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Property Trends in Mumbai

The city of dreams, money and entertainment, Mumbai is loved by its inhabitants and it is said that once a person lives in Mumbai, he or she cannot live anywhere else; such is significance of this capital city of the State of Maharashtra and the commercial and entertainment hub of the country. The city has a vivacious vibe to it which is contagious and unforgettable. Being the commercial crown of the country, apartments in Mumbai are tough to find and rates are exorbitantly high whether you are purchasing a property or renting it.

Home to a maximum number of celebrities in the country; Mumbai remains on a Bollywood high every day. Mumbai, earlier known as Bombay, was always an artist’s dream place to live in and also a businessman’s desire to have office in. Earning more than any other city in Asia, the city boasts of national and international MNCs having their corporate houses here. Internationally recognized small and large business companies have to have offices here. Like the Delhi NCT region, Mumbai’s peripherals are too significant and assist in the overall growth of the city. The neighboring areas of Navi Mumbai and Thane complete the picture as an option for individuals looking for apartments in Mumbai but cannot afford them.

Property Prices in Mumbai
Housing nationally significant commercial entities like the Reserve Bank of India, The Bombay Stock Exchange, the National Stock Exchange and the SEBI along with other premier scientific and nuclear institutes, colleges, educational institutions and corporate hubs; the rates of property always remain high. The current prices of prices property range between Rs 17,000 per square feet to as high as Rs 73,000 per square feet (January to April 2013 figures). These are approximate figures as the prices change as quickly as the weather and the demand is always higher than supply. Also, one more thing to be mentioned, do not expect that if you were paying high prices for a property in Mumbai, it would be well furnished, modular and luxurious as in a city like Delhi, Bangalore, Hyderabad and so on. The flat could be very basic, as finding a roof itself in a city like Mumbai is really tough.

Property Prices in Thane
If you are not able to afford an apartment in Mumbai, you can look for areas like Thane, (Mumbai suburb), where new constructions are coming up and the quality of flats is good too. The property prices here range from a modest (by Mumbai standards) Rs 8,700 to Rs 14,000 per square feet. Since these are new constructions they are furnished and have amenities which apartments or residential house in Mumbai may or may not have.

Property in Thane especially in Pokharn 2 is making waves as far as the type of construction goes.  The property prices range between Rs 11000 per square feet to Rs 14,500 per square feet (January to April 2013 figures). The flats constructed here are either semi furnished or fully furnished with basic amenities like schools, local shopping complexes, malls, hospitals and connectivity through buses and railway easily available.

Trends for Thane
Property trends for both Mumbai and Thane remain high. Even a simple or a minimalist apartment in Mumbai or a similar property in Thane west will command good sale or resale value and high rentals. The growth figures range between 4 to 10 per cent on a quarterly basis and even during the recession, the real estate in Mumbai and surrounding areas did not decline. In fact, it is always under pressure to accommodate more and more people pouring from across the country to earn a livelihood or make a name for them.

Categories:   Real Estate

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