Mumbai real estate is one of the fastest growing in the world. New Mumbai Projects are always trying to one-up each other and vying for the investor as well as first time homebuyers. This makes it a ripe market for homebuyers.
New projects in Mumbai are coming up all the time in the Western suburbs, South Mumbai better known as SoBo and the newly developing area of Navi Mumbai. While SoBo focuses on premium real estate, all of Mumbai real estate is constantly trying to provide the highest number of amenities. Developers are constantly coming up with many new projects, even though some are stuck, a lot of redevelopment work is also happening around the city.
A redevelopment project is one where a developer will take an old dilapidated building or small building and make it into a modern skyscraper – to increase the number of apartment units in the same space of land. This smart move has increased hope for many existing owners that their building will also go into redevelopment so the builder would pay them money for their existing land and reward them with brand new flats when construction is done.
There’s only one problem. Many projects in Mumbai in the past 2 years have been in a lull. Many Mumbai projects are getting stuck due to lack of regulations or even lack of funds or investors. As more new projects in Mumbai go up, each trying to lure the investor with low upfront payments and state of the art facilities, the competition also increases. A drive down any Mumbai highway will paint the picture – several large gray-cemented artifices line the roads – waiting for government clearances and more investors.
Popular Mumbai projects today are happening in places like Mulund, an up and coming high end neighbourhood in Mumbai, Ghatkopar, Mira-Bhayender, Road, Virar-Vasai, Panvel, Ghodbunder Road, Thane, Dahisar, Chembur, and Kanjurmarg. Previously inaccessible and thought to be unappealing due to the lack of infrastructure, these new projects that are coming up in Mumbai are paving the way for overall structured progress.
Signature development projects in Mumbai include World One, a New Mumbai project in Lower Parel that has an estimated cost of USD $321 million to build. This building is slated to be the tallest residential skyscraper not just in Mumbai, but by 2018, World One will be the tallest building in India and the tallest residential building in the world.
The same location, site of the former Shrinivas Mill, is also home to two other new Mumbai projects named World View and World Crest.
Other notable new projects in Mumbai include The Imperial 3 in Tardeo, Three Sixty West in Worli, Rivali Park in Borivali, There are several other Mumbai projects happening in Dadar, Mahalaxmi, Prabhadevi and Goregaon.
Wherever you look in Mumbai, a crane is not far away in the distance. A city that is literally on the rise, just look carefully and you will see some unique Mumbai project propping up, waiting for you to take a closer look.