After enjoying the high absorption levels, the real estate sector of Mumbai is now in a phase of complete saturation. The property price in Mumbai seems to follow a law of diminishing marginal utility. The prime reason for such a steep fall in prices can be advocated overall economic contraction.
Highlights of Property Trend Of Mumbai
Even after being the financial capital of India, the real estate sector of Mumbai seems to be adversely affected by the weak economy of India. However, after the formation of new government at the center and after the declaration of Mumbai Metro project, real estate prices seem to get a revival rise again.
The upcoming Mumbai Metro project will not only improve the transportation infrastructure economics of the city but it will also have a positive impact on the real estate sector of the city.
With the commencement of project itself, the vicinities surrounding the area of the project are going witness a steep hike in prices.
Prominent builders and developers of Mumbai have already started pitching those projects first which promises to yield maximum revenues and profits. Areas like Versova, Chembur, and Vadala have already been on the list of favorite hot spots for both property developers as well as property seekers.
It would not be wrong to say that property in Mumbai is soon going to witness a whole new experience of growth and survival.