Enjoying the status of being financial capital of India, Mumbai is a major political, cultural, and economic hub. The plethora of opportunities makes the city a potpourri of different communities and cultures. Also known as Manhattan of India, Mumbai is a shining example of how world-class infrastructure, work and living environments can make it a magnet for global business and high quality professionals.
Mumbai has drawn the interests of many migrants from all over the country, because of large availability of excellent business prospects, and the high standard of living. Popularly known as a home to India's prolific Hindi movie industry, Bollywood, Mumbai is also among the few cities to accommodate a national park, the Sanjay Gandhi National Park, within its boundaries.
The glamour city 'Mumbai' by far is the most balanced city with offering space for everyone. It is certainly on the track of fast growth. Investments from different parts of the world are seeking their way into the Capital Markets making the Bulls reaching new all time highs. Triggered by the steady emergence as IT/ITES hub, Mumbai has never been such an attractive investment destination as it has proved itself now.
Infrastructure Facilities
With rapid urbanization and industrialization during the last three decades, Mumbai has grown into a major urban center. This has been further bolstered by improvement in infrastructure and the construction of number of city's institutions.
Needless to say, the array of resources in Mumbai has stretched to the limit and where civic amenities are flourishing fast, there seems to be a glimmer of hope. A winning factor for the city is its awesome connectivity that is highly reliable. Mumbai is well connected by the Indian Railways to most parts of India.
Mumbai's Chatrapati Shivaji International Airport is currently handling up to 45 landings and takeoffs per hour, which makes it the busiest international airport in India. Another airport in Mumbai is Santacruz airport that caters to domestic flights.
Mumbai with its distinctive topography has one of the best natural harbors in the world, handling half of the country's passenger traffic, and a major part of India's cargo. It also serves as a significant base for the Indian Navy. Ferrys from Ferry Wharf allow highly economical access to islands and beaches in the area.
Coming on to the education, Mumbai is a home to a multitude of world class educational institutes. With its well off populace, it is but obvious for the city of Mumbai to cater to the next generation of its citizens. Affordable fees at reputed universities in Mumbai coupled with the easy admission process, makes Mumbai one of the most preferred alternative for good education. Whether talk about schools, institutes offering higher studies, to management schools, the city has something in store for everyone's educational need.
Mumbai being the commercial capital of the country with a sizable chunk of the IT industry is naturally the hub for a number of visitors related to the big business organizations. In addition to these, the city also carries a large potential for tourists thanks to sightseeing like Gateway of India, Essel World, Hanging Gardens, Marine Drive, Juhu Beach, etc.
Mumbai, the financial capital of India has always been the trendsetter in the indicative property prices of real estate India Mumbai as such has always been in the forefront when it comes to property prices. It has in the recent years a record rise in property prices at par with some of the highest real estate prices in the world. Mumbai is also the fashion capital of India, so it is one of the foremost cities to be hit by the retail buzz. With the opening up of the retail market, there has been a growing demand for retail properties in Mumbai.
Real Estate Developments in Mumbai
Mumbai is no way behind when it comes to a talk on property. The Mumbai real estate is in its growth orbit and attracts investors from major multinationals in the recent times. Such is the potential of the city's infrastructure that it is known to be spearheading most cities as far as property market is concerned. With Mumbai serving as the entertainment city, even the organized retail sector here is fast flourishing.
Purchasing real estate in Mumbai requires a significant investment, and each piece of land in the city has unique features, so the property market in Mumbai has evolved into several different fields.
Having the potential to leverage high returns, a large number of real estate projects are financed everyday in Mumbai. NRIs can shop for property in the city with the expectation of attaining an investment good, or with the purpose of utilizing it as a consumption good, or both.
Appreciations
The hike in demand as well as supply and appreciation in capital values are attracting good attention from overseas investors. The Mumbai real estate has become a reflective of the high growth in Indian property market. There has been an increase in real estate value across micro markets in Mumbai as well.
Mumbai is looked upon as one of the most organized and transparent property market in India. With cash components and transactions shooting up in the last two years, the city has gained much popularity among the investors, both domestic and international. The investment market has been thriving with excellent returns going high over the past few years. The real estate boom and an upsurge in development activities in major parts of Mumbai have led to a rise in investment prospects in commercial and residential sector.
Known locations like Bandra-Kurla Complex (BKC) and Lower Parle have seen appreciations in commercial spaces falling under the category of Grade A. The occupancy levels in other preferable locations like Andheri West and Nirman Point also increased in the current year and are believed to have marked the rise by 90-95%. Another mark appreciation is in regard to commercial properties in Mumbai, and is prevailing in the city's micro markets barring a few exceptions.
NRI Real Estate trends
Major property developers in Mumbai, underpinned by the vastness, scope, success and scale of progress in the city are now transforming developing properties into strong retail bases. Then of course, the government permitting foreign direct investment (FDI) up to 51% in retail trade has also brought about major moves in retail industry.
The demand for property whether commercial or residential, is very high in Mumbai. There has been steady demand for consecutive years and has resulted in an increase in the yield rate. New real estate projects in Mumbai are always in queue to be launched by private as well as by government. This encouraged overseas investors especially Non resident Indians (NRIs) to make significant investments in Mumbai properties.
With an excellent accessibility across the globe, the city of dreams, Mumbai has emerged as an ultimate destination for most people. As per property surveys, one can sell any property and get a price which is fairly good. Within the real estate industry, it is believed that such periods come in cycles and bring an apt time to cash upon.
What makes real estate in Mumbai so exciting are an ongoing demand and the proposed projects that are to be executed in approaching years. Builders always have special offers and attractive schemes in store for end consumers. Capital Values of quality apartments, in well-maintained old buildings and upcoming projects, in South and South Central Mumbai, have gone through the roof.
Latest Real Estate Projects in Mumbai
Navi Mumbai is to witness major developments with the proposed Special Economic Zone (SEZ) planned by Reliance and CIDCO. Mumbai western suburbs have already seen some major commercial occupancy especially in the BPO segment.
Next in the line is Thane, which is making rapid strides particularly regarding to residential properties with satellite town to be developed there soon. Then, there are shopping malls, connectivity and vast green belts strengthening its prospects even further.
Fishman Holdings is to come up with hi-tech, commercial and office project at an investment of $330 million in Thane, north of Mumbai.
The proposed international airport project in Navi Mumbai is pushing up plot rates in locations like New Panvel, Kalamboli and Kharghar. The airport will support the rapidly growing air travel needs of the Mumbai Metropolitan Region.
Economy
Mumbai contributes 10% of all factory employment, 40% of all income tax collections, 60% of all customs duty collections, 20% of all central excise tax collections, 40% of India's foreign trade and Rupees 40 billion in corporate taxes.A number of Indian financial institutions have headquarters in downtown Mumbai, including the Bombay Stock Exchange, the Reserve Bank of India, the National Stock Exchange of India, the Mint, and numerous conglomerates (including Tata Group, Godrej and Reliance). Many foreign banks and financial institutions also have branches in this area.
Up until the 1980s, Mumbai owed its prosperity largely to textile mills and the seaport, but the local economy has since been diversified to include engineering, diamond-polishing, healthcare and information technology. Mumbai’s status as the state capital means that state and federal government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and semi-skilled labour population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics and other such blue collar professions. The port and shipping industry too employs many residents, directly or indirectly.
The entertainment industry is the other major employer in Mumbai. Most of India's major television and satellite networks are headquartered in Mumbai, as well as its major publishing houses. The centre of the Hindi movie industry, Bollywood, is also located in Mumbai, along with its largest studios and movie production houses. Marathi television and film industries are also based in Mumbai.
Along with the rest of India, Mumbai, its commercial capital, has witnessed an economic boom since the liberalisation of 1991, the finance boom in the mid nineties and the IT, export, services and BPO boom in this decade. The middle class in Mumbai is the segment most impacted by this boom and is the driver behind the consequent consumer boom. Upward mobility among Mumbaikars has led to a direct increase in consumer spending.
Latest Real Estate Projects in Mumbai
Navi Mumbai is to witness major developments with the proposed Special Economic Zone (SEZ) planned by Reliance and CIDCO. Mumbai western suburbs have already seen some major commercial occupancy especially in the BPO segment.
Next in the line is Thane, which is making rapid strides particularly regarding to residential properties with satellite town to be developed there soon. Then, there are shopping malls, connectivity and vast green belts strengthening its prospects even further.
Fishman Holdings is to come up with hi-tech, commercial and office project at an investment of $330 million in Thane, north of Mumbai.
The proposed international airport project in Navi Mumbai is pushing up plot rates in locations like New Panvel, Kalamboli and Kharghar. The airport will support the rapidly growing air travel needs of the Mumbai Metropolitan Region.
