Mumbai: Rapid Growth in The Premium Real Estate Sector

The Island city, Financial capital of India and the Indian Hollywood are few of the names which are sobriquets for Mumbai. It has been reckoned by the investment and research firms all over the world that Mumbai is one of the most urbanized cities in Asia and has a huge potential for growth in all sectors of the economy.

Mumbai is the destination for dwellings of top notch entrepreneurs, film stars and politicians. This city has been flooded with the localities of commercial, industrial and residential assets since years during its evolution. However, over the last decade, the city has witnessed a quantum jump in the relocation of commercial and residential hubs and subsequently the redevelopment of areas which were already swanked by assets across the subsectors of construction. 

Owing to the relocation and redevelopment activities, the prospects of exponential returns in property transactions of this city have received a tremendous boost in the recent past. As reported by The Economic Times, Mumbai has realized four major high value transactions of properties over the last few months. Complementing the ongoing vigor of blue chip companies and their ‘C’ level executives, the Mumbai housing development authority has favored the construction of even taller high-rises, reviewed land-use policies and benefited the realty sector.

Malabar hill, Altamount Road, Mount Pleasant Road and other sea-facing locations have absorbed these high-end property deals in the year 2013. Malabar Hill in particular is known to house the dwellings of the wizards in the private sector. South Mumbai is the area which accommodates the residence of the governor, rest-houses and apartments of leading MNCs in the service and manufacturing sector.

The redevelopment efforts, enhanced civic-infrastructure and the favorable mixed land-use policies have been witnessed to be working for the development and expansion for the scope of real estate operations in the Island city. The growth and demands in Mumbai suburbs have also accentuated the worth and promising prospects of investments in the real estate sector of Mumbai.

Along with growth in the premium segment of properties, the developers are also observed to be developing comparatively affordable and compact residences. The commercial sector has also witnessed the growing preferences for smart building and sustainable solutions to be adopted by the developers in order to attract the aspirers of contemporary assets.

Mumbai, known as the city of dreams in India, has upheld the momentum of growth across the real estate subsectors. A recuperated interest of leading Indian developers, increase in the number of foreign investments and the growth potential in Mumbai suburbs, hold a promising future for real estate sector in this city.