Property Trends in Mumbai

Mumbai is one of the most important cities in India 
being the financial capital of the country. It is theEven as the prices of property in Mumbai are rising
glamour city that houses hundreds of celebrities fromconsistently from last six months, its location
film industry and top notch industrialists. The standardadvantage allows investors to still reap high profits.
of living and affordability of Mumbai-ites is very high asAccording to the observations made in the Wealth
it is one of the richest cities in the world.Report 2010 by the leading international property
 consultancy, Knight Frank and Citi private Bank,
Mumbai real estate has been rising ever since theMumbai and Delhi property markets hold significant
economy of India revived after the global slowdown.level of future potential. Both Mumbai and Delhi will
Not only the demand, the rates of property in Mumbaicontinue to enjoy better property absorption and
have also spiraled up in both residential and commercialstability in prices owing to them being hubs of property
sectors. The prices of residential property in Mumbairelated activities. This will continue to work in favor of
are expected to upswing further as sales keepproperty investors even when price correction
growing along with strengthening of investorhappens in these cities.
sentiments. According to a latest real estate report by 
Jones Lang LaSalle Meghraj (JLLM), the position ofThe first half of the financial year has shown volumes
commercial property will continue to grow as theof improvement in residential segment after the
demand in terms of leases and outright purchases alsosevere crash of 2008 due to the agenda of increased
improve.affordability taken up by property developers. Now, this
 prospering will get carried forward to the second half
As per the recent reports, there is enough supply forof the year only if there is stable increase in prices and
all segments-residential, commercial and retail. This willmonthly volumes in major cities like Delhi and Mumbai.
help to keep the market going and yield good results inFollowing the property growth in Mumbai and Delhi are
coming years for property investors and developers.other cities namely Bangalore, Chennai and Hyderabad.
The residential segment will particularly see luxury to 
mass housing and lots of other activities in wake ofThe improvement in residential property in Mumbai has
the strong demand for the same.outgrown the ones in commercial sector. After the
 considerable drop of 25-30% during the period of
Residential sector is in vogue not only in the city ofslowdown, Mumbai property market has picked up well
Mumbai but across the country as well, as it hasand is very close to reaching the same levels of highs
become the area of focus for both property buildersagain. But property developers are taking a cautious
and investors. Also, the property trends observed byapproach toward property pricing as any irrelevant
real estate experts show that due to the limited spaceincrease or tightening of policies would render a
available in the central city, real estate marketnegative impact on future demand.
boundaries are constantly extending into newer 
peripheral areas. Other infrastructural projects includingThe property trends in Mumbai say that its border
developing of the metro, monorail and flyovers alsoareas will remain in high demand as builders come up
boost accessibility and reduce commuting time. Thiswith affordable housing plans. Meanwhile, the central
fast paced urbanization plays an extremely importantcity and especially South Mumbai will see a further hike
role in upsurge in realty sector of India across tier-I toin realty rates.
IV cities.