Friday, September 2, 2011

Real Estate in Mumbai

The capital of Maharashtra, the commercial capital of India, an ever-expanding metropolitan, and the city of dreams, Mumbai is all that and more. Real estate in Mumbai has been on the list of the costliest places in the world for a long time now. The inflow of international businesses and a steadily growing internal population has been the primary reason for all the construction activity the city is witnessing for the last decade or so. While it is estimated that the demand of commercial and residential property requirements will rise to match the supply, some major changes in real estate investments by the developers and realtors as well as the investors can be noticed nowadays.

Developers and realtors have realized the near saturation of real estate in some parts of the city, and are now tapping other areas for future projects. Most known developers have planned or ongoing commercial and residential projects in suburbs like Chembur, Malad etc. Of course these constructions are being built in addition to their high-segment housing and commercial complexes in upscale areas like Andheri, BKC, Worli, Vile Parle, Bandra, Dadar, Parel, etc. Since Mumbai already has a extremely developed and competitive real estate market, developers put a lot of thought into their projects in terms of design, style, location, type, target consumer, amenities, provisions, parking, utility value, pricing, etc.

Another big change that can be seen in the real estate market now is the switch from leasing to investment for the average middle-class person. With banks eager to offer home and other property loans, realtors and developers equipped to guide the investor in the right direction, and a range of properties to suit any budget and requirement, today Mumbaikars see the advantages of owning a home. The rate at which Mumbai is expanding and growing economically, real estate is surely a profitable venture no matter where the property is situated, how big or small it is, or whether it is a residential space or strictly for commercial use. Many investors are taking advantage of the market upswing to sell old properties to developers for redevelopment too.

Today any kind of investment in the real estate market is looked at as a future profit prospect. Real estate in Mumbai is booming. Developers are finding new way to lure in consumers, while sticking to the pre-decided price range for the projects. On the other hand the consumers have become more informed of the laws and trends, aware of the rights and wrongs of such deals, and handle transactions with comprehensive information at hand.

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