Buying Properties in Mumbai

Fifteen years ago, India was identified to have only select handful cities. And now, hundreds and thousands of metropolises have emerged. Towns have been converted into cities thanks to the surge in the Indian Property market. Shopping malls and skyscrapers are becoming the new countenance of India. India is in fact on its way of becoming a country of great metropolitan cities.
The surge in the India real estate business can be attributed to turn around brain drain, growth of transnational in every part of the state and foreign direct investments. Be it cities like Mumbai, Delhi, etc or small cities like Jaipur and Cochin, the effect of real estate boom has been seen in every part of the country.
The increase in the property industry has been well complemented by the marvelous rise in the standard and quality of construction. Today, constructions in India are very much in contest with those of the world in terms of excellence. Also when it comes to residential constructions, the constructors are providing lifestyle homes for the buyers. Commercially, attractive office spaces are being constructed and the surfacing of shopping malls has been inspiring to see. Also, the builders have become eco-friendly as well. Every building is being followed with building of gardens or planting of trees nearby.

According to state government sources, there is a scarcity of commercial real estate in Mumbai though the housing segment is on the increase. in spite of a crumbling infrastructure, crater-filled roads, the bomb blasts and the declining quality of public services Mumbai's property prices have ascended almost to hundred percent, in the past couple of years the real estate experts observed. It is likely that like Mumbai every major city will start building new commercial sectors to attract investment.
Residential and commercial property rates in Navi Mumbai have increased ever since the Special Economic Zone (SEZ) and the Greenfield airport project in Panvel were announced. It is no longer a city living in Mumbai's shadow, with its fair share of premium residential properties, glitzy malls and multiplexes, hotels and large commercial spaces. The prices of commercial properties in Mumbai's Bandra-Kurla complex are even more than the commercial properties in New York.
There has been an augment in demand as well as supply and an approval in real estate values across property markets. . Because of the high level of demand in certain sectors and increased steel and cement rates across the country, residential real estate rates in the city are also growing.

Competent and economical telecommunication infrastructure and sufficient skilled manpower are the key advantages for Mumbai to be an model IT destination of India. Building  of new IT/ITES Parks more boosts the real estate values in Mumbai.
When it comes to real estate trends in India, Mumbai leads from the front. The property values in Mumbai also have impact on investments in the commercial sector, especially IT/ITES.
However, the residential property too has derived profit from the growth of IT industry in Mumbai. Many famous property developers are coming up with townships to accommodate the rising demand driven by the IT professionals serving in Mumbai.
Office space situation
Hiranandani Constructions have constructed  huge commercial properties that allow companies to rent out office space anything from 2,500 to 6.25 lakh sq. ft. The Hiranandani locale at Powai has been a big hit with a huge number of IT companies including Wipro Spectramind and Mentorix, e-learning outfit, gathering the locale.
Moreover, the pet project of K Raheja Corporation, 'Mindspace', has put two ordinary city suburbs, Goregaon and Malad on the IT map. Constructed with an investment of Rs three hundred crore, Mindspace is speedily emerging as  one of the most important commercial hubs in the city. Thirty percent of the project is reserved for residential flats. There are shopping malls within the campus that serve the residents of Mindspace and those in surrounding areas.
Mindspace along with the Andheri-Kurla belt and Hiranandani-Powai almost accounts for more than 70 percent of the commercial property requirement IT and ITeS demand in the region.
The new IT/ITES Park at 30 lakh sq ft is going to come up in Chembur, it  is anticipated as the Mumbai's largest IT and IT-enabled services (ITES) centric Special Economic Zone (SEZ). It is anticipated that it would further increase the property prices  of commercial real estate in the city which is already experiencing an unprecedented demand.