Costly Mumbai Still a Coveted Location for Residential Investment

Unarguably one of the top residential cities in India and a desired investment destination in the world is Mumbai and till today it is regarded as one of the best places to reside in. Though the dynamics in the country alter every year, this metropolitan city has been able to maintain steady momentum in the realty market due to consumer attraction towards this developed, lively and aspiring region. Mumbai realty market is such that buyers are either looking to invest in fast-developing localities of the city at the available price or biding their time to invest in one when the property price would fall a bit. In either case, there is a good demand and supply of flats for sale in Mumbai that makes it one of the sought-after locations of India.

Courtesy: Net

A city of opportunities, Mumbai enjoys strategic location and excellent connectivity with nearly all important cities of the country and world. Over the years, Mumbai has grown tremendously with people flocking to the city in search of better growth opportunities and an appreciating place to reside in. However, with the city witnessing rapid residential and commercial development, it also offers the best physical and social infrastructural facilities and variety of work opportunities to its residents. Today, the prime locations in Western Suburbs of Mumbai, South Mumbai and even prominent localities in Central suburbs have become too expensive for salaried income group. With shortage of large land parcels and high property costs, areas showing fast-development and infrastructural initiatives are witnessing high demand for flats for sale in Mumbai. Falling in this category are regions like Wadala, Chembur, Kalyan, Kanjurmarg, Ghodbunder Road in Thane, Mulund and Kopar Khairane, Ulwe, Panvel and Kharghar in Navi Mumbai that are considered hot realty investment destinations in Mumbai.

In addition to the above mentioned change in Mumbai’s realty scenario, changing lifestyle, increasing number of double income families, rapid urbanization and aspirations among people have steadily raised the demand for luxury flats in the city. Shelling a crore or two is not a problem for some well-paid professionals, businessmen, actors, high-net worth individuals and even NRIs who are increasingly looking for luxury flats for sale in Mumbai. These luxurious apartment flats are packed with stylish and innovative amenities, are uniquely designed and offer opulence, space and security to its dwellers. With nearly 5,000 upmarket flats already waiting buyer attention, real estate watchers feel that there is sufficient inventory available for interested buyers. For home seekers who are looking for mid-segment housing or wanting to reside in the lap of opulence, a bit of research on their part is necessary to get their desired home from the number of 1, 2,3, 4 and 5 BHK flats Mumbai.

Affordable and Comfortable Residential Flats in Mumbai

For many people, owning a house in Mumbai is similar to a dream coming true. Well, if you too are among those who want to make this city their home, there is some good news for you. The current year is all set to be a great year for purchasing a residential property in the most liked metro.

The financial capital of India has always remained untouched in terms of real estate rate correction. In spite of the inventory increasing continuously, and the demand decreasing, the rates of the flats in Mumbai have not seen a downside. However, experts are of the opinion that prices will decrease eventually and so if you are looking to make a saving, then it is time for you to take the initiative and purchase residential flats right now.

Right areas to buy residential property in Mumbai

In several high profile areas in Mumbai, the rates are too high and it is not possible for many to buy a property. However, buyers can find a number of property options in various other areas of the city such as South Mumbai and Navi Mumbai.

For those looking for stylish yet affordable residential flats for sale in Mumbai, Navi Mumbai offers the best options. Chembur and Wadala are also great places to buy property as it is predicted that property rates in these areas are probably to double in the forthcoming years.

It is being said that the cost of flats in the northern suburbs of the city may reduce gradually. The proximity of your apartments in Mumbai to Mumbai transport centres such as highways, railway stations, airports, etc. is a major reason for the price hike. Hence, the lesser the distance, the higher will be the rates. A few areas such as Bandra, Juhu, Powai, Andheri, Worli, Haji Ali and the like are considered posh residential areas. Prices in these areas may definitely break your bank. So, it is better to buy a residential flat in the outskirts and developing areas of the city rather than using all your hard earned money to buy a property in a posh area. In fact, you can buy bigger and more comfy apartments in the suburbs than in the posh areas.

Points to Ponder Before Buying a Flat in Mumbai

Mumbai ranks on the topmost position when it comes to all sorts of residential properties, be it extravagant bungalows or affordably priced flats. A lot of people from small villages and townships migrate to this glamour city for different reasons. All these people look for one thing in common – a comfortable yet affordable residential property.

Four concrete walls, a ceiling and sufficient space to house the important stuff – this is what was needed for a house those days. But things have changed drastically now. Today, people are looking for luxury accommodations.

Popular areas to buy residential flats in Mumbai

To buy Mumbai flats, some of the major localities are Versova, Andheri, Marine Drive, Lokhandwala, Borivali and the like. The demand for residential space has surged real estate in Mumbai metropolitan region similar to other metropolitan cities. In such a scenario, New Bombay or Navi Mumbai is undoubtedly the best area that offers affordable residential choices.

In India, Mumbai has recorded the maximum prices in the real estate sector for regions such as Santacruz, Nariman Point, and Juhu. Reasonably priced options in Mumbai include Panvel, Mahim, Vasai, Virar, and Vashi. Well, areas like Bandra and Juhu and really expensive for the middle income group. However, Navi Mumbai provides some faith in this challenging situation witnessing a myriad of housing projects. These projects are rated economically to obtain affordable residential Mumbai flats. Well, needless to mention, finding Mumbai flats for sale that fulfill the choice and rate of the buyer is undeniably not a piece of cake. A prospective buyer must conduct a good market investigation prior to deciding on buying a property in Mumbai.

Investing in flats in Mumbai – A prudent decision

While making a buying decision, it is important to make a sensible one. As a buyer, it is crucial to ascertain that you pick a project that is built by an experienced and reputable developer. This ensures that the prospective project has all the necessary municipal and government clearances as well as it offers access to a variety of modern amenities. You may also have to verify whether the builder sticks to well established benchmarks like the ISO.