Regardless of the dwindling economy, Mumbai is currently witnessing a surge in the demand for luxury real estate while developers are preparing to cater to it.
Mumbai, the financial capital of the country, has always been the prime choice of residence with potential buyers preferring to invest in the city’s coveted neighborhood. However, despite huge unsold inventory and the overall slowdown in India’s real estate sector, property prices continue to go South.
The cost of an apartment in Mumbai rose 3.3 per cent in 2015 and 6 per cent in 2016. With the real estate regulations effectively making home ownership more expensive in the city, the stakes of buying the right home in the right neighbourhood are relatively higher now. So what should a savvy prospective buyer do?
Where there was a climb down in luxury real estate projects in the last few years, the launch of new projects and absorption in the market for Central Suburb and South Mumbai remained unaffected.Even though they represent just 3 per cent of Mumbai’s unsold inventory volume, these areas contribute a massive 29 per cent to the city’s real estate value. Moreover, with strongly growing commercial activity, the demand for luxury residential segment had started to pick up in the past and developers are preparing to cater to the demand.
Upcoming luxury real estate projects in South Mumbai do seem to promise a much-needed break from the hustle-bustle of the Mumbai city with apartments inspired by some of the best urban parks around the world bringing comfort and extravagance for buyers-suited needs.