Real Estate in Mumbai- Good Investment or not?

In India, Mumbai has always been a preferred city for investing in a luxury apartment in Mumbai. “Mumbai, is known to be the city of dreams owing to the influx of people migrating from other states to the metropolitan city looking for career opportunities. 

While this thriving and booming city is alive with opportunities, it has limited physical land. Additionally, owing to the historical Rent Control Act, old buildings are unavailable for sale, though, now due to redevelopment policies, gradually many old buildings are being redeveloped primarily for old tenants with additional areas for new buyers for the new projects in Mumbai. 

The Mumbai Metropolitan Region (MMR)

As Mumbai is highly congested, the surrounding Mumbai Metropolitan Region is a great choice for investing in a home as well. 

The Mumbai Metropolitan Region is spread over 6,640 sq km and consists of nine Municipal Corporations. These include Greater Mumbai, Thane, Kalyan-Dombivali, Navi Mumbai, Ulhasnagar, Bhiwandi-Nizampur, Vasai-Virar, Mira-Bhayandar and Panvel. Here,  you can buy luxury flats in Mumbai. 

Thane, known as the ‘City of Lakes,’ was once regarded as a significant industrial belt. However, in the last few years, it has transformed into a preferred real estate destination and one of the most urbanised MMR districts. Thane has slowly emerged from the shadows of Mumbai and has created its own identity with the city’s changing landscape. 

It has a preferred realty market due to the emergence of new business hubs and continuous infrastructure improvement, providing better connectivity to other MMR locations. 

Moreover, Thane’s ‘Platinum Belt,’ a 50-acre ecosystem with residential, commercial, retail and healthcare developments in the heart of the city, has attracted people from various personal and professional backgrounds, becoming a melting pot of culture. The growth potential for Thane is enormous and it serves as the ultimate address for home buyers and you can buy property in Mumbai. 

“Mumbai has always been an ideal choice for investing in a home. However, the city has significant infrastructural growth limitations due to its space restraints. This dearth of land for development pre-dictated the natural birth of a planned satellite city, Navi Mumbai. Since its inception, Navi Mumbai has been one of the most popular locations for home buyers as it offers ample space for development of larger homes. 

Due to burgeoning demand and robust growth in residential, commercial, and industrial real estate, Navi Mumbai has developed a number of thriving micro-markets such as Vashi, Nerul, Seawoods, Kharghar, Rohinjan and Taloja. With the upcoming infrastructure developments, residential clusters and townships, these micro-markets in Navi Mumbai are increasingly becoming popular among buyers. 

Important Considerations

The property prices in Mumbai offers plenty of options on the market, not all options in affordable and mid-segment housing are created equal and need to be examined closely. There is less guesswork involved in luxury properties which, almost by definition, are developed in good locations and by well-known developers. The landscape in the lower budget ranges is much wider and needs to be mapped carefully for the right opportunities.