Insight to Real Estate Market in Mumbai
The Mumbai real estate industry is by far the largest real estate market in India. When compared to other metropolitan cities of the country one can find that the property prices in Mumbai are way above other prominent cities. The reasons behind this vast and ever-growing feature of the Mumbai property market are the financial power, infrastructural comfort and social steadiness that contribute immensely.
Even the population of Mumbai is increasing at a faster rate, which indicates growth in the price for properties in Mumbai following its growing demand. Even specific areas of the city are caught in the web of high prices due to reasons exclusive of their location. For instance, the areas near Juhu beach and Southern Mumbai have limited opportunities and space for newer construction. As a result, the property prices are quite high here. Again in Bandra since new constructions have limited scope, redevelopment of existing property is quite extensive here. As a result, these areas are quite expensive and almost off limits for middle-class buyers.
To serve the middle-class buyers, the property builders have moved to the suburbs of Mumbai city and have come up with plenty high-standard projects in Wadala, Mulund, Goregaon East, Kandivali East, Powai, Mira Road. In fact, Navi Mumbai is one of the targets of the builders where affordable projects in both commercial and residential property can be availed. The suburbs are developed and have all facilities related to education, health, emergency services and daily requirements. In fact, as per experts, it is bound to provide huge gain in future.