Mumbai the capital city of Maharashtra is the most popular metropolitan city of the country that tops the chart as a financial centre as well. It accounts to 25% of industrial output and 70% of maritime in the country. With such high trading volumes of equity and high global financial flow, Mumbai is considered as the financial and commercial capital of the country.
Most of the financial institution, India’s premier scientific and nuclear institutes, and corporate headquarters of multinational companies are located in Mumbai. All these have contributed a lot in high numbers of opportunity both in business and MNC jobs. These opportunities have consequently brought in so many people here that attracts real estate market to Mumbai.
With so many people from across the country migrating towards Mumbai, the need for a house for every family have increased. When the number of potential buyers increases, the number of people who buy flats in Mumbai have also increased.Being the financial hub of the country, Mumbai has become the costliest real estate market in the country.
The property rates in Mumbai have already gone up very high. Investors and builders have huge hope on further increase in property rates. If you wish to own a 2 BHK flat in Mumbai, you should be ready to invest more than Rs. 60 lakhs. The number of luxury apartments in Mumbai have now increased due to the high economic growth of the city which have increased the number of upper middle class people. When you view the property trends of various suburbs of Mumbai, you can witness a steady rise in the charts.
The Maharashtra government had earlier planned to set up an international financial service centre (IFSC) in Mumbaiwhich would work like London’s ‘hub and spoke’ model. This has urged the need to attract global investors to the city with appropriate tax and regulatory amendments. For all this to materialize, Mumbai should work itself to improve its infrastructure and become a competitor to other financial centre located worldwide. When the infrastructure of any city finds a constant improvement, it eventually attracts many builders and investors to begin new projects in Mumbai. The number of potential buyers have also increased off late that showcases the economic growth of the city and its suburbs.
The Indian government has proposed to transform Mumbai into an international financial centre before 8 years. The Maharashtra Chief Minister Devendra Fadnavis have said that the state government is keen on this transformation of the city. For this change to happen the country should make appropriate changes in the regulatory and taxation norms. The city’s position on the international time zone have also favoured it to become the international financial centre. The highest economic activity of the country happens in Mumbai, which helps it get promoted to the global finance market. With these transformation, we can expect Mumbai to become a perfect place to invest in real estate. The numbers of flats for sale in Mumbai have increased attracting many potential buyers. There are not only luxury apartments in Mumbai but low budget flats are also available in Mumbai.
About the Author: Vishnu is a financial guru who also takes interest in trends associated with the change in economy. He contributes to IndiaProperty.com when his subject causes an effect on Real Estate!