Be it residential or commercial, the demand today is for new and quality real estate, and Mumbai is religiously following this trend. In the current scenario, industry experts predicts Mumbai real estate sector to witness a price hike in the coming months.
Residential Scenario
Residential real estate of Mumbai has been on a high from past two-three years. The property rates are expected to shoot up more in near future.
With 14 lakh sq.ft of commercial and retail space by Indiabulls and 5 lakh sq.ft of Peninsula II properties under construction in Lower Parel, Mumbai, the demand for residential properties is anticipated to rise by 30 per cent from March 2008, says industry sources.
Also, amid township trend catching up with the end-user all over, the demand for high quality, luxury residential projects are escalating. This inclination is strong although property taxes and maintenance costs are exponentially higher, state real estate consultants.
Commercial Prospect
According to media reports, the commercial property rates in Mumbai are likely to rise by about 50 per cent with large number of premium buildings getting constructed.
As India's costliest commercial hubs are now being located in Nariman Point and the SBD of Bandra Kurla Complex, Mumbai commercial real estate is seeing record escalation. Prices in Bandra Kurla Complex are as a minimum 25-40 per cent higher as compared to Nariman Point.
In fact, a strong demand for international standards of construction in office space from corporate has driven the values in the air.
Future Outlook
Since Rs 9,250 crores plan has been intended for Dharavi's redevelopment, Asia's largest slum is seeing a sharp rise in its property prices, whereby a one-BHK house is to cost the same as an elite house in Kandivli or Borvli.
Further, India is emerging as a sizzling destination for quality commercial enterprises, says industry sources, and builders are looking forward to cash on by setting up huge number of commercial properties.
With new developments and redevelopment plans being undertaken,
Mumbai Real Estate industry can only ascend in the times to come.
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