Mumbai is known as the ‘City of Dreams’ for the people of India. The city has allowed people from every part of the country and being a part of this commercial capital of India is a dream in itself for most people. Despite being one of the top expensive real estate markets of India, buying a property in Mumbai is something that every person craves for. So, here’s the question; despite the high realty prices, would you like to own a home in Mumbai city? The answer to this question would most likely be a Yes. We bring you the top reasons why buying property in Mumbai is a wiser option.
Employment opportunities
Mumbai holds the pride of being the financial capital of India. Generally, most of the commercial activities where major businesses are having their headquarters and offices are located in Mumbai. More buyers are preferring to own a home in Mumbai which is close to their workplace. This has created great demand in residential properties in areas such as South Mumbai, Powai, BKC, Thane, Kanjurmarg, Vikhroli, and Navi Mumbai.
Connectivity
Mumbai is one city with an efficient network of local transportation which can easily help you to reach from one place to another. With the option of local trains, metro, buses such as MMT, NMMT TMT, AC buses, cabs and auto-rickshaws, taxis, etc, Mumbai is well connected to other parts of the city as well as outside the city. Also, civic infrastructure such as roads and flyovers, have eased traffic congestion to a large extent and reduced the time of travel between destination. This has convinced many home buyers to invest in Mumbai’s property.
Improving infrastructure
The financial capital of India has also been known for lack of infrastructure and poor maintenance of existing infrastructure. But with time, the state government has been making a lot of efforts to improve the infrastructure to make way for affordable housing in the newer, less populated parts of the city. With the infrastructure proposals such as the Eastern Freeway and the Chembur-Wadala monorail has made Mumbai a lucrative city to invest in. Demand for residential property rises in Mumbai, specifically in such areas.
Affordable housing through redevelopment
A new trend of redevelopment projects in Mumbai’s real estate has picked up in the last few years. This is most evident in suburbs like Bandra and Jogeshwari. To meet the increased demand in residential property, developers are increasingly undertaking redevelopment projects in Bandra East. Rise of affordable luxury apartments can be seen in areas like Worli, Juhu, and other parts of South Mumbai. These residential properties offer luxury at affordable rates.
High ROI in the near future
The real estate market of Mumbai leads the list of favourable investment destinations in the country, due to the scope for a high return on investment (ROI). There are many areas in Mumbai that have witnessed high ROI in the last financial year. Buyers can invest in this city as the property prices in the city have stabilised because of the significant amount of unsold residential inventory and delays in approvals for an upcoming residential project.