Mumbai – Setting New Benchmarks In New Residential Real Estate Properties

image_22_1_2017-05-11-08-21 India has emerged has one of the most lucrative destinations for investment and its noteworthy that a lot of it has to be credited towards better policy reforms. With several institutional investors ready to invest in the real-estate sector in the coming years, its only obvious that Mumbai, India’s financial capital, finds itself as one of the strong contenders for several real-estate investments, pioneering growth and development in the city.

The majority of these investments are predominantly targeted towards developing new residential projects in Mumbai.

Meeting Demand & Supply
The emergence of new business avenues, IT Parks and commercial infrastructure has led to opening of mass employment opportunities in Mumbai, giving a huge opportunity for both upcoming and established real estate developers to meet the ever-increasing demand.

The development of infrastructure such as the Mumbai Monorail, Mumbai Metro, Eastern Freeway and Bandra-Worli Sea Link amidst the existing Jogeshwari-Vikhroli-Link Road (JVLR) and Santa Cruz-Chembur-Link Road (SCLR) has contributed to reducing road travel significantly, and bridging the gap between the city and its suburban areas.

This has significantly benefited developers. One can find an array of under construction projects in Mumbai, particularly in areas like Chembur, Vikhroli, Bhandup, Mulund, Malad and Jogeshwari, where the infrastructure has contributed to development and helped meeting residential requirements.

Prioritizing Needs
Residential demands in Mumbai have been classified based on different income groups. While affordable housing is a key for middle-class and lower-middle class population, designing luxurious and premium apartments have also been equally important for attracting non-resident Indians (NRIs) and higher-income groups.

Thus, all ongoing residential projects in Mumbai give prospective buyers and option to choose between affordable homes and luxury.

 

 

NRIs have always shown a keen interest in investing in luxury apartments, particularly in a city like Mumbai, and the current real-estate scenario gives them several options to choose from.

It is with this strong intent that Omkar Realtors & Developers have introduced the luxury-housing projects in Mumbai.

Designed with a plethora of amenities and exclusive privileges, these apartments look to provide prospective buyers with a premium lifestyle in a hustling-bustling city like Mumbai.

At the same time, meeting the needs of middle and fairly higher income groups is also equally a priority, if not a necessity.

The growing consumerism and the significant rise in the number of shopping malls, multiplexes and commercial avenues have also called for lucrative investments in residential properties in western suburbs of Mumbai, which are home to several commercial and entertainment hubs.

Easy connectivity to the domestic and international airport, increase in the number of schools and colleges are other reasons that have proudly contributed to new residential projects emerging in Mumbai.

While the implications of demonetization, Real Estate Regulatory Act (RERA) and Goods and Services Tax (GST) still needs to be tracked and monitored, the future for the residential sector in Mumbai seems bright. With a flourishing economy and more transparency being introduced into the sector, there are no warning signals for homebuyers, especially in Mumbai.

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Post Author: Derrick Corea

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