How To Buy Real Estate In Mumbai

In the present scenario real estate is contending as a prosperous business. It is also one of the most lucrative business schemes now. The present economic condition of the nation encourages buying of real estate for the people. The cities of Mumbai, Delhi, Kolkata, Bangalore, Hyderabad and Chennai in India are some of the top profile cities for carrying out real estate buying and selling. If Bangalore ranks at almost the top position Mumbai too is not far behind. Whether buying a real estate for immediate use or for selling it later at the proper time, Mumbai is promising.

It is important to know how, when and where to real estate Mumbai. How profitable is it to involve in real estate at Mumbai leaving aside the other big real estate promising cities of India. Congested cities like Mumbai are seeing the scientific rise of suburban areas for real estate like Pune. A proper observation would reveal the correct status of Mumbai.

Mumbai is a large place which has been a witness to several historical incidents for many centuries. Mumbai formerly known as Bombay is made up of an isthmus joining a conglomeration of seven islands. This has made the south of the city unavailable for land. It is thus an island city on the Konkan coastline. Now the islands have joined to form one city. It is now the largest city of India with a population of about 17 million people. It is the most culturally accommodating and the greatest cosmopolitan city in India. Why is Mumbai a haunt for real estate? Mumbai contributes to 20% of India’s industrial outputs. It contributes to 40% total income tax collections and helps in 70% of capital production of the country. It is in simple words the economic hub of present India. With so much in its bag it becomes the haunt for real estate buyers.

Mumbai’s geographic conditions also make it suitable for settlers. The weather conditions are warm to moderate throughout the year. Being situated near the coast it is fairly pleasant all throughout the year. Most importantly, the geographic area serves as a boon. It being a natural harbour shelters India’s maritime cargoes. Thus it is an entry and exit point for foreign trade. Its international airport connects the world and transports in and out a huge population. Mumbai’s good transport system and way of living attracts people from all over to buy places here.

Some of the most important financial zones of the country like the Reserve Bank of India, Bombay Stock Exchange and National Stock Exchange are located in this city. Some of the top corporate sectors and the top educational institutions are present here too, ensuring a steady flow of job employees and students. Mumbai is also one of the leading and very popular tourist spots of India. This fetches great business prospects too. Not to mention, the country’s probably the biggest industry, the Bollywood industry competing with Hollywood. These factors have named Mumbai as India’s New York, pouring in a plethora of real estate seekers.

Before the Mumbai attack some years back, the country faced a global credit crisis. Investor interest was also slow. The attack caused a jolt. It is believed to have a huge impact on the real estate market in the city. The cross border business declined there was a decline in real estate market according to experts’ words. However, the place had seen a revival in real estate soon after. Later, the industrial slowdown has not been able to cause any big impact on the real estate market. The ultra high end of the city has almost remained untouched by this slowdown. Now there is competition between overseas investors and high net worth individuals for the ultra high ends.

One of the mostly favoured areas in Mumbai is old South Mumbai. This comprises of Altamount Road, Peddar Road, Carmichael Road, Kemps corner, Nepean Road, Breach Candy, Malabar Road, Walkeshwar, Colaba, etc. South Mumbai has a lot of availability. Here new and old both types of apartments are available. Those who require schooling availabilities choose Bandra-Juhu locality over South Mumbai. The next important location on basis of preference is the belt comprising of Lower Parel, Parel, Mahalaxmi, Sewri, Worli and Prabhadevi. These areas are generally preferred by those people working in Central Mumbai and Multinational Companies willing to relocate. Here the buildings and apartments are brand new. The other important locations mostly for management sector people are the areas from Bandra, Santacruz and Juhu, Khar and Powai.

Some of the top high profile buildings like American School of Bombay, British High Commission and American Consulate are situated in these areas of Juhu and Bandra. Many good quality semi new buildings and apartments also lie in this zone making it a desirable and most sought after places at Mumbai and a favourite among Expatriates seeking relocation. Borivali and East and West Andheri are those localities where individual leasing activity is most observed.  Most of the owners of premium apartments prefer renting their apartments to employees of companies and to companies themselves. This is because default risks in these cases are almost nil.

Mumbai being a land of various industrial sectors, the leading one being the film industry or the famous Bollywood industry the demand for a place is real high. There are also good educational sectors and job centres in Mumbai and nearby, making it a place of high demand. The demand for space here is not temporary but a permanent and ever growing issue. Land in Mumbai is available at a premium. As a result the outskirts are developing themselves at a rapid rate to provide accommodation for aspiring dwellers. The south of Mumbai is the most sought after places for real estate. Looking for real estate at these outer areas is a good idea of sorts.  These areas would not only develop largely soon but also bring a good return in the near future. Prices would often come up and down and it is to be judged well before hand to have a great buy.