Mumbai is widely acknowledged as the business capital of India, which has acquired the attention of the investors of the world. US billionaire real-estate developer Donald Trump is entering the Indian property market with a luxury residential tower in Mumbai.
Mumbai continues to be the strongest property market in India. Population growth has been one of the factors driving up property prices of Mumbai over the last many years, so with more and more influx of people from smaller town in search of job and business opportunity in Mumbai is making affordable housing a dream for many middle and lower class mumbaikar.
With not much open land left in Mumbai for new developments, the city’s real estate growth will largely be propelled by slum redevelopment schemes. Most of the upcoming realty projects in Mumbai are slum redevelopment schemes followed by redevelopment of old buildings and mill land projects. Mumbai’s top developers such as Housing Development and Infrastructure Ltd (HDIL), Ackruti City Ltd and others are part of this slum redevelopment projects. Demand for affordable home is growing at a very fast pace. Far off places like Mira Road, Vasai, Virar, Thane, Kharghar and Nerul have seen demand rising manifold.
The residential property market in Mumbai is expected to worsen as a result of interest rate rises and ongoing tight credit conditions. Recently, the home loans market is witnessed shift as the Reserve Bank of India (RBI) made efforts to tame inflation. After withdrawing their teaser loan schemes earlier, the leading banks have hiked prime lending rates and their floating rates, particularly for their existing customers.
Home registrations in Mumbai declined to their lowest in 20 months in November. The building proposal department received 22 proposals in December 2010 as against 44 in January that year, according to data collected by the Brihanmumbai Municipal Corporation (BMC).
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