Mumbai. The name which brings dreams to the fore. Be it Bollywood, jobs, or buying a home, just being a part of this metro city is a dream in itself for most people. Buying a home in Mumbai is something that every person craves for. Most will resist, but it is absolutely beneficial to get a home in Mumbai in the long run. Here are 7 reasons why you must buy a flat in Mumbai:
High Return on Investment (ROI)
Mumbai leads the list of favourable investment destinations in India due to scope for high ROI. Last financial year, most areas such as Chembur East, Goregaon East, Bandra East and Vile Parle East have seen around 20% ROI. For affordable investment, investors are heading to Thane and Navi Mumbai with the promise of high returns. It is the right time to invest in a property in Mumbai as the property prices have stabilized due to the considerable number of unsold inventory and delays in approvals for new projects. Take time out to check out properties in Mumbai and head to realty developers such as Kanakia Group for its popular themed properties.
Mumbai has also been known for lack of infrastructure and low maintenance of existing infrastructure. But with time, things are changing. Initiatives are being taken on improving the infrastructure to make way for affordable housing in these less populated areas.
In some places, growth in real estate is being driven by infrastructure projects like Chembur-Wadala monorail, and the Eastern Freeway. Due to these factors, Wadala is an upcoming residential belt with fast and easy connectivity to commercial areas like Bandra-Kurla Complex (BKC) and others. Real Estate prices have almost doubled in the last 3 years at Wadala.
Affordable housing through Redevelopment
Bandra West talks of elite lifestyle and great connectivity but the increase in traffic is a cause of worry. To ease this problem, developers are taking up redevelopment projects in Bandra East to meet the increased demand in residential property, and to create a pull for those craving for very short travel time to BKC, a major business hub in Mumbai.
Public & Private Transport Network
With an efficient network of local transportation such as railways, buses, cabs and auto-rikshaws (both, private & public), Mumbai well connected within the city, as well as outside. Also, infrastructural changes like more flyovers, metro, etc. have eased traffic issues to a large extent.
Mosaic of different cultures
India is known for its vibrant culture & heritage. Be it the amazing aura of Ganesh Chaturthi festival, the lively colours of Holi, weddings traditions or religious rituals, Mumbai is one place in the whole of India which blends all of these to create a feeling of oneness. In Mumbai, one will find people from every walk of life, speaking different languages, and with a taste for different food. With numerous joints offering cuisines not just Indian, but international, Mumbai is one destination which if you visit once, it can never be taken away from you.
Real estate development tied to Employment opportunities
Being the Financial Capital of India, Mumbai is growing rapidly in terms of opportunities. This has created great demand in residential properties, especially around major business hubs like South Mumbai, BKC, Kanjurmarg, Vikhroli, Powai, Thane and Navi Mumbai.
Affordable Premium Residential Projects
Mumbai also accommodates premium homes for less in developing areas. Places like Navi Mumbai and Godbunder Road in Thane offer investment opportunities with a plethora of amenities, excellent architecture and spacious apartments. With numerous business hubs sprouting in these areas, premium residential projects will soon see a hike in prices before long.
Once in Mumbai, you can never be away from her for long. It is surely one of the most happening places in India, and being a part of it can be so satisfying. Despite of the regular highs and lows faced majorly by metro cities, investing in real estate in Mumbai won’t go waste. Thorough research will get you the right property at the right price.