By Arina Smith
Mumbai, the financial capital and entertainment hub of India, is one of the major realty hotspots of the country. Till a few years back the city was caught in the grip of a major slow down. But it has made a remarkable recovery and today is counted amongst the most lucrative real estate markets in India. According to Asif Balwa of DBRealty, a fast-developing infrastructure, employment opportunities and high return on investments have greatly contributed to the revival of the Mumbai real estate industry.
Robust infrastructure:
The past few years have witnessed major infrastructural projects being taken up in the city on a large scale. The introduction of the Mumbai Metro, Monorail and the upcoming airport in Navi Mumbai have further boosted the prospects of the real estate in the city. The initiation of the Colaba-Bandra-SEEPZ corridor of Metro-3 projects will provide the much-needed connectivity with the significant regions such as Lower Parel, Nariman Point, Goregaon, Worli, to name a few. This has provided the developers with a big impetus to plan mega residential projects close to these areas. The Mumbai Trans Harbour Link is another megaproject. It connects Navi Mumbai with Mumbai and hence, will play a pivotal role in reducing travel time.
Commercial hub:
Mumbai is recognized as India’s commercial capital. Many of the leading multinational companies have set up their base in the city and are providing lucrative employment opportunities. It is because of this reason that every year hundreds of people from other parts of the country migrate to Mumbai. Today, areas such as Powai, Kanjurmarg, Vikhroli and Thane and Navi Mumbai have caught the eye of the developers as they are well connected to all the major business hubs of the city and are ideal locations for developing residential apartments.
Affordable housing:
Real estate prices in Mumbai have witnessed a steep hike in the past few years and there is not much scope left for affordable housing. To overcome this problem, developers are coming up with redevelopment projects in the city. Mumbai is home to thousands of building which are in a bad state. The builders of the city are redeveloping these buildings into modern apartments with all the facilities. Bandra West is one of the localities which has witnessed large scale redevelopment projects. The redevelopment projects will help to ease the increasing demand for residential projects in the city.
High Return on Investment:
The return on investment is much higher in Mumbai as compared to other metropolitan cities of the country. Some of the localities which are witnessing high ROI are Goregaon, Vile Parle, and Bandra East. It has been reported that the return on investment here is as high as 20 percent. Other regions providing high ROI are the satellite cities of Navi Mumbai and Thane. Some places in Mumbai worth investing in are Chembur, Mulund, Panvel, Ghodbunder, to name a few.
According to AsifBalwa, Mumbai is the ultimate reality hotspot of the country. If you are planning to buy an apartment, then Mumbai is the perfect destination.
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