Mumbai, the financial capital of India, is a city that virtually never sleeps. The real estate scenario in this city of dreams has been reflective of the growing real estate sector of India.
There has been an increase in demand as well as supply and an appreciation in real estate values across micro markets. . Given the high level of demand in select pockets and increased steel and cement prices across India, residential property prices in Mumbai are also increasing.
The locations where further investment in real estate sector could be seen are the suburbs where new developments are coming up. Pre-leased properties with high profile tenants are the most favoured real estate investment options.
Mumbai has always been the trendsetter in the indicative property prices of real estate India. With the opening up of the retail market, there has been a growing demand for retail properties in Mumbai. This has created a viable market for mall space and other retail stores and showrooms. Currently, the real estate investors are mainly HNIs, but institutional money is expected to be flowing into this sector in the coming years.
The positives for this city are the low telecommunications costs and adequate manpower. Like all other metros in the country, most of the office properties in Mumbai are absorbed by the IT industry. If media reports are to be believed, a US-based financial giant is understood to have signed a deal for a property at Worli for a price much above the prevailing rates.
According to state government officials, there is a shortage of commercial real estate in Mumbai though the housing segment is growing. Despite a crumbling infrastructure, crater-filled roads, the bomb blasts and the declining quality of public services Mumbai’s property prices have soared almost 100%, in the past couple of years, experts say.
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