Mumbais Residential Segment: Forever Active

By: George Gonigal

Mumbai's residential market has been active over the past two years. Most of the real estate activity in Mumbai has been in the middle to upper middle class segments, though the premium segment which has limited supply continues to attract buyers. There has been some appreciation in the values of prime properties in South Mumbai, Worli and Bandra areas.

Residential values are on the rise in the premium South Mumbai properties. Demand continues and there are some new projects coming up in South Mumbai. This includes two towers of 60 stories each known as "S D Towers".

The North Western and Eastern suburbs continue to be the preferred corporate locations in Mumbai. As a result, the suburban move by corporates has given a boost to residential developments. Mindspace and Hiranandani, on a regular basis, keep coming up with new developments. Relocation of the American School to suburbs has led to many expatriate officials also relocating their residences to the suburbs.

Residential categories all across the city are active. The residential market will see continued activity in the middle-class segment in Rs1-2.5 million (US$ 20,400-51,000) categories. All areas are seeing a rise in values. With office and residential projects going in tandem, developers are now going in for integrated developments. Most large projects have school, college, hospitals etc incorporated as an integral part of the project.

K Raheja Corp, K. Raheja Constructions, Samir Bhojwani, K Raheja Developers, Tata Housing, GESCO, Mahindra & Mahindra, Kalpataru and Godrej Housing are the leading developers active in residential market. Central Mumbai areas such as Wadala (what were they earlier) Sion etc are coming up as preferred residential areas. Navi Mumbai market is witnessing a marginal increase in residential segment due to large off take of residential apartments by Reliance Industries.

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