Do you have money but don’t know where to invest? Wealth Managers confuse you? And bank’s petite interest rates upset you? Then, an apartment in Mumbai, the financial capital of India is the answer to all your queries. With mounting prices of Mumbai real estate, buying a property in Mumbai is not just a great idea for a vacation home but also an intelligent business as well as investment decision. Mumbai, the “New York of India” proposes an opportunity to all the possible classes for a remarkable real estate investment. While on one side, for a budget constraint buyer, Mumbai offers properties for sale in places like Borivali, Thane, Goregaon, Andheri, Dadar, Bandra and Parel, which could be bought and then rented for a regular handsome income, on other side, a high end outsized villas/bungalows in Juhu, Bandra, etc for are accessible to a high budgeted investor.
Even the Indian Government has tried to put his best foot forward by helping numerous Non- Resident Indian Mumbaikar’s to invest in their city, Mumbai. Government helped them guide their fat pockets to Mumbai’s commercial property by slackening the stringent and cumbersome FDI regime. And thus, thanks to the globalization, another step by Indian government and NRI investments, despite fears of slowdown in economy, land in Mumbai suburbs continue to soar high. A flat in Mumbai which would have cost around Rs 750 per square feet way back in 1991, is now priced anywhere above Rs 2200 per square feet. Hence, for a common conservative citizen or investor, Mumbai properties ensure an approximate return of 5%-7% in Residential, 8%-12% in Commercial and 8%-14% in Retail area.
Another factor adding charm to Mumbai real estate is IT Sector. As IT sector continues to swell, experts estimate need of an approx. 240 million square feet PAN India presence due to an undying demand of office space. IT Sector has already covered about 6.8 million square feet of Bangalore, and next in line are Tier 1 cities such as NCR and Mumbai real estate.
Needless to point out Mumbai being the hub of the world’s largest film industry, besides its scenic beauty and fabulous weather throughout the year, it catches the attention of people, as a tourist or a permanent resident in search for a career. And so, as the living space shrinks, property price keeps hiking manifolds, in short duration. And Mumbai property becomes a paradise for an investor.