A Preview Of Mumbai Property Market

What’s hot & happening in the city?

Mumbai property market offers a plethora of properties ranging from lavish residential to sophisticated commercial properties. The property market of Mumbai is largest in India and the various real estate developments in the city are lending an international air and boosting investment and re-returns. Locations like Vikhroli, Mulund, Thane in Eastern and Central Mumbai are places to look at when it comes to further growth. In these places, rates are the main attraction, followed by amenities, connectivity and infrastructure. Currently, prices of these places float between Rs 4, 500 and Rs 6000 per sq ft. These prices are expected to grow at a steady rate of 12 to 18 percent annually, and at the end of the next 1, 000 days could even touch Rs 10, 000 provided the overall economy and growth continues.

If we look at city proper, Worli, Parel, Prabhadevi and Bandra are hot locations to watch out for. There are many reasons for it. First of all, these places offer a mid-town address, which enables one to reach both sides of the city and enjoy a panoramic sea view throughout the stretch. Also, there has been considerable construction of Grade A properties in these regions, in both the residential and commercial segments, giving those looking to buy a lot o choice. These locations are definitely hot and will create history at the end of the next 1, 000 days by going at their current rates of Rs 20, 000 to Rs 50, 000 per sq ft to Rs 35, 000 to Rs 80, 000.

What’s not happening?

Property Market in the city Vis-à-vis its Population:

The city has a huge population with around 19 million people and its suburbs encompass one of the biggest urban agglomerations in the world that is only second to Tokyo. The rate of increase of population is also huge here. Unfortunately, if we compare the rate of developing new residential and commercial property in Mumbai it is lower than the rate increase in population. As a result, you come across many big and small families in Mumbai who are forced to live in small rooms. As per the national census of India of 2001, every other person in Mumbai is living in slum. Consequently, these facts point to the many complexities one can face while locating a suitable property in Mumbai either to buy or rent-in.
The best way to avoid this situation is to take into service a competent real estate consultant in Mumbai. There are many fine real estate agencies in Mumbai like who are willing to help you at less commission. These agencies not only have years of practical experience of working in Mumbai real estate market to come good for you also they give sound and practical advice. They are the right people to consult and can help you under different circumstances. Also, they can buy a commercial or residential property in Mumbai for you as well as they can be a great helping hand if you want to sell property in Mumbai. They will lend a helping hand in case you are looking for long or short term rental in Mumbai.
Since population graph of the city shows an upward trend, which means that property prices in Mumbai would be higher when compared to any other Indian city. Lack of space for new property development from Juhu Beach to South Mumbai, has resulted in the tremendous increase in the property prices. Of-late the city has witnessed a new craze of redevelopment of property in posh Mumbai areas like Bandra. But the property prices in areas like, Juhu, Bandra are to some extent still unaffordable to middle class. With the increasing intention to win this segment of the society, the market of real estate in Mumbai is continuing development of various projects in the suburbs of the city. Navi, a suburb area of Mumbai, is main target of realty developers in order to provide affordable commercial and residential property to people of Mumbai. Navi is known as twin city of Mumbai as it alone has a population of 0.75 million. The future of real estate development in Navi Mumbai is very bright and property prices here are already shooting upwards rapidly.
There are many pros and cons of investing in the property market of Mumbai. But what matters is where you invest. The city offers interesting range of properties in different areas depending upon the size of your pocket, priorities like amenities offered, communities and infrastructure. Just make sure that you consult the right agency or broker before investing in the city.

Sukhpreet Kaur writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information. At 99 acres, you can advertise a property, search for a property, browse through Mumbai Real Estate and Properties.