Over the past few years, Mumbai, synonymously called the city of dreams, has undergone drastic changes in terms of its infrastructure, civic architecture, comfort, livability, modern amenities etc. Many builders are undertaking re-development projects leading to a boom in demand for properties in Mumbai.
From commercial to residential buildings, a considerable segment of the population is investing in Mumbai real estate. And here’s why you should consider it too!
Hub for commercial activities
Mumbai is the financial capital of India. It ranked tenth among global cities for financial flow volumes. Mumbai is home to financial institutions like the Reserve Bank of India and the National Stock Exchange of India. Many multinational companies and corporate organisations have their headquarters in Mumbai. The presence of these companies gives rise to investment in commercial properties. Furthermore, there are ample job opportunities in Mumbai. Bandra-Kurla Complex, Seepz, and MIDC are the main industrial areas in the city. Job opportunities and the availability of social amenities like schools, hospitals, recreational parks etc., encourage people to invest in properties in Mumbai.
Well-connected metropolitan city
Because of its transportation and civic infrastructure, Mumbai is one of the most well-connected cities in India. You can travel from one destination to another with much ease. Local trains, the lifelines of Mumbai, help you in your daily commute and are also a cheap mode of transportation. Besides trains, there is a rise in the construction of metro and monorail lines that link Mumbai with its nearby areas. Eastern Expressway, Bandra-Worli Sea Link and Western Expressway connect the suburbs. Both international and domestic airports in Mumbai experience significant passenger and cargo traffic.
The rise in employment opportunities
Growing employment opportunities are linked directly to the rising demand for real estate. Improvement in employment leads to overall economic recovery. With a stable income source, individuals plan to invest in real estate. Earlier, South Mumbai was seen as the only centre for commercial activities. However, with many suburbs in Mumbai offering secure job opportunities, there is significant demand for real estate in these areas. Areas witnessing a rise in demand for real estate because of employment opportunities include Wadala, Kanjurmarg, Mulund, Bandra and Chembur. The property rates in these areas are much less than those in South Mumbai.
High return on investment/ROI
If you buy a flat in Mumbai and are not planning to use it, the apartment can still be a good investment. Since real estate properties in Mumbai are located in areas with easy connectivity and accessibility, they have a scope for high returns on investment. In the list of Indian cities suitable for investment, Mumbai is at the top. Areas like Thane, Mulund, Vikhroli, Kandivali, Goregaon, Chembur, and Navi Mumbai come under affordable investment choices because they have high returns. Furthermore, as per the best real estate agents in Mumbai, approval delays for projects and unsold inventory overhang have led to the stabilisation of property prices.
Saves rent expenses
According to surveys, in terms of lifestyle expenses and accommodation costs, Mumbai is the most expensive city in India, followed by New Delhi and Bangalore. This means that rent for flats in Mumbai will be higher than in other cities. Hence, instead of spending huge money on rent, buying ready-to-possession flats in Mumbai would be a great investment choice. It will save you rent money and help in building your financial security. Real estate properties are indivisible investments, and their value grows over time. Furthermore, even if you are not using the property, renting it would ensure a steady flow of income.
Quality Infrastructure
In the past, low maintenance of the existing infrastructure and the absence of good-quality architecture has always been a problem. However, in recent years, there has been a shift in focus toward the infrastructure in Mumbai. Initiatives for building coastal roadways, flyovers and underground metro are being taken by government authorities. Roads are being broadened, and proposals for constructing expressways are being introduced in the city. Moreover, the impetus is given to developing newer, less densely populated areas. This development increases the demand for properties in Mumbai. For instance, nearness to Bandra-Kurla Complex, Chembur-Wadala monorail and Eastern Expressway has driven multiple infrastructure projects in Wadala.
Affordable housing
The increased demand for residential buildings in Mumbai is met with low supply. Hence, as per real estate agents in Mumbai, the current trend in the market is affordable housing. Property builders are also focusing on redeveloping existing buildings. In new, upcoming areas of Mumbai, real-estate developers have adopted a theme called affordable luxury. For example, real-estate developers are bringing numerous projects to the satellite township of Navi Mumbai. Navi Mumbai offers plenty of opportunities for investment and premium residential properties.
Plenty of convenient options
Since Mumbai is a real estate hotspot, exclusive properties with different schemes and budgets are available for investors. When it comes to investing in residential buildings in Mumbai, there are plenty of options at your convenience. To exemplify, based on your preferences, workplace distance, budget and amenities, you can choose either 1BHK or 2BHK apartments. These days, suburbs have a high demand because they provide an affordable housing system close to colleges, schools, hospitals etc. Moreover, these suburbs also have a range of investment options, including subsidised housing, luxury homes and high-end commercial centres.
Luxurious lifestyle
When people think of Mumbai, many associate it with an elite lifestyle. Mumbai is the right place for those dreaming of luxurious living. Premium properties offering world-class amenities are a rapidly developing business in India. For instance, sea-facing flats in Mumbai are in great demand. Luxury apartments in Mumbai are known for their modern, state-of-art amenities like fitness centres, squash courts, swimming pools, multi-purpose halls, spas, reading rooms, ample parking space etc. Their architecture is often considered a symbol of elegance and opulence. Luxury flats in South Mumbai are becoming popular. Therefore real estate in this area has high rates.
Well-reputed real estate developers
Renowned and well-established developers dominate the real estate industry in Mumbai. While undertaking development projects, these developers are known for their transparency and work ethics. They also ensure the completion of projects on time, and their customers do not have to face any difficulties while investing in their properties. Prominent examples of developers in Mumbai include the Lodha Group, Godrej Properties, Wadhwa Group, Oberoi Realty, Suraj Estate Developers, Prestige Constructions, Birla Estates, Peninsula Land Limited, Sugee Developers, Larsen & Toubro Ltd, Runwal Group, Kalpataru Limited, Hiranandani Group, Indiabulls Real Estate, Dosti Realty. Since the demand for Mumbai real estate has skyrocketed, these developers are launching numerous prestigious real estate projects. Thus, investors can choose the best project in different areas at all price ranges.
A mixture of different cultures
The saying, Mumbai has something for everybody is very true. Mumbai is a metropolitan city with a population exceeding more than 22 million. It is one of the most densely populated cities in India. People from different backgrounds, traditions, religions etc., are a part of this population. Hence, all kinds of festivals, cuisines, music and art are celebrated unanimously in this city. There is a strong sense of community in Mumbai because it offers such a massive blend of all cultures.
In the first quarter of 2021, overall real estate sales went up to 49 per cent, and total property registrations in Mumbai increased to 70 per cent. Given the increased demand for Mumbai real estate on a global scale, investing in commercial or residential buildings would be a good choice.