anywhere.
Amenities in Mumbai Real Estate
How can a new homebuyer or investor distinguish from two similar properties in the same area? Amenities. The super exclusive real estate developments offer five star services such as a personal concierge. And most buildings in Mumbai will offer at least one or two superb amenities that will lure families and investors alike to flock to their properties. A few include fully functional gymnasiums, personal trainers, swimming pools, exquisite children’s play areas and playgrounds, football fields, cricket grounds, game rooms, temples, places of worship, saunas and much more. Those who can afford to live in a newly developed building in Mumbai want to ensure that they can live in luxury – the ultimate Bollywood lifestyle – where every single creature comfort is looked after.
Mumbai is the world’s fourth largest city and its real estate market will always be one of the most exclusive in the world.