Property is the most coveted asset in today's times. In Mumbai, property is an inaccessible commodity. One reason for this is that every inch on land in that city is under development. Hence there is no fresh supply of land base. Property seekers are rebuilding or remodeling the existing structures to suit their needs. The other obvious reason is that constant demand for property put pressure on property prices. Mumbai finds its mention in the world's most expensive rents zones and office spaces. Mumbai figures in this list with posh destinations like Manhattan and New York.
The central regions on Mumbai are choked with development. The peripheries, suburban areas and far flung areas are the only hope for property seekers. Prominent localities include Malabar Hill, Altamount Road, Carmichael Road, Napean Sea Road, Breach Candy, Colaba, Cuffe Parade, Prabhadevi, Worli, Bandra, Khar, Santacruz, Juhu and Powai, Most of these are located in south Mumbai. South Mumbai is the hub of all posh localities. This region has palatial homes and the apartments that have sea view are considered invaluable.
The need for more expansion has pushed demand in Mumbai from south Mumbai gradually to north Mumbai. After Lower Parel and Bandra Kurla Complex, the focus is now shifting to the suburbs like Parel and Thane. These areas are currently the hotspots for residential and commercial developments. Many developers have announced IT-based integrated townships in these regions.
In suburban areas like Andheri East and Andheri West, the rental rate for one-bedroom house ranges between Rs10,000 – 14,500 per month. The rental value for two bedroom apartment in Cuffe Parade (South Mumbai) are reported at Rs45,000 - 80,000 per month.
Last year has been very significant for the city's property segment. The property prices increased in many places and stagnated in other, despite a global deluge in the real estate segment. Re-development is the new buzzword in Mumbai. Dharavi, Asia's largest slum, has emerged as a much sought-after location for real estate development. About 31 real estate forms have filed bid for this redevelopment. This includes three foreign forms as well. Many small developers have formed a consortium for this redevelopment.
The Mumbai Metropolitan Region Development Authority (MMRDA) is one of the most active civic agencies in the city. The MMRDA recently hikes the Floor Space Index (FSI) for developers. This means the property developers have more floor area top develop. The regions where redevelopment is happening will have an FSI of 4, as compared to 1.3 allowed earlier. Other than this, MMRDA is building five lakh low-cost houses brings in a ray of hope for the potential buyers.
Real Estate Agents in Mumbai
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