Even after years of reigning as India’s hottest real estate market, Mumbai till date offers the most lucrative property investment opportunities with scope of high returns on investment. As per a recent report published by PwC and Urban Land Institute, real estate in Mumbai was voted highest as “buy” as opposed to hold/ sell by survey respondents. Additionally, Mumbai has been ranked 9th in Asia in terms of development potential in 2019 – higher than Delhi and Bangalore.
The demand for real estate in Mumbai has seen a steady growth in the past few decades and this is only going to accelerate given to the following factors:
Post GST scenario
While there have been numerous arguments against the complications of GST, the implementation of country wide uniform taxation has brought about a promising wave of opportunities for investors, especially in Maharashtra. GST allows and enables profitable and simple sale of properties in Mumbai that are deemed as ‘completed projects’, where there is 0 incidence of GST. Other projects that fall under the category of ‘under development’ also profit from tax relaxations on raw materials due to GST. GST has also led to a massive simplification of the taxation environment, with VAT and Service tax being subsumed into one, simple tax rate.
Mumbai is not only India’s entertainment capital but also the hotspot for all major financial activities. This directly makes it a prime hub for investment in real estate. Developing areas and suburbs such as Thane and Goregaon promise easy acquisition and high ROI. Mumbai is also experiencing a rapid development of business parks and corporate hubs as more and more MNCs are finding an important base here. Together, this presents a lucrative investment opportunity for NRIs interested in real estate.
Development of suburbs
Steady improvement in architecture, public facilities and employment opportunities have greatly contributed to the development of Mumbai’s suburbs. Top builders in Mumbai are working on building luxury flats in Thane, Kandivali, Goregaon and other such booming areas. This is supplemented by important infrastructural improvements, development of public facilities and also strengthening of public transport for easy connectivity to city centre areas.
Premium Residential Projects
The real estate market today is very different from the way it used to be a few years ago. Renowned developers in Mumbai are adapting to requirements of the modern dweller and thus focusing their attention on premium living concepts bereft of lifelong financial burden. The idea is to provide world class amenities and convenience within housing complexes that are perfectly matched for the modern family. From luxury flats in Thane to apartments in Malad, Mumbai offers a plethora of premium options packed with modern amenities, brilliant architecture and easy convenience. Dynamix Group’s residential properties such as Gokuldham and Yashodham in Goregaon East have successfully relieved the acute shortage of affordable housing faced by the middle income groups in Mumbai’s suburbs.
Policy reforms, public infrastructural development and sound investment coupled with new builder projects in promising areas have greatly helped Mumbai retain and solidify its position as India’s hottest real estate market. The way forward from here is only upward.