Mumbai, formerly known as Bombay is the capital of Maharashtra and the financial capital of India. It is the most populous city in India and the second-most populous city in the world, home to over 15 million people. Mumbai occupies the centre-stage of India's commercial and entertainment industry, generating almost 5% of the country's total GDP. It has a broad industrial base, be it media, IT, manufacturing or healthcare. Besides, Mumbai boasts of one of the biggest movie industries in the world, Bollywood. Entertainment destinations in Mumbai are a galore. It is home to the largest amusement park of India, Essel world as well as its sister park Fantasy Land. Besides, a large number of reputed schools and famous hospitals like Lilavati Hospital, Hinduja Hospital, Tata Medical Center and others are located here. Mumbai is home to the busiest airport in South Asia, and it is well-connected within itself and also to the rest of the country through a thriving network of roads and railway.
Owing to its recognition as an IT and ITeS hub, prices of properties in Mumbai have escalated to become the maximum in the country today. Huge investments in the commercial sector are also underway and demand for office space in Mumbai is touching the roof with rental values in the city also on a high in comparison to other metros. Residential properties in Mumbai are also witnessing the same upsurge in its rates with every passing day.
The Mumbai real estate market is witnessing the 3rd and 4th Generation where the focus and emphasis is on nuclear families, new age living concepts, etc. New apartment and flat enclaves, row houses are coming up every second day from leading developers like Lodha, Oberoi, Tata, Hiranandani and others. Some of the fast growing Mumbai property areas include Goregaon, Kharghar, Thane, Dahisar, Malad, Powai, Andheri, Kandivali, Mahalaxmi, Worli, etc. Mumbai property rates range from Rs.3650-Rs.55000 per sq. feet in these areas, with expected appreciation of 15-20% per annum.
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