To own a flat in one of India’s most popular city i.e Mumbai is a dream for possibly everyone. Flats in Mumbai are being sold at an immensely fast rate and with more and more real estate developers buying property, this trend shows no signing of stopping anytime soon.
Real estate in Mumbai owes its growing popularity largely to the city it’s in. Mumbai is the state capital of Maharashtra. It is fourth most populous city in the world. Mumbai is the largest and the busiest city in India. It is also the commercial and entertainment center of India. Real estate in Mumbai is also enjoying popularity because of the way the city is built. If you invest in residential property in Mumbai you get highest return like Residential — 5% to 7%, Commercial — 8% to 12%, Retail 8% to 14% & so on. The real estate boom in Mumbai is linked directly with the industrial and economic growth with stability and strong presences of multinational companies throughout India have made the preferred destination for investment in real estate sector. Mumbai is considered as one of the best location for investment, because it’s an upcoming satellite town catering to the requirement of all sorts of properties i.e. residential, commercial and industrial. The city has constructed wide roads providing all sorts of facilities to the public. As a result more and more people like to make real estate investment in Mumbai.
But, there are just a few things one should keep in mind when looking to invest in Mumbai. One of the most important things you should do is, keep your budget and limitations in mind and come up with an amount you can afford to pay. You would be well advised to hire a real estate agent if you’re buying your first home in Mumbai. Professional help while investing in real estate in Mumbai will ensure that you steer clear of fraudulent deals and make an informed choice. You should also see at least 5–10 properties before you zero it down on a home that suits you best. Research it’s price by finding out from the property sellers in the area.
Today, it’s easier than ever for foreign or domestic investor to find residential or commercial property investment options. While it’s true that prices of Mumbai are high there has been a slight drop in prices, about 15 % to be exact. So if you were in the market to buy flats in Mumbai, this would be the correct time. Prices are down slightly and bank loans on housing are easily available with very low interest rates. All in all flats in Mumbai have proven to be a worthy buy and there’s no better time than the present to own one.
The author is a marketing expert who hails from Mumbai (India). His main specialty is information marketing but more than that he is passionate about setting goals and achieving them. You can get more information from him by visiting one of his real estate project