Real estate is one of the most traditional investment options that thrives even today. The allure of owning property is something that very few can resist. And although the market has its ups and downs, the overall trend has been up. Real estate has always been about location. Mumbai, the city of dreams, continues to attract more people and this contributes towards its growing real estate market. Here is why more and more people are choosing to buy properties in Mumbai:
1. Metropolitan Atmosphere:
Mumbai is home to some of the best malls, restaurants, clubs, and multiplexes in the country. The facilities in the city compare well to those in any other part of the world. It also has excellent roads and will achieve complete connectivity via metro by 2021. It is also the perfect multicultural city. People from all over the world feel perfectly at home in this city.
2. Expanding Market:
One of the most common misconceptions about Mumbai real estate is that it is saturated and has no more scope for development. But this is not the case. The areas around Mumbai are witnessing a major real estate growth. There are more apartments and commercial complexes being built in the areas around the city. With better roads offering more connectivity, traveling to and from any of these locations is a breeze, making them all the more popular.
3. Increasing Population:
Increasing population is always a trigger for expanding real estate market. Thousands of people shift to Mumbai each year looking for better job opportunities. There is always a need for housing to accommodate these visitors. While most of the newcomers start out by renting a home, they eventually so want to settle down and buy a property in Mumbai. So whether it is for renting or for your own use, there is a constant demand for residential properties in Mumbai.
Mumbai is also constantly growing commercially and the need for office spaces and commercial hubs is also on the rise.
4. Increasing Returns:
In any industry, when there is an increase in demand, the prices tend to go up, especially is the product is limited. The real estate industry is the perfect example of this. Even though there are other factors affecting the prices, the demand is a major influencer. When more people flood to the city looking for jobs, there is an increase in demand which, in turn, triggers an increase in prices. This change can be witnessed even now. Any form of investment needs to give good returns. Real estate is a substantial investment and one of the main reason for its popularity is the fact that it offers good returns. Some areas in Mumbai such as Chembur, Bandra etc have experienced almost 20% increase in the return on investment.
Mumbai real estate will continue to grow in the future. Due to the great demand, it is also easy for owners to sell and recover their investment when the need arises. This makes it all the more attractive for investors. One of the main reasons people are wary of investing in real estate is the lack of liquidity. But that is not an issue in Mumbai. This is the perfect time to invest in real estate in Mumbai and this will be a decision you will always be happy with.