With a population of about 21 million, Mumbai is one of the largest cities in India and is indubitably the financial capital of the country. Thousands of people migrate to Mumbai each year in search of education and employment opportunities and to give their families better lives. Unlike many other cities in the country, Mumbai is surrounded by water on three sides, restricting the growth and spread of the city. This has led to a sharp rise in demand for housing and real estate prices. Buying a home in Mumbai is a mark of personal and financial achievement for most residents, and this is one of the important reasons for the rise in demand for housing in the city.
Excellent investment opportunity – The return on investment for real estate in Mumbai is among the highest in India. High demand and steadily increasing prices result in a significant appreciation of real estate assets. While investment options like equity, gold, and commodities go through volatile phases, Mumbai's real estate has shown a steady uptick despite the economic slowdown caused by the COVID-19 pandemic.
According to a recent news report, Mumbai is expected to experience the highest rise in residential real estate prices by the year 2024. The report also highlights that the city will witness a 5% increase in prime real estate prices, which is the highest among the top 26 cities in the world.
Income and industry - Rentals in Mumbai have been clocking an increase of about 15% per year. Some of the established neighbourhoods like Andheri, Dadar, Sion, and Parel fetch high and steady rental incomes for homeowners. Investing in a residential property in the city is an excellent source of income, building an asset, even as you pay off the EMI of your home loan.
Mumbai is the epicentre of industrial and commercial growth in the country. According to estimates, the nominal GDP of Mumbai's metro area is around USD 310 billion as of 2022. With numerous public and private offices, businesses and corporations operating in the city and many more being established every year, Mumbai offers excellent opportunities to invest in residential properties. Its employment hubs and mixed-development neighbourhoods make it a prime location for those looking to purchase a home.
Everyman's market - The sheer diversity of residential projects – from luxurious sea-facing flats to budget accommodation, from suburban homes to studio apartments – makes Mumbai's real estate the average homebuyer's dream. Mumbai's teeming micro markets, from the upscale Bandra and Juhu to the bustling Andheri and Chembur, the increasingly popular suburbs like Goregaon, Malad, and Kandivali and even the neighbouring Navi Mumbai and Thane offer incredible home buying opportunities. Anyone looking to buy a home in Mumbai has numerous choices. The state government also provides a 1% concession on stamp duty for women who purchase property in the state. This is just the reason why every Mumbaikar should aspire to buy a house.
Living the urban dream – Mumbai is often called the City of Dreams. The ambition and the industry of Mumbaikars are legendary. Apart from the major corporations that have set up headquarters here, thousands of small businesses and enterprises are mushrooming across the country. Living in Mumbai adds to your quality of life in terms of education, employment, healthcare, entertainment, convenience and technology. Buying a home in Mumbai allows you to enjoy all the advantages of living in one of the most modern cities in the country.
Growth of the fringes – Mumbai's public transportation network is excellent. The suburban railway and metro networks crisscrossed the city and brought the suburbs closer to commercial hubs and IT parks. Goregaon, Malad, Kandivali, Borivali, Dahisar, and Mulund are all growing residential markets because of the excellent infrastructure and connectivity. Moreover, the upcoming new airport, the Mumbai Trans Harbour Link, and work on the Thane – Ghodbunder Road have made Thane and Navi Mumbai excellent residential options for those working in Mumbai. Investing in these upcoming areas is a wise financial decision because property prices are expected to skyrocket with the completion of these projects.
Mumbai is a city that inspires people to aspire for a better life. Owning a residential property and building a home for the family is a dream that every Mumbaikar cherishes. Investing in real estate makes financial sense, given the potential for growth and return on investment. Look up verified listings from the city’s top developers on Blox and embark on a journey to buy the home of your dreams.
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