Mumbai, known as the financial capital of India, has made decent strides in the real estate sector. Over the years, it has emerged as the ‘Luxury Capital’ of the country. With demand for luxury real estate increasing at a decent rate, renowned developers like Sunteck Realty, Indiabulls, Lodha Group, etc., have done well to match up with the demand.
The strong real estate market fundamentals are reflected across all the segments in Mumbai. With around 30 percent jump in the luxury home sales in 2017-18, the city tops the list with a commanding position in this particular sector. Luxury destinations are flourishing across the city, attracting a number of buyers and investors not only from Mumbai but other cities as well.
High investment capacity, increase in the standard of living, growing economy and changing lifestyle are some of the reasons behind the increase in demand for luxury real estate. A number of Indians are traveling abroad these days. Exposure to the different style of living is making people think about purchasing luxury apartments in metropolitan cities, especially Mumbai.
The luxury home buyers are mostly Industrialists, High Net Worth Individuals, NRIs and surprisingly the ‘Young Entrepreneurs’. The price of the luxury project depends on various factors such as city, location and nearby infrastructure. A renowned luxury developer, Sunteck Realty has come up with a great combination of projects at strategic locations, with the price varying as per the location of the project and amenities offered.
A number of emerging cities have several advantages, none bigger than the availability of space. However, these destinations have not been able to create an impact to attract luxury brands and financial institutions. On the other hand, Mumbai has an aura associated with luxury living. Also, many new-age builders like Sunteck Realty, Ahuja Group, among others, are bringing the latest technologies, impressive designs and infrastructure to attract the buyers.
Some major luxury housing markets in the city have witnessed steady appreciation in prices over the last few quarters. Luxury properties offered by reputed and trusted developers tend to appreciate more. The luxury real estate market in Mumbai is not driven by home loans as much as it is driven by personal wealth. Home loans involved in such housing are backed by sizeable down payments and fully-assured repayment power.
The rising confidence in the sector is resulting in a spate of new launches in the city. The landmark initiatives are taken by the government, including RERA, GST, Demonetization, Benami transactions have made the route safer for the buyers, investors, and developers as well.
Mumbai is on the cusp of more transformation, with luxury real estate developers like Sunteck realty planning more projects in the future. The new corridors in the city are further witnessing an influx of infrastructural and luxury residential development around the cultural hubs, which is likely to help Mumbai retain the tag of being the ‘Luxury Capital’ of India in the coming years.