Residential Real Estate Property

Mumbai is a city that offers multiple avenues and attracts people from all over the country to achieve and fulfill their dreams. It has dense population due to which the real estate in Mumbai has limited space but high number of buyers. There is a huge gap between demand and supply. According to surveys the city needs around 84,000 houses every year and is able to fulfill the demand of 55,000 houses annually. This is the reason of Mumbai real estate prices reaching to zenith each year. Most of the middle class cannot afford such luxuries and is living by giving rentals. The rental prices in Mumbai are of no respite as they are also hitting the sky.
Posh localities such as Bandra, Worli, Santacruz and Juhu are the most highly priced areas to rent a flat or Apartments in Mumbai. South Mumbai's average rental value varies between Rs75-125 per sq ft mt, while rentals in central Mumbai value between Rs35-80 per sq ft mt. People renting apartments in posh Mumbai belong to high income groups whereas the average middle class prefers local areas with affordable rentals. These values speak volumes about real estate trends of Mumbai. Similar trends are being followed in cities like Delhi and Bangalore real estate as well.
With such inflation the majority of people live under unhealthy atmosphere in compact rooms or flats on a share basis. The story doesn't end here, the migrants that arrive here for work are made to deposit a lump sum of money as security amount to the land lords. This has led to construction of buildings outside the city. Many real estate developers from across India are creating residential spaces which have now become the suburbs and satellite cities and lifeline for Mumbai settlers. Navi Mumbai, Goregaon and Powai are the suburbs that have helped release housing pressure from Mumbai. The rentals of these places are much cheaper to the city prices.
It is surprising that even after such over priced property; the people are willing to rent spaces and Mumbai property dealers have its most dominant clientele and buyers in apartment rental spaces which have increased from 2.3% to 3.4% from last year. Mumbai has the maximum number of property builders and dealers in the country from which one can assume the amount of profits real estate sector incur. Many people are buying second homes as investment and making money by renting the property and earning extra money monthly. If they sell the same house after few years of rental income, they will earn huge profits as the property price will be much higher than the actual price at which they bought the house years ago. This gives the buyer a win-win situation.
The future of rental realty in Mumbai is very bright and can witness upward trends only if the proper infrastructure and opportunities are provided in the city. The government to secure cities real estate future is coming up with various new Real Estate Projects in Mumbai that include construction of world class airport, flyovers, metro railway and much more which will justify Mumbai's financial capital status.