Marine Drive, famously known as the Queen's Necklace, is an iconic Mumbai coastal area. It is not only a sought-after residential destination but also holds immense cultural significance. This crescent-shaped boulevard captivates with its striking blend of towering skyscrapers, opulent hotels, and historic landmarks. Embellishing the experience further is breathtaking views of the Arabian Sea and the majestic city skyline.
Marine Drive, in recent years, has witnessed a substantial surge in flat prices. This remarkable upturn has positioned it as one of Mumbai's most affluent residential areas. Several contributing factors account for this mentioned below:
In October 2023, the average price of flats in Marine Drive stands at approximately Rs. 50,000 per square foot. However, it's important to note that prices may vary based on factors such as flat size, location, and offered amenities. As an illustration, a two-bedroom flat with mesmerising sea views can be sold anywhere between Rs. 2 crore and Rs. 5 crore.
The factors that influence flat prices in Marine Drive are diverse and numerous. Here, we will discuss some of these influential factors.
Marine Drive attracts numerous tourists, making it a popular destination for investment in flats. The area's high demand from travellers and business visitors has increased the popularity of short-term rentals. As a result, many buyers are choosing to invest in flats as profitable properties.
According to a recent report from Knight Frank India, the average rental yield for flats in Marine Drive stands at approximately 5%. This figure is notably higher compared to the average rental yield of around 3% for apartments in Mumbai.
The potential for high returns on investment in Marine Drive flats is attributed to the scarcity of available land in the area. Consequently, the supply of apartments in Marine Drive is expected to remain limited, preventing any significant future increase and thereby maintaining elevated prices.
The Marine Drive flat market is expected to have a promising future ahead. Various factors contribute to the growing demand for flats in this area, which indicates that the trend will continue in the coming years.
Marine Drive, located in Mumbai, is highly sought after for residential purposes. The prices of flats in this area have been steadily increasing due to several factors. These include the limited availability of land, significant demand, ongoing improvements in infrastructure, and a thriving luxury market. If someone is considering purchasing a flat in Marine Drive, it becomes essential for them to conduct thorough research and grasp the various factors that influence the price. Moreover, collaborating with a qualified real estate agent who can assist in locating an ideal flat that aligns with their requirements and budget holds great significance.
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