Real estate future of Mumbai & Navi Mumbai
The real estate scenario in Mumbai and elsewhere in the Maharashtra is looking pretty bright as the real estate market of India is showing a positive tilt in favor of the home makers and NRIs (Non-Resident Indians) who have started to invest in residential, commercial and other types of plots for building their own home. The real estate future of Mumbai & Navi Mumbai can be rightly described as a buyers market as developers are rushing to put in large amounts of money into these projects so that they can make good money from the ongoing projects. There is no dearth of ready to move in builders and developers, especially in the wake of the completion of projects like Crossrail, Avlon etc. and finally there is a lot of confidence level on the part of NRIs in buying properties in Mumbai and other neighboring areas.
If we carefully look at the present scenario of the real estate scenario in Mumbai, we can easily understand what are the prospects of the future of Mumbai. Firstly, the prices of properties are slowly rising. These are actually the rates of prices that were estimated a few years back. However, now the scenario is completely different. Now people from NRIs have come to purchase prime plots in Mumbai.
Secondly, with the completion of projects like Crossrail, Lavasa, Mumbai Metro Rail etc., there is bound to be an inflow of NRIs who will be investing in the real estate market of Mumbai. The best part is that NRIs will not be paying any Murali tax on the money they invest in the city. This has actually resulted in a boost in the prices of properties in Mumbai. However, when this is put into perspective, it must be said that it all depends upon the developers whether they will be able to sustain themselves in the long run or not.
The real estate future of Mumbai and Navi Mumbai depends on how well the government will be able to keep them well maintained and groomed so that the commercialization of the city does not stop. On the one hand, the city is seeing a spurt in the number of industries. On the other, the Mumbaikars are also looking forward to making investments in the real estate market of Mumbai. Hence, a careful look at the real estate scenario of the city will reveal that there is definitely a scope of investment in the property market in Mumbai.
However, the real estate future of Mumbai is down to the ground if the present government has to take any major initiatives to maintain the city. Some measures like encouraging the construction of eco-friendly buildings and the creation of green belts around the city can certainly make a difference. Also, restricting the entry of unauthorised structures like shops, bars, malls and other such outdoor constructions will definitely help. With some effective management and regulation of commercialization, the demand for commercial spaces in the city will definitely increase.
Besides, increasing the number of commercial spaces, a well-managed city will encourage the influx of more foreign investors. For instance, in Mumbai and adjoining areas, there is a marked increase in the number of companies offering office space in the form of offices, condos, warehouses, commercial complexes, etc. However, a major constraint with regard to commercial investment is the prohibitive real estate costs in the city. This is where the involvement of a commercial property investor will come handy.
Commercial property investors like Venkatachari Shirsat Hirer and DLF have made a name for themselves by investing in commercial properties in Mumbai and surrounding areas. Moreover, they have offered lucrative returns to the investors. They are also actively seeking more such investors to help them take over more vacant lands in the city. The presence of these investors, apart from the already existing ones, is expected to witness an exponential growth in the coming years. This is why, if you are looking forward to invest in the property market in Mumbai & surrounding areas, now is the right time.
The major reason behind the commercialization of the property market in Mumbai is the government’s renewed emphasis on development of the commercial and financial hub of the country. Another major factor is the spiraling economy of the country, which has led to the boom in all sectors like finance, commerce, infrastructure, etc. Mumbai and surrounding areas are witnessing the rapid rise of businesses and the rise of new businesses. Thus, the investors’ optimism will surely lead to better profits in future.