Mumbai Properties: Fast Yet Steady

By: George Gonigal

The prices of Mumbai properties are undergoing a steady upward trend. The factors which influence the same are still the same, beginning from the stock market rally to the good monsoon, to the stable government and to an overall positive economic scenario.

Most of the builders today are giving a lot of quality and value added services like swimming pools, health clubs and gardens in their projects. The only negative factor today is that there is limited ready stock with good property builders in Mumbai. A few suburban areas where maximum sales are recorded in the past few months are Chembur, Wadala, Mulund, Goregaon East, Kandivali East, Powai, Vashi and Thane. Overall the markets in Mumbai look pretty stable, the builders who have under construction projects in good locations with good demand are still increasing there prices by Rs.50/- to Rs.500/- every 2 or 3 months. Property prices in other cities in India are significantly cheaper than in Mumbai.

Residential and commercial property rates in Navi Mumbai have soared ever since the Special Economic Zone (SEZ) and the Greenfield airport project in Panvel were announced. It is no longer a city living in Mumbai's shadow, with its fair share of premium residential properties, glitzy malls and multiplexes, hotels and large commercial spaces. The prices of commercial properties in Mumbai's Bandra-Kurla complex are even more than the commercial properties in New York.

As the tech boom spreads across the country, as more Indians buy homes, and as the economy grows at faster than 8% a year, Mumbai properties is attracting more investors, many of them from abroad. The real estate boom and an upsurge in development activities in major parts of Mumbai have led to a rise in investment prospects in commercial and residential sector.

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