Mumbai Real Estate market has always been a trendsetter. The city was the first to witness the rise of skyscrapers and the arrival of condominium culture. Now, the city is undergoing redevelopment and restructuring. Asia’s biggest slum and Mumbai’s biggest mess, Dharavi, is up for redevelopment. Big Real Estate Developers and constructors have pitched in for the projects. Indian real estate players like DLF, Akruti, Parasvnath are among the bidders. Along with them, some international players have also expressed their interests to re-build the area.
Another major trend is emerging in the city. Ageing industrial properties are being remodeled as commercial or retail property. Many industrial houses are selling off their ageing warehouses to property developers. Property developers are more than happy with this move. It gets them huge, spacious land banks at reasonable prices while the industrial houses get to encash on their ageing properties.
Another interesting trend is the remodeling of commercial spaces to retail spaces. The property values for commercial spaces are touching skies and developers are finding it difficult to sell their commercial/office property. Hence, many of them are positioning their property as retail space in a hope to find more takers.
Mumbai Property market is a case in point. This market needs to be studied carefully as most the property trends arise from this market.
Tags: builders, buy, mumbai, properties, property, Real Estate, sell
April 1, 2008 at 12:12 pm |
Mumbai as such has always been in the forefront when it comes to property prices. It has in the recent years a record rise in property prices at par with some of the highest real estate prices in the world. In such terms, Mumbai, our ‘Manhattan of India’ can put New York’s Manhattan to shame.The property prices as well as the increase in rental values in Mumbai owe much of its credit to the large scale investments in the commercial sector. Mumbai has always been the hot favorite for most of the corporate sector to have their headquarters in the city. And with increasing investments by MNCs in the IT, ITES and the BPO sector, there has been a growing demand for office space; which have consequently created an imbalance in demand and supply for residential properties. The rental values in Mumbai have also in high corresponding to that in other metros.Mumbai is also the fashion capital of India, so it is one of the foremost cities to be hit by the retail buzz. With the opening up of the retail market, there has been a growing demand for retail properties in Mumbai. This has created a viable market for mall space and other retail stores and showrooms. These retail stores and malls are either owned by a business group or leased for hefty prices as the demand is high.For more view-http://www.india-properties-realestate.blogspot.com