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Mumbai- the real estate giant
By Bikash Kumar
The Indian economy is currently on the upswing and this positive effect is being reflected in the surge in various including real estate. Mumbai, popularly called the commercial capital of the country is one of the most preferred Asian cities for investment including that in real estate.
Because of the high investment returns, Mumbai is attracting investors from all over the country as well as the world. It is well connected to the rest of the country. This city is home to various upcoming giant housing and commercial projects. Various Multi National Companies (MNC'S) and financial institutions are based in Mumbai. It is one of the richest cities in India and is referred to as the 'New York of India'!
Liberalization of the strict Foreign Direct Investment (FDI) regime is a further encouragement to foreign investors. Also the huge infrastructural development drive taken up by the government and private institutions is helping create more scope for investment. The BPO's and the IT businesses have taken up lacs of square feet of commercial space. This has given rise to a corresponding demand for residential real estate.
Investors are targeting Navi Mumbai where the real estate prices have almost doubled in the past few months. It is a new area, just across the harbor developed to ease the pressure on Mumbai. The same is to be seen in areas like Worli, Bandra and Parel. Some residential property prices have gone upto Rs 60,000 per square feet. Commercial properties in Mumbai are also experiencing the same trend. Since there is no noteworthy addition of commercial and residential space, the prices are rising higher.
If you are also planning to buy or sell properties in Mumbai, you can consult a real estate agent who through his vast knowledge in the field can help you grab the best deals! Getting real estate services in Mumbai is easy. You can even consult agents and brokers online!
Mumbai's commercial future is brighter than ever. With the demolition of slums, better road and traffic conditions, transportation systems etc in the coming years, will increase the FDI appetite.