Mumbai
is a major political, cultural and economic hub of India. It is also known
as the commercial and financial capital of India. Exceeding the 1995 peak
levels, the demand for real estate property is in excess of supply. The
Mumbai real estate market has reached unprecedented heights and attracts
migrants from both the domestic and international territories.
The immense business opportunities, makes the city a potpourri of various
communities and cultures. Up until the 1980s, Mumbai owed its prosperity
largely to textile mills and the seaport, but now, the city has diversified
into engineering, diamond polishing, health care, information technology,
etc.
Property Trends
The primary features of Mumbai property trends are highlighted below -
The Demand
The demand for commercial, residential and industrial property is very high
in Mumbai. There has been consistent demand over years and has resulted in
increased yield rate. New projects are being launched by private as well as
by government, this attracted people from across the globe to invest in
Mumbai real estate sector. With sound accessibility across the globe, the
city is the destination for various people.
Basis for Boom
Real estate industry in Mumbai is soaring high and the trend will continue
for sure. City is highly known in world and provides platform to flourish.
Some of the reasons for the boom in the real estate industry and high
absorption rate in the real estate industry are enlisted below-
- Easy availability of home loan.
- Special offers and attractive schemes by builders to attract end
users.
- Government support to foreign companies to establish their offices in
Mumbai.
- High disposable incomes.
- High quality lifestyle by people working in MNCs.
- Foreign direct investment (FDI) regime by government.
- Redemption in taxes by investing in real estate.
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