Mumbai is the most sought after real estate destination in India and
the most expensive as well. Greater Mumbai as it is called now, includes the
adjoining suburbs. Real estate in Mumbai is a peculiar one and has its own nuances.
Mumbai itself has very few land packets or almost nil. As the earlier
constructions are more than 20 years old, the tower heights are limited to the
norms existing at that time. The number of floors cannot be increased as the
building structure cannot support it. The real estate sector in Mumbai is now resorting to redevelopment
projects.
The real
estate developers are going in for demolition of the existing buildings, by
taking consent of the occupants and providing them alternate accommodation till
the time the construction is over. The original owners are then allotted one
flat each in the newly constructed building. This way the original owner gets a
new apartment with all modern facilities with additional carpet area and the
developer is able to create additional inventory; a win-win situation for both
parties.
Real estate in Mumbai has expanded north as
well as eastwards for obvious reason of water bodies on the western and
southern sides. Mumbai over the years has become the cultural, industrial and
corporate capital of India and probably will remain so for the years to come.
This factor attracts migratory population form all over the country for job,
business and glamour opportunities. Mumbai to its credit has been able to
absorb all cultures with different religious as well as ethnic backgrounds,
thus gaining the tag of a mega city.
In its
expansion process the property sector
in Mumbai has amalgamated Thane as well as Navi Mumbai and is now
extending towards Bhiwandi. Thane happens to be the industrial suburb of
Mumbai. With enhanced connectivity, extension of metro and a master plan in
place, real estate in Thane holds a lot of promise. Property prices in
Thane are in the affordable and mid segment range and thus cater to the
migratory population needs and the working class. The travelling distance from
Thane to Mumbai has reduced to 30 mins to 1 hour, depending upon the location
within Mumbai, therefore Thane is almost a part of Mumbai now. Residential real estate in Thane also
attracts the working population in the industrial sector or Thane.
Navi Mumbai is another suburb of Mumbai
where residential real estate
holds humungous potential. With the extension of two expressways from Mumbai and
connectivity to Thane, residential
property is on high demand in
Navi Mumbai. Connectivity to Pune, approval of an International airport,
Mumbai Trans Harbour Link, extension of Metro are all factors which add to the
value of real estate in Navi Mumbai.
Navi Mumbai predominantly has become a residential property destination. As far as commercial property is concerned it
focuses on the IT sector and SEZ zones. Navi
Mumbai as compared to Thane has
an edge in the residential property
sector, as it caters to the younger generation and a metropolitan
culture.
