Today’s generation works hard and is unapologetic about living lavishly, and rightly so. Millennials and Gen Z have maximum exposure and are well-versed with global trends regardless of category, especially for those living in metros like Mumbai, Delhi, Bengaluru, Chennai, and Kolkata. Real estate is one of the sectors to benefit the most, with top developers bringing in the latest style, technology, and never before seen features.
The commercial capital of the country, Mumbai, continues to be the most expensive city when it comes to real estate. Despite the persisting effects of the pandemic, inflation, and rising interest rates causing an 8-10% rise in luxury real estate, Island City expects a 3% growth in this sector, leading us to arrive at some possible reasons for this.
- The rise in disposable income
- The current investment generation isn’t merely dependent on savings
- The rise in the standard of living
- World-class amenities
- Status symbol and a sense of pride
The shift in luxury living has led to top developers bringing in the best technology and amenities to outdo each other, given the stiff competition in the sector. Maharashtra is experiencing this first-hand, with the demand for luxury apartments in Mumbai only showing an upward trend. Dwelling further into this, let's have a look at what makes the Maximum City stand apart from the rest.
Here are five things that make luxury apartments stand apart in Mumbai.
1. Top-Notch Security Systems
One of the biggest concerns before purchasing any property is safety and security, with apprehensions even higher in residential apartments. Being aware of this, real estate developers today have equipped buildings with the latest technologies while providing the best security personnel.
- Installing the latest CCTV cameras
- Access control system
- Door and window sensors
- Smoke and carbon monoxide detectors
2. Top-Tier Amenities
One of the most significant selling points for the developer when it comes to understanding the buyer’s needs are features such as amenities. While the basics, such as swimming pools, fitness centres, and playgrounds, are pretty standard, going beyond this creates a differentiation.
Here are some of the rather exclusive amenities some of the top developers in Mumbai have to offer.
- Private theatres
- Dog/pet gardens
- Laundry facilities, including washing and drying
- Terrace Garden
- Charging Stations for EV vehicles
3. Mumbai Ranks Among the Top 3 Best Cities to Invest in India
Though Mumbai ranks 3rd on the listings, it’s a win-win for Maharashtra, with Navi Mumbai and Pune occupying the top two positions. The Populous City has over 22,750 upcoming real estate projects, which is a surprise given the skyrocketing prices. Nonetheless, let's find out the reasons.
- Mumbai is a centre for high-growth returns
- Cosmopolitan culture
- Commercial hub
- Great connectivity
- Land of opportunities
4. Adopting Eco-Friendly Practices
The world is becoming more environmentally conscious; thus, governments and other regulating bodies hold developers accountable by levelling stringent fines if they don’t comply with the rules.
For example, The Express Towers at Nariman Point, Mumbai, followed the green building practices, which deal with creating structures that use environmentally friendly resources.
In 2016, Mumbai topped the chart for the most green buildings with 753. Using eco-friendly materials such as fly ash and bamboo is a way of increasing sustainability.
5. Rooftop Gardens
Reportedly to be made mandatory in all upcoming residential projects, rooftop gardens provide scenic beauty while also taking care of the environment. One of the most creative ways to increase greenery in the city.
- Helps in rainwater harvesting
- Converts carbon dioxide and produces oxygen
- Reduces heat in the buildings and energy costs
- It gives an aesthetic appeal
With the rise in disposable income of the middle class, Mumbai shall continue maintaining its market leader position in the real estate sector.
