Who does not like to dwell in the embrace of the sky-kissing buildings and the world-class amenities; however, not everyone gets a chance to buy an abode in a city like Mumbai. The economical capital of the country offers a plethora of reasons to the buyers as well as the sellers to invest in property market. Be it the booming residential sector or the ever-evolving commercial area; despite the ceaselessly increasing property price in the city, Mumbai has always emerged as a ruler in the Real Estate market. If you are looking forward to investing your hard earned money in Mumbai’s property market, then here are a few reasons that would compel you to do so.
High ROI In Future
Mumbai lists among the some of the most of the favorable investment destinations of the country. Mumbai possesses the scope for high ROI in many of its localities. Areas like Goregaon (East), Vile Parle (East), Chembur East, & Bandra (East) have observed 20% ROI in the last financial year. Navi Mumbai and Thane are popular among investors that are looking for affordable investment options that promise high returns. The property prices in the city have stabilized due to the piling up of unsold inventory, and delays in approvals.
The suburbs of Mumbai have been struggling with the poor infrastructure from years. Many places in Mumbai are now working on their existing infrastructure and as a result, the real estate prices are rising with the development taking place around. Wadala is the main example of an area where the growth of real estate is being driven by emerging infrastructure projects. The Chembur-Wadala monorail and the Eastern Freeway are a few examples of infrastructural development that has taken place in the area. Due to its proximity to the Bandra-Kurla Complex (BKC), the property prices in Wadala have doubled in last 3 years.
Increasing Redevelopment Projects
Due to the growing development and lack of fresh space for the construction of the housing projects, the developers are undertaking redevelopment projects. Bandra is one of the places where the developers are taking redevelopment projects due to the current shortage of land. Redevelopment projects have caught pace in the last few years and are set to bring a change in the residential real estate of Bandra in the next 5 years. As several corporate houses are now entering BKC (Bandra-Kulra complex) from lower Parel, this area is definitely one to watch out for.
Employment Drives Real Estate Development
As the employment facilities are growing throughout, south Mumbai has not remained the only commercial part of the city. Employment is a major driver of growth in the residential real estate. Other than areas around Bandra-Kulra Complex, Kanjurmarg has seen a significant increase in demand due to its proximity to commercial areas like Vikhroli and Powai. Kanjurmarg is becoming a preferred location for residential property seekers and also for business complexes. Property cost in Kanjurmarg is 10-20% lesser than in Powai, Vikhroli, and Thane.
The real estate market in Mumbai has emerged stronger under every tough situation and the investors are luring the most from their investment. As people from all over India are flocking in the metropolis in search of good opportunities, the government is taking steps to offer better infrastructural and real estate opportunities to the Mumbaikars.