Flats in Mumbai are in Demand
- April 23, 2016
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Mumbai is one of the biggest property markets in India. The demand for housing in this city is on the rise. But, instead of the traditional regions of high importance, people have started looking elsewhere to fulfil their dreams.
Currently, the fresh projects being planned belong to affordable and ultra luxury category. The reason the demand for Flats in Mumbai is so high because of the major infrastructure projects that are coming up in the city. A classic example of that are regions like Chembur and Ghatkopar who have seen a surge in demand due to the Eastern Freeway. The adjoining eastern suburbs like Mulund, Kanjurmarg etc. have also caught the attention of the buyer.
The Mumbai Metro has turned out to be a boon for suburbs like Vikhroli. Because of the metro, the east-west connectivity has improved greatly. The monorail in the Chembur-Wadala-Jacob’s Circle region has also had the same impact. The regions like Powai have seen a change of fortunes.
The future is bright for those living in the Borivali to Virar region as the satellite towns are developing at a fast pace. The projects like the Mumbai Trans-Harbour Link, the newly planned international airport and metro rail for Navi Mumbai have provided a new lease of life to that area. Virar-Alibaug multi-modal corridor elevated eastern freeway, Churchgate-Virar elevated rail corridor means that Mumbai will remain in hot demand on the property front.
One of the localities which of late have garnered plenty of interest among the people who want to invest in real estate of the city is, Shilphata. The area is well connected to other important destinations and cities like Goa, Pune and Mumbai Metropolitan Region.
Although the expectations from Non Residential Indian weren’t up to scratch in the rest of the country, Mumbai has emerged as the winner in the race to attract investments, especially from the U.A.E, according to a recent survey. The garden city of Bangalore came in second on the preference of NRI investors. Mumbai amassed 31.86% of the total NRI investment that the country received.
The interesting thing to note here is that, out of all the investment made by the NRIs 31% of it was only for properties which cost 75 lakh or more, while 53% of investors were looking for properties in the range of INR 25 lakh and INR 75 lakh. People searching for the high-end segment properties, belonged to the remaining 16%, according to a survey.