Mumbai-the entire area has seen immense development- By: Nitin Jain
The property market in Mumbai is one of the biggest in the south Asian market. A few years back, the East Mumbai region was considered one of the most underdeveloped areas of Mumbai. It was labeled as down-market and nobody preferred to buy property here. For this area had hardly anything in the sphere of entertainment, quality education or health care .But things have changed. The entire area has seen immense development in the last two to three years. The properties for sale in Mumbai will be growing dynamically quarter on quarter.
Besides Gateway of India, the main area in Mumbai and the trademark area, South Mumbai now boasts of a huge number of malls, multiplexes, amusement parks and entertainment hubs, as well as a lot of township projects. The area is no longer a locality of the less-endowed and every big brand today competes to have a presence in the region that includes Andheri, Nairoli, Malad and Powai. Rates of both commercial as well as residential properties in these regions have increased tremendously in the last couple of years.
One of the promising investment destinations now in Mumbai is Bandra. Realtors and property developers consider this sudden spurt in Mumbai real estate as part of the universal phenomenon of the explosion of tier 2 cities across the country, corporate have started to acknowledge the soaring economic potential of the people across the river.
The overall real estate and infrastructure development in the area has undoubtedly improved the standard of living of the residents. Good living is now the important factor over here, and real estate developers are focusing a lot on all these issues. As, besides coming up with offices and residential apartments, they are aiming to provide social infrastructure, such as shopping malls, family entertainment centers, schools, offices, sports centre and hospitals, in a big way. In contrast to this, the development by Delhi Development Authority in, say, any south or central Delhi area seems to have no plans for entertainment except for poorly maintained parks.
As more and more people are realizing the importance of investing in the eastern suburbs of the capital, the developers are understandably making merry. Areas like Powai, Worli and Vashi are already growing and in another two years' time Tilak nagar and even Nerul will be developed at a fast rate. Meanwhile, there is a horde of property for sale in Mumbai, Developers who have been quick to make hay while the sun shines and at the same time there others who are either standing on the Views and have diverted their attention elsewhere. So therefore the property market will be growing in Mumbai at a rapid pace.
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