Mumbai is a city of that represents everything that India stands for. Widely known as "The City of Dreams", appeals to all the opportunity-seekers over the nation.Mumbai famously known to be the economic capital of India. A city with a booming population of 1.2 million and a scarcity of land. Thus, making this island city a fantasy for any developer. As, its cost is directly proportional to supply and the rate of development of real estate in Mumbai far exceeds the national normal.
Housing in Mumbai consequently including some built in costs and the costs also equal to bigger places like New York. The dismal discourse on this is that the per capita income of the average Indian is steep low and thus most property for purchase in Mumbai is unattainable for 95% of the Indian population.
Real Estate in Mumbai is soaring high of demand for residential space. The prime reason for increase in demand for residential flats in Mumbai is the paucity of land for new construction. Bearing extensive pressure to provide shelter for its residents and the migrants, government is going extra mile to increase the availability of apartments for sale in Mumbai. The present hotspots to invest in Mumbai include Navi Mumbai, and suburbs, like Worli, Bandra, and Parel. Navi Mumbai area is particularly getting rave reviews from the real estate investors as it is one of the promising suburbs for finding affordable option at an economical price and also due to multiple developmental projects, both residential and commercial, coming up at a rapid pace.
Residential real estate of Mumbai has been sky scrapping from past two-three years. The property prices are likely to hike up more in upcomingfuture. Mumbai is aptly called the commercial and business capital of India as forty percent of India's taxes come from this city alone. Most loved with the NRI citizens, Mumbai is undoubtedly one of the most preferred destinations in India for real estate ventures.
Purchasing apartments in Mumbai is considered to be the biggest boon that will always acquire rich profits as Mumbai property values are at par with most of the advanced and developed cities of the world. Also, major financial institutions, banks and stock exchanges and the head quarters and administrative offices of major business houses add to real estate glory in Mumbai.
The growing infrastructure with a parallel shift in the population has given a new breeze of life to the residential apartments in Mumbai.The imbalance between the population rate and development of residential flats in Mumbai, with the increasing cost of living, has left significant number of the residents as slum dwellers though.
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