The ninth most populated agglomeration in the world and most populous city of India Mumbai is constitutes up from seven islands which were home to fishing communities. Mumbai lies on the western coast of India, spreading across 437.77 sq kms. The population of Mumbai is 20.7 million as of 2011 and thousands annually visit this city, in order to make it big in their lives! Mumbai is the financial, and entertainment capital of India accounting 25% of industrial output and 70% of maritime trade. The city houses important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the SEBI and the corporate headquarters of numerous Indian companies and multinational corporations.
With so many people residing in Mumbai and more flocking the city on a daily basis, the cost for living in Mumbai is continuously rising. Suburbs like Andheri, Juhu, Bandra, South Mumbai, Powai, Goregaon are already overcrowded leaving a low prospect for further growth in real estate market. Average selling price in Andheri is Rs 20,000 per sq ft. With estimated selling price appreciation of 10% each year. Price in Bandra is around Rs 35,000 per sq ft with projection of rise 30% In Juhu it costs around Rs 35,000 per sq ft.
It is estimated that proposed International Greenfield Airport in Panvel would bring worth more than Rs 10,000 in real estate market. Multi lane expressways, various industrial corridors, Renowned Educational Institutes are fuelling the growth in Navi Mumbai real estate market. Ulwe, Panvel, Kharghar, Kalamboli, Belapur are some of the prime regions that falls in Navi Mumbai. . Prices in this area range in Rs 4400-6000 per sq ft as of now, having very good prospects to shoot-up in future. The trend will continue as people will keep moving towards areas which are affordable and offer good standard of living. The area witnesses heavy demand from middle class segment working in Navi Mumbai belt because of its proximity and connectivity through BEST buses as well as through local trains. The area may see a good appreciation if proposed infrastructure gets into picture that includes metro rail, Greenfield International Airport.
Mumbai attracts thousands of people from over the country the real estate prices in suburbs like Andheri, Bandra, Juhu, has skyrocketed in the previous years. All the prominent Multinational companies have their commercial offices in these suburbs. The newly inaugurated Versova-Andheri-Ghatkopar stretch of the Mumbai metro, which has reduced the travel time from Versova to Ghatkopar from 90 minutes to 21 minutes along with improving the east-west connectivity, is expected to positively impact the Mumbai real estate market. Recently executed surface transport infrastructure projects like Santacruz Chembur Link Road (SCLR), Wadala-Chembur Monorail and the Versova-Andheri Ghatkopar metro corridor will project a significant effect on the adjoining real estate market.
Experts says that in the coming days satellite towns like Navi Mumbai, Klayan-Dombivali, Ulwe, Thane, Kharghar will be the most attractive regions for real estate investment. Geographically suitable location, Closeness to various industrial regions, connectivity to major roads, infrastructural development are the various reasons responsible for growth in real estate market in these satellite towns. Real estate market in Navi Mumbai has witnessesed a growth of around 30% in the previous 3-4 years. So conclusively the satellite town like Ulwe, Kharghar, Kalyan-Dombivali and Navi Mumbai will be most promising locations to invest in the real estate market.