Real Estate Scenario in Mumbai
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Mumbai is a true powerhouse of Indian Business, Industry, and Trade. Located along the costal line of Arabian Sea, it has been the commercial capital of India. Administratively, Mumbai is capital city of Maharashtra. All the major financial institutions, banks and stock exchanges are based here. The headquarters or administrative offices of major business houses operate out of Mumbai. The city in the recent times, has assumed world fame because of increase of corporate outsourcing from industrialized countries and a worldwide increase in demand for Indian movies and pop culture. Mumbai is known for its cosmopolitan atmosphere, where people not only from different part of the country come and settle but from all over the world.
Infrastructure and Basic Amenities
Often regarded as the “City of Skyscrapers”, Mumbai is intertwined with numerous roads, flyovers, airport, railways, and port. It has the deep natural harbor which proficiently handles over half of India's passenger traffic and a large amount of cargo through the sea. With the joint effort of the Government and Private Real Estate Players, the infrastructure of the city has become second to none in the world. The condition of Transportation is very improved here as it has one of the best Public Transportation systems with local trains, buses, taxis and autos covering the whole of Mumbai and its surrounding areas. The city is known for its highly advanced amenities which include reputed Educational Institutes, Advanced Hospitals, IT parks, etc. Apart from that, the city has the abundance of Shopping Malls, Super Market, Multiplexes, Theatre and other avenues of recreations.
Real Estate Development
Mumbai has emerged as one of the most preferred destinations for property investment in the wake of its booming real estate market. Not only the residents of India prefer to invest in the properties of Mumbai, but the NRIs are also investing with an aim to gain maximum return with the upbeat market condition. There are lots of avenues where investors can strike a lucrative deal of property in Mumbai. Andheri, Malad, Navi-Mumbai, Juhu, Thane etc. are some of the preferred destinations for property investment. A number of prominent developers have lined up to come up with their real estate projects in these areas. The entry of major real estate players has shot up the rates of property in Mumbai as well. Some of the major projects undertaken by the private players are residential townships, commercial complexes, special economic zone in the city, development of IT facilities and hotels, research institutions, highway roads, flyovers etc. Apart from that, there are several residential projects that have come up in Mumbai and its surroundings with the efforts of Brihanmumbai Municipal Corporation (BMC), the local governing body looking after the basic infrastructure and amenities in the market.
Property Investment in Mumbai
The development of Mumbai has drawn the attention of property investors from around the world. The city is viewed as a haven for property investment as it is the commercial capital of the country. Besides, the reason behind Mumbai enjoying such a great influence among the property investors is the heavy returns on the invested capital in very short spans of time.