Why should you buy a house in Mumbai?

While many cities across India are developing rapidly, Mumbai still manages to hold the interest of investors in the real estate market. Although, the soaring property rates in the city is a hot topic, this mega city of dreams is always under the radar of this sector drawing more investors with its city-wide redevelopment schemes and concepts.   

Captured below are some reasons for investing in Mumbai.

Financial Capital

Mumbai is known to be one of the biggest city in the world in terms of population. Accommodating such a huge population, the Real estate property in Mumbai sees a great demand.  The city remains the financial hub of the country contributing enormously to the GDP of the nation and also across South Asia. Mumbai is headquarter to a number of financial institutions, giant corporate firms and companies and even foreign establishments. The city is home to national and multinational banks offering loan schemes and financial investment options to investors wanting to invest in residential real estate in Mumbai.

Captured below are the reasons why should one buy a house in Mumbai.

Infrastructure

Mumbai enjoys a robust infrastructure. The city has an excellent network of roads and flyovers, suburban train network, Mumbai Metro and bus transportation system to get you from one part of city to another in a short time. It also has reliable and affordable energy, excellent telecommunications system including high-speed internet. Secondly, Mumbai property some of the best schools in the country that offers quality education.  The city also has some of the top hospitals that provide the best medical treatment across the world. Mumbai has an amazing night life and the lifestyle quotient of the city is also high with some of the best restaurants, bars, cafes and hotels available in different vicinities across the city. Ample shopping complexes brings joy to the shopaholics.

Bollywood

The presence of Bollywood in the city also adds a glam quotient to the city.  Mumbai, being an entertainment city surpasses with the kind of lifestyle it offers. Real estate market in Mumbai is always on the rise as many B-town celebs make investments across the city splurging their money in high-end residential and commercial properties. Mumbai, being the glamour capital of India attracts investors from across the country and the world.

Modern Outlook

With a spate of promising residential projects happening across the city, Mumbai is the city of future. It has a modern and international appeal factor that makes it convenient for NRIs to settle their future back in their home country or to plan it for their kids. With its rapid development plans and modernistic approach, Mumbai has always remained a hot spot for investors looking for property investment.

Above all, the city also offers high ROI for property buyers and investors in the near future. With many reputed builders showcasing their interest to launch promising residential projects with state of the art infrastructure and top notch amenities, more people are willing to buy house in Mumbai.  The future prospects seems to be bright with a favorable investment climate.

Mumbai and the Locals

The city of Mumbai is a vast sea or perhaps even an ocean. Owing property in Mumbai is a dream for many yet upon the completion of the said goal homebuyers may realize that they have to commute for hours a day to reach their place of employment. Of course if they lived in Mumbai and picked out the new home themselves they knew what lay in store for them once they actually shifted in and had to commute to work every day. Yet knowing the path and walking the path are two distinct frames of mind. I may know I have to commute for 2 hours every day to reach my office on time, yet to actually do so everyday gives one a great deal of time to dwell on whether the decision to buy a home where it was bought was the best possible decision or not.

Many new projects in Mumbai are under construction at greater and greater distances from the city center, yet the heart of the city remains the same unmoving and unappreciative of the plight of newcomers to the city.

The local trains of Mumbai are well known throughout the world, foreigners who have travelled in them speak about them when among friends back at home. They mention how difficult it is to get inside the train and how once inside the passenger wishes he had never gotten in. How tightly packed the passengers are inside the compartment of the train and how they cannot believe people could travel via such a mode only a daily basis.

Don’t miss quote me, westerners love Mumbai because despite the cramped living space in the city, it is a truly monolithic city which best exemplifies the presence of opaque order amongst the visibility of only chaos. Nobody probably knows how Mumbai works, what its center is and how to best govern it. Yet the fact that it does work is in itself worthy of awe and admiration.

Mumbai is chaotic and expensive, property rates in Mumbai may make someone who owns property in London do a double take, that’s how expensive real estate in Mumbai is. As a proud Indian I take pride in the high property rates of the city, even though it means I can never afford to live comfortably there. The high price for even 2 BHK flats in Mumbai means that wealth is being created in the country which is good for an Indian regardless of wherever he or she may reside.  Every time Residential projects in Mumbai are completed and sold it means wealth is being created in the economy, much of this wealth flows into segments of the economy that are completely unrelated to the origin of the creation of this wealth. Among one such important segment is education which undoubtedly benefits many citizens over time as a huge economic multiplier leading eventually to the creation of new jobs and services and higher standards of living for all.

Hence even when traveling huge distances via local train in Mumbai, don’t be disheartened.  Mumbai continues to expand and over time as the city’s infrastructure and the city’s functioning are better constructed and better understood respectively, ways and means to enrich the lives of the citizens of Mumbai shall be discovered and implemented.