Mumbai Properties |
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There is no doubt that Mumbai remains the most coveted of cities in India and every one literally wants a piece of it. Mumbai properties are in demand. This is easily seen when one analyses parts of South Mumbai, where the super rich live and the famous |
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companies and business organizations exist. Society itself has undergone a major upheaval of sorts here in the recent years and this has had an effect on Mumbai properties also. |
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Soon there will hardly be any middle class society left here. So here we have the super rich and the poor - a classic case of income extremities that can cause a lot of social evils some experts point out |
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However, South Mumbai continues to be the nerve centre of finance for the whole country with the Reserve Bank of India and the Stock Exchange operating out of here. Areas like Nariman Point are now strictly a bank and multinationals company area. Other areas like the Cuff Parade where the Ambanis live continue to be one of the super elite places of the country. This part of Mumbai is also where a number of sporting stadiums are including Brabourne Stadium, Wankhede Stadium, Azad Maidan and Oval Maidan. South Mumbai is also home to consulates and museums and real estate prices here remain in the top ten in the world. Real Estate and Mumbai properties broke records in South Mumbai when a four bedroom house was sold for 34 crores to a UK based non resident Indian in 2007. This translates to a whopping Rs 97,842 per sq feet. |
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The Bandra Kurla Complex is now clearly the emerging financial district and saw a massive price land purchase last year for a 2 acre plot by the Wadhwa Group at a staggering Rs. 821 crores. In the past four years the Mumbai properties prices in certain parts of Mumbai has increased by four times, all thanks to the commercial boom that is happening in the country. Tales of last minute hikes in property deals are not in thousands but in lakhs of rupees ranging from fifty lakhs to one crore by the owner. |
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So is renting out a place better in Mumbai? The answer is an emphatic ‘NO’ for places like South Mumbai or Bandra, as rental rates are astronomical and leaves no choice to a person but to move to the Northern suburbs and commute an hour to work! All this means a huge percentage of people have no options in the city and most of the Mumbai properties are affordable only to the affluent. |
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The other major development in the real estate market in Central Mumbai has been the conversion of mills into malls. Places like the Phoenix Mill in Lower Parel is now where the young nouveau rich Indian families goes to for the weekend and shopping or spending money is the new mantra everywhere. There is a call for taller buildings to accommodate more offices and homes and the authorities and the real estate industry are at constant loggerheads over Floor space Index. |
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Land is scarce; even though size of South Mumbai has doubled with land reclamation it still is only 20 kilometers in area and continues to be what everyone wants. Bandra-Juhu area follows in the scale of desired locations but here too, the area is only 10 kilometers wide and most of Bollywood lives up here. |
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The middle class is clearly on an exodus to the suburbs and places like Mulund, Malad, Matunga, and even to far flung Ghatkopar, Kandivilli and Borivilli. The population of Mumbai city is estimated to be thirteen million people and it is growing and from the year 1998 there has be no major crash in the Mumbai properties. However, experts say corrections are bound to come even though a crash is most unlikely in the current situation in the country. |
