India continues to be the most rapidly growing economy in the world with a GDP of worth over 1.8 trillion USD. According to reports by trusted sources, India is estimated to be the third largest economy in the world by 2028. In a country, which is moving forth with this acceleration and thrust, sectors like Finance, IT, Manufacturing and most importantly Real Estate have their roles to play.
Indian real estate has witnessed a major increase in interest from global investors. This can be attributed to a substantial growth in other sectors and liberal economic policies like, The Indian transfer of property act, Indian registration act (1908), Foreign exchange regulation act (1973) etc. Amongst various cities in India the top notch ones which are at the zenith of real estate development namely are, Delhi/NCR, Bangalore, Chennai, Kolkata and last but not the least, Aamchi Mumbai.
Mumbai-The financial, commercial and entertainment capital of our country has undergone major real estate development in the past one decade. The major infrastructure developments can be found as listed below.
- India’s first Monorail service: The country’s first monorail project which commenced operation on 1st February 2014 has proved to be a boon to all Mumbaikars who choose to travel by public transport every day. Running on an 8.9 km long Wadala-Chemburcorridor, the service provides a combined carrying capacity of more than 2300 in every 15 minutes. A 20 km extension to the project is also being planned by the state government.
- Mumbai’s Eastern freeway:Dubbed an engineering marvel, the freeway is a 17km long structure which includes a 9.29 km elevated road, 4.3 km tunnel flyover and an elevated flyover over the stretch of 2.5 km.The project was inaugurated in June 2013 and has served as a helping hand in traffic decongestion.
- India’s first double decker flyover: The country’s first double decker flyover spread over a stretch of 6.5 kmconnects the East-West Mumbai region providing an extension to the Santacruz-Chembur link road. The Flyover is aimed to reduce traffic snarls at Eastern and Western express highways. The 1.8 km double decker flyover hovers over the Central railway main line and harbor line tracks.
- Mumbai airport’s sumptuous Terminal 2: A part of the 12,500 Cr investment made by the MIAL, the X shaped T2 has 4 levels to increase the efficacy with which domestic as well as international flights can be managed. With 188 check-in counters, 60 departure immigration desks, 62 arrival immigration desks, 52 boarding gates and 10,900 seats, it stands as one of the most well-built and managed airports in the country.
- Mumbai Metro: The metro line linking Versova-Andheri-Ghatkopar kicked off in May 2014. The opening of this metro line eased the traffic thickness in the east-west corridor and reduced the pressure on the suburban railway system. With a carrying capacity of 280-300 passengers per coach the Mumbai metro is aimed at decreasing vehicular congestion that has been quite quintessential to the idea of living in Mumbai.
Where does Mumbai real estate stand?
Helped by Prime Minister NarendraModi’s sharp moves to duplicate Gujarat’s model of economic success across the nation, Mumbai’s real estate has witnessed a major ascent. With the economy booming in every corner of the country especially after the second quarter which stood at an increased growth of 5.7% over the same period last year, Mumbai has seen a major economic progress. This has led to increased job security, low interest rates and reined-in inflation in Mumbai. These reasons have accounted for a major positive change in the real estate sector of the city, which is quite evident from the increased number of commercial and residential projects in the city.
- According to reports by a research organization, even after the high capital prices within the domains of Greater Mumbai, the peripheral areas will continue to report healthy development as in the past.
- Areas like Thane, Mira road, Kurla, Chembur (Central Mumbai) and Ghatkopar are expected to witness a heavy growth for either medium or long term by the virtue of their location. While Chembur and Thane have witnessed a decrease in property prices by 3% each in Q2 (2014), Kurla and Ghatkopar have seen a rise of 2% and 6% respectively.
- Navi Mumbai will be the place to look out for in 2014. With regular efforts from the CIDCO and the government, residential units are getting sold at a rapid rate and new projects are being introduced. Highway connectivity, infrastructure development and the newly proposed Navi Mumbai airport will serve as add-ons to the real estate development in this part of the city.
- According to sources, saturation has hit the Western suburbs and South Mumbai, which has driven the real estate market in the central suburbs. Affordability also being one of the prime reasons.
- An increase in the residential real estate market is expected, with new upcoming projects by RNA, Evershine Builders, Kanakia Constructions, RNA (AA) and many more.
- Commercial projects spread over a stretch of approximately 6 million sq. ft. are expected to start in the western suburbs. This accounts for over 0.05 million new employment opportunities in the real estate sector in Mumbai.
Aamchi Mumbai will continue to provide numerous real estate projects in the near future. Property seekers just need to find the right place at the right time. Good luck!
Anshuman Kukreti is a professional writer and a keen follower of the Indian real estate market. His latest article focusses on the real estate market in Mumbai. Reach him at https://twitter.com/AnshumanKukreti