Standing tall after a steep fall – The real estate trends in Mumbai

Real Estate

 

Poised for a major overhaul in the real estate development, Mumbai is set to grow higher in the housing market, as compared to other metropolitan. With a perceptible improvement in price sensitive Mumbai, the realty market has emerged victorious after a few tough years. The buyer sentiment is gradually turning positive, and several prospects are lining up for the city.

According to recent studies and market trends, the financial capital has become one of the most lucrative destinations for investment. With several world-class investors, such as Ramky Group, Lodha Group, K Raheja Corp and Tata Housing among others, ready to invest in the Mumbai real estate sector, the city has become a pioneer for growth in the Indian landscape.

Predominantly targeted towards developing new residential projects, major investments by these builders are bringing in a multitude of options for the dwellers. Also, the coming up of new business centres, commercial units and IT parks, has given way to mammoth opportunities for both upcoming and established real estate developers.

While people like K Raheja Corp Chairman, Chandru Raheja are bringing in new avenues for the city’s workforce with commercial projects like Mindspace, names like Tata are taking forward the green building approach to provide the city a sustainable future.

Amidst the development, projects like Monorail, Mumbai Metro, Eastern Freeway and Bandra-Worli Sea Link are contributing significantly in reshaping the city. They are not only helping control the traffic but also acting as bridge between the city and its suburbs. The existing projects, such as Jogeshwari-Vikhroli-Link Road (JVLR) and Santa Cruz-Chembur-Link Road (SCLR) are also playing a major role and complementing the city’s growth. The development of an array of projects in areas like Chembur, Mulund, Bhandup, etc., has given opportunities to builders and buyers alike.

Talking about residential requirements, the efforts of realtors like Niranjan Hiranandani, Mangal Prabhat Lodha, Chandru Raheja, and Vikas Oberoi among others are slowly changing the mindsets of people, giving Mumbai a more positive outlook. Another aspect that needs a mention is the need of both affordable and luxury housing in the city. Attracting various segments of buyers to the city, the ongoing residential projects in the city give them multiple options to choose from.

Growing consumerism, employment opportunities and the significant rise in facilities like shopping malls, schools, etc., has brought Mumbai to the forefront once again. Easy connectivity is also playing a major role in the emergence of the city as a global leader in real estate development.

While the connotations of the changes like demonetization, RERA, GST still need to be tracked and screened, the future of realty in Mayanagri looks bright. With a surge in the facilities and introduction of transparency in the market, good days lie ahead for developers and investors in Mumbai.

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Junior editor in Horizoncottages. Born in New Delhi.

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