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CONTEMPORARY ISSUES OF PROPERTY IN MUMBAI/NAVI MUMBAI

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Before considering any issues related to property and property rates in Mumbai/Navi Mumbai a lot of other issues like political, social and religious needs, demands of the people have to be taken in to consideration. The number of Investors across the border, national and international all interested in properties of all sorts and other developments in Mumbai,  Navi Mumbai and Thane has been on the rise since last few years. The  proposed development of the huge and beneficial  international airport and other infrastructure projects all have contributed to the rise of interest among the investors to invest in Mumbai and Navi Mumbai especially. 

The very  High interest rates and unaffordable huge prices in Mumbai especially since 2010 have led to the increased focus on relatively affordable projects in Navi Mumbai. But the scenario is also changing slightly. The prices of properties in NAVI MUMBAI used both for residential and commercial purposes have been rising since the last 5 years especially. But this has not declined demand of properties remarkably. 

As per a report by a property consultancy firm the property  prices in these suburbs have moved up 7-8% between July '11 and June '12, this has led to the increased apetite  of the investors to go for more affordable rates. Apartment prices in premium locations especially in Mumbai , central and south have been witnessing huge rise, this is a prime reason why investors and real estate businessmen are looking forward to NAVI MUMBAI AND ADJACENT SUBURBS. "There are some end-users too, but the larger portion is investors. Apart from ongoing and proposed infrastructure development, price is definitely a pull factor," said Anshuman Magazine, CMD of CBRE, South Asia.

The regions like Karanjade, Ulwe and Dronagiri in Navi Mumbai that were not so popular even in the last few years are currently being developed by CIDCO with special attention being given to develop the regions for commercial purposes. The proximity of these regions to the International Airport is a special reason of investors showing keen interest in the regions. Other infrastructural growth and developments have also aided the process. 

However it has to be noted that the residential market in and around Mumbai experienced subdued  growth especially since 2012 due to high interest rates. The crush of stock market has also been an important reason for investors showing little interest in the prime location of Mumbai. Real estate business also experienced a lot of inpouring of black money over the last few years. A lot of political influences and other issues have restricted the business in the hands of the powerful and resourceful sections only. But unless people from all sections of society contribute and start venturing in to this profession the boom which real estate business is facing today in general across the nation cannot be overcome. The international airport hopefully will meet many problems. 

Government intervention and lot of public enlightenment are required to change the boom the industry and business in facing at present. The international airport must meet the demands of the growing population. Educated young individuals from clean fair background must venture in to real estate as a prospering business prospect. 

 

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