The last decade has largely been good for Mumbai, and the city has seen significant growth in real estate. The market is no longer confined to the areas of upscale homes and malls but now extends into suburbs and semi-urban areas. Additionally, more investors have bought units for investment purposes rather than residential use.
The real estate market has become more diversified and significantly contributed to the economy. Today Mumbai has become one of the top investment destinations in India. Consequently, many people are opting for ready to move flats in south Mumbai as a lucrative investment for the future.
Let us analyse how real estate in Mumbai has evolved over the last decade.
High ROI in Real Estate in Mumbai
Real estate in Mumbai has been giving investors high returns for the last decade. It has often been considered a much better investment than gold or the stock market. Alongside this, the fact that it is a stable investment option has also attracted a lot of interest from people all over the country.
Areas like Worli, Chembur, Lower Parel, etc, and have been witnessing good growth in supply and demand and have emerged as sought-after destinations for homebuyers. People invest in these areas, along with many others, because of the high ROI and stability they offer in the long term. The Mumbai market has remained relatively stable over the last few years, and this trend is expected to continue.
Further, Mumbai has always been considered one of the country’s most expensive real estate markets. However, many new areas like Goregaon and Thane have emerged as prime residential destinations. These areas offer high standards of living and spacious homes at far more affordable rates than Mumbai.
Development of infrastructure
Over the last few years, there have been several changes to the urban landscape in Mumbai. The period has witnessed significant infrastructure development in the city. The Mumbai Metro has been a boon to the city. The Metro began operation in 2014 and has witnessed significant expansion. The system has improved connectivity and made travel easy for people. Monorail and the Eastern Freeway are other notable developments that have reduced travel time and congestion and boosted the growth of the real estate sector.
These developments have led to a massive increase in residential property prices and the real estate market diversification. There is a large focus on investing in housing and residential properties like ready-to-move flats. More infrastructure development in the city will see an increase in investment opportunities for people in the future.
Migration of people wanting to fulfil their dreams
Mumbai has always been a dream destination for professionals and the labour force. The city has seen a constant influx of professionals. Recent years have also witnessed Thane and Navi Mumbai emerging as attractive destinations for workers. With Mumbai and neighbouring areas attracting young people seeking to fulfil their aspirations and achieve success, there has been a sharp increase in the real estate market, which today provides a wide choice to homebuyers and investors.
Conclusion
Mumbai has always been a great destination to live and work. But the development of infrastructure and elevation of living standards has encouraged developers to construct high-class residences. The pandemic period did witness a slowdown. But with the declining cases of Covid19, the Mumbai real estate sector is back on track and will continue to grow. Ready-to-move flats in south Mumbai and other parts of the city are in demand among both homebuyers and investors. If you are looking for flats in south Mumbai or other areas, you can search for them on Blox. This real estate buying platform lists the best properties and helps you find the one that suits your budget.
