Mumbai, the Capital of the great State
of Maharashtra has always been on the countries commercial map for
being an ever-evolving city. For decades the city has housed brands
and corporate giants, but today the scene is on another level. The
city is the commercial Capital of India and lodges all international
major brands and corporate companies that have entered the country as
well. The city is bursting at the seams in terms of development and
growth in all sectors of the industry. Being the biggest commercial
hub has translated into the city getting an inflow of talented
professionals from all across the country as well as abroad. While
the city does provide ample career opportunities for young and
aspiring professionals, the fact remains that the land within the
city limits is limited.
Mumbai saw an unprecedented rise in
real estate prices for commercial as well as residential properties
in the last couple of decades. It first started with the increase in
rates for commercial projects in the various commercial hubs of the
city; namely Worli, Nariman Point, Fort, and Parel, which later
involved suburban places such as Andheri, Bandra Kurla Complex, Navi
Mumbai, Malad, and Powai. This was because of the emergence of
corporate giants and the IT sector in the city. As the companies
came, so did the professionals wanting to work in them. This
translated into a great increase in demand for residential projects.
As said before, the city area is limited and already packed with no
open spaces left to develop. This situation gave rise to developers
looking to redevelop buildings that were old, turning old bungalows
into skyscrapers, and buying off properties left, right and centre.
It has been quite a few years since
this trend has started, and hence today the city looks completely
different than it used to a few decades ago. However, in the last ten
or twelve years developers found that they had exhausted these
opportunities as well. It was hence time for another plan and
strategy. Many leading developers studied the real estate market and
realized that there were two types of buyers in Mumbai; ones that
simply wanted an affordable home with some basic amenities, and ones
that had the money and willingness to spend on buying a house that
had state-of-the-art amenities and world-class design. The only
problem was location. In view of the fact that the city has always
had an awesome infrastructure in place for connectivity within and
around the city, developers were in a position to seek better
location beyond the city limits.
This is the trend we are seeing in the
recent past: Developers are concentrating their effort in developing
Boisar real estate, coming up with residential complexes in
Vasai, getting geared up to build high-segment residential projects
in Navi Mumbai, and the like. Not only is the development is taking
place in the residential real estate sector of such areas, but even
new companies that need ample space for operations and don’t mind
being a little far from the hustle-bustle of the main city are
providing interest in buying commercial properties here. Developers
have realized that the days are long gone when people would not live
in commercial areas. These days, people want to be situated close to
their workplace for convenience. In a city like Mumbai, no matter
where you are there is no scarcity of places for recreation and
entertainment. Today, these far off places also have a number of
great restaurants, malls, shopping centers, pubs, parks, etc. Plus,
the city is just a short train or bus ride away.
Macy S. is a freelance writer for the
http://mirchandanigroup.com/
. She has been thinking about investing in a property in Mumbai and
is now
considering Boisar real estate
market for investment. This has led her to study the property sector
of the city. Being a writer she often blogs about the different
options for investment for foreigners, and the pros and cons of
investing in real estate.
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