Real estate in Mumbai has always been in news. Whether it is the sky rocketing prices of property, or the pain staking high rent and deposit amounts, or discover the newest investment opportunities, this city is always under the radar of the real estate sector.
Despite the soaring property prices that the city is known for, there are plethora of opportunities for investment in the coming years. Not surprisingly, the list of favorable areas for investment in the city mostly feature suburban localities. However, owing to city-wide redevelopment schemes, there are now more opportunities to invest in the traditionally expensive parts of the city as well.
Captured below are the key reasons for investing in Real estate in Mumbai
1) High ROI in the near future
Mumbai emerges as one of the most favorable investment destinations in the country, because of the scope for high ROI many of its localities offers. Thane and Navi Mumbai, extended suburban’s of Mumbai, are also popular with investors looking for affordable investment options, with the promise of high returns. Due to the considerable overhang of unsold inventory, and delays in approvals for new projects, property prices in the city have stabilized.
2) City-wide Infrastructure Initiatives
Some parts of Mumbai have witnessed lack of infrastructure and low maintenance of existing infrastructure. However, there is an increased focus on improving it in the newer, less populated parts of the city. This has also led to the promotion of affordable real estate in these areas.
Wadala, once considered as the central suburban of the city of Mumbai, has experienced a good demand in the recent past. One of the significant reason that has driven the demand is the slew of various infrastructure projects, mainly the Chembur-Wadala monorail, and the Eastern Freeway. Due to its proximity to the Bandra-Kurla Complex (BKC), and fast and easy connectivity to other commercial areas in the city, property has attracted the buyers interest.
Some of the other affordable areas poised to become profitable due to much-needed infrastructure initiatives are Chembur, Mulund, and Ghodbunder Road in Thane.
3) Redevelopment schemes leading to affordable housing in Mumbai.
The demand of residential property has been increasing over the time but due to the low land supply, developers opted for the redevelopment projects. This practice is mostly common in Bandra East. While property in Bandra West has always seen a great demand because of its vibrant lifestyle, robust connectivity and excellent social infrastructure, it now suffers from traffic congestion, and low supply of land. The large population that works in the BKC demands residences that are not more than a half an hour’s travel away; and Bandra East is where it’s flocking to now.
Redevelopment projects have picked up in the last few years, and is envisaged to bring a massive change to residential real estate in Bandra in the coming few years. Since several corporate houses are shifting their focus from Lower Parel to BKC, this area is definitely one to watch out for. This is also expected to promote the practice of affordable housing in Mumbai as this area will cater to the needs and demands of all types of people. The area emerges as a silver lining in the high soaring prices of the city, especially for the middle class people.