Anoushka Chopra | 17 Feb 2022

Advantages of Buying Property in Mumbai

Advantages of Buying Property in Mumbai

Mumbai has been a dream city for many for as long as we can remember. It has always been considered the place where love is always in the air and the dreams of the people living here are never shattered. At one point or another, Mumbai must have been on the bucket list for you too! If it never has been, there is a strong chance your bucket list is yet to undergo some changes! 

Now that Mumbai has experienced massive changes in terms of development and infrastructure, the city has gained even more attention and popularity from the players in the real estate industry. The real estate market in Mumbai is one of those markets that is still experiencing a boom even after the enforcement of price regulations by RERA. Once the protocols and the framework of RERA were put in place in India, there were either of the two things that most cities experienced - housing either took a back seat, or the prices of the properties hiked like never before. 

However, this was never the case with Mumbai. Real estate investors in Mumbai tackled the situation slightly differently. They put in days and nights to come up with housing projects of premium quality, all the while keeping in mind the affordability too. Home buyers who could never consider Mumbai as a city that they could afford their dream home in, are now changing their priorities and putting Mumbai at the top. 

Synonymous to the “City of Dreams” and “Land of Opportunities” for millions and billions of people, Mumbai is proudly one of the wealthiest cities all across India. With its rich cultural history, love of theatre, a strong knit community, power of investors and celebrities, hubs for entertainment  - Mumbai is a mini India in itself. Do you know that it is often believed that trains come to the Mumbai railway station each day filled with hundreds of people who have struggled all their lives to reach Mumbai and settle down here to fulfill their dreams and aspirations?

We understand that as a home buyer, you would never want to risk your hard-earned money on an investment that will not reap you long-term benefits. If you are or have ever thought of buying a property in Mumbai, we want you to know that you are in the right hands. Mumbai is one of those cities that needs a lot of in-depth research for even the most experienced players in the real estate industry to figure out if it is even worth our time and money. 

Well, we have given it the time, money, and research that it requires and have finally concluded. We say - Mumbai is the ideal place for you to invest and buy a property. To corroborate our statement, we have compiled a list of reasons and benefits that are sure to convince you or at least, give you the nudge that you need to give Mumbai the attention that it deserves! 

Reasons to Buy a Property in Mumbai

Real Estate Growth 

By now you must have gotten an idea of the tremendous growth Mumbai is experiencing in this sector. Affordable, luxury, and affordable luxury housing are all available in the city. Space and comfort are readily available here with the redevelopment of the city and replacement of old structures with new high-rise buildings. An upward trend has been observed in the returns of property investment. Mumbai is no less than a paradise for investors and home buyers today! Thinking of the city and its housing market, the first thought that comes to your mind is comfort and space with an elite lifestyle. 

New Projects 

Who does not like a variety of housing options to choose from? We know that you do! The demand for home buyers is always increasing, and Mumbai city is successfully keeping up with it. Real estate developers are not only creating unique projects but are also clubbing them with an array of amenities home buyers can enjoy. A perfect combination of comfort and convenience with lavish luxury is what you will find in Mumbai. 

Accessibility and Connectivity 

Who does not want easy access to all essential amenities and parts of the city these days? With everyone so busy in their daily routines, connectivity is something that has become a necessity in the 21st century. To begin with, the public transport system that Mumbai has built over the years is extraordinary. You would not have to think twice about reaching from point A to point B in case you do not have an available vehicle of your own. Local trains, AC buses, railways, and metros take the Mumbai residents all around Mumbai and even to the outer parts of the city. Reduction in traffic has been seen over the last few years since highways and roads have been reconstructed for the better. For instance, Thane has become a hot spot for real estate deals since metro work has started on a route from Wadala to Thane Metro Line. 

A lot of times people prefer to not use public transport because of the low quality and unhygienic conditions that they often offer. It is the exact opposite in Mumbai. It is known for its high standards of transportation and is currently under progress when it comes to swift and easy facilities. 

Commercial Hub

You must have heard either your friends or colleagues also calling Mumbai the financial capital of India. Let us tell you, it lives up to its name! The major players in the real estate industry have set up its businesses and headquarters in the city. They constantly brainstorm and announce schemes related to the quality standard of living and affordable housing for all. There is an increase in demand for residential properties since a lot of people from all across India are migrating to Mumbai for employment opportunities. This has given rise to more housing projects in areas like Powai, Vikhroli, Panvel, Lower Parel, and much more. 

Good Infrastructure 

Honestly, turning this aspect of the city into an advantage has taken a while. Industrial development in Mumbai has been an ongoing project since post-independence. From cramped up construction of buildings to widened and well-maintained roads, Mumbai has significantly worked on its infrastructure and the effort is now paying off. The quality of the infrastructure has also helped in improving the overall appeal and aesthetics of the city. The social and structural development of the city has undergone a major transformation in just a few years. 

Eastern Freeway and the Chembur to Wadala Monorail are intriguing the interest of real estate developers, giving them opportunities to build around these development projects.

Variety of Cultures 

There is possibly no culture that you can think of and not find in Mumbai. Name a festival, and you will see Mumbai celebrating it! One reason why people dream of shifting to Mumbai is because of the grand celebrations and the community spirit that the city has. With a robust blend of different cultures, this quality is not just seen in the way festivals are celebrated but also in how people from different communities accept each other as no less than family. Harmony and a feeling of togetherness are what Mumbai aims for. 

Affordable Housing 

Mumbai properties are extremely budget-friendly. You will have a range of prices to choose from without straining your financial resources. The best part is that even properties with reasonable rates will offer you a variety of state-of-the-art amenities. Some localities with affordable housing are Juhu, Worli, and most parts of South Mumbai. 

This is no less than a miracle. A city most of us have always dreamed of living in and settling down, finally living up to its expectations and shaping up to be the real estate hub that we all hoped for years. We are a little shocked to see that some of you have still not decided to explore the real estate market in Mumbai and take the leap of faith! In case you are one of those who have made the wise decision of buying a property in the city, make sure you are paying close attention to the process of paying property tax in Mumbai. A small mistake can cost you a huge amount. 

Mumbai is a big city and has been functioning for more than a few decades now. As we all now know the benefits it can bring to its home buyers, we should also know that frauds in such cities are common too. If you are indeed going to buy yourself a property here, you need to familiarize yourself with all kinds of wrongdoings that take place in the real estate market and ensure that you are prepared in case you ever have to deal with such situations. A quick and easy solution to this is to seek the help of a real estate provider that will already have expertise in the field and will guide you throughout, ensuring that you have a seamless experience during your home buying journey in Mumbai. 

Residing and settling in Mumbai might just be the hardest but also the wisest decision of your life. So, the least you can do is ask around, take your own sweet time, reflect on whether the city is worth it, and then make your decision. 

We believe in you, and so we know that you will make the right decision!

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