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New Property Developments In Mumbai

Mumbai - 'Shanghai of India'

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, and accounting for 40% of maritime trade, 25% of industrial output and almost 70% of the total capital transactions to the country's economy. With enough statistics to back it up, Mumbai is the most developed region, with the city's per-capita income exceeding the national average by three times. Mumbai has a broad industrial base, be it media, IT, manufacturing or healthcare.

Current Trends

With its huge population and business base, Mumbai's infrastructure is constantly under pressure. The Mumbai Suburban Railway forms the backbone of the city, with two separate networks running through the city's length. Mumbai is home to the busiest airport in South Asia, the Chhatrapati Shivaji International Airport, and it is well-connected to the rest of the country through a thriving network of roads and railway. Mumbai also houses one of the world's finest natural harbours, handling about 50% of India's passenger traffic and a large amount of cargo. The Navi Mumbai International Airport is coming up in the Kopra-Panvel area and the Mumbai Metro Rail, connecting Versova through Andheri to Ghatkopar, is also currently under construction. The Government is active in strengthening the infrastructure of Mumbai further and the city is now part of the Mega City Scheme. Much effort is underway to prepare better traffic dispersal, develop major North-South and East-West road links, provide well-organized public transport corridors, facilitate secure and suitable pedestrian movements, etc.

The Western Express Highway is a north-south arterial road in Mumbai, India, stretching from the suburb of Bandra to Dahisar. The 25.33 km highway begins near the Mahim Creek and extends to the Dahisar toll booth in the northern limit of the city. Beyond the city limits, it continues as the Mumbai-Ahmedabad National Highway 8. The road serves the city of Mumbai to its suburbs, including the Sahar International Airport. There are several flyovers built over the Western Express Highway.

The Realty Scenario

A teeming metropolis, Mumbai has witnessed a growing demand and supply of real estate in the recent years. Owing to its recognition as an IT and ITeS hub, property prices in Mumbai have escalated to be comparable to cities like Tokyo, New York and London. The Mumbai realty market records maximum property rates in the country. Huge investments in the commercial sector are also underway in the city, with most big names wanting to establish their headquarters here. The demand for office space is also touching the roof and rental values in the city have also been on a high in comparison to other metros. The Bandra-Kurla complex is a planned commercial complex in the suburbs of the Indian city of Mumbai (Bombay). According to MMRDA, the complex is the first of a series of "growth centres" created to "arrest further concentration" of offices and commercial activities in South Mumbai.

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, distant locations with great infrastructure, free ways to travel back to the Central Business District, offices etc. The rental values in the emerging retail areas like Juhu, Vashi (Navi Mumbai), Kemps corner and Lokhandwala amongst a few which are becoming the thriving areas for the specialty 'customized' malls are showing a growth which may be significant in month to come.

Long term capital gains are expected in real estate. The Mumbai real estate market presently is on a swing and you can literally sell anything anywhere and even get the price which is reasonably good. These periods come in cycles in the real estate market and it is best to cash upon them. The future is surely bright for Mumbai with the sanction of Metro Project. Construction of flyovers, new roads and bridges for connecting the entire City and even Thane and Navi Mumbai will help in improving its Infrastructure.

Investing Destinations

Although Mumbai is home to several MNCs, its miscellany of industry and business provides a large base of employment opportunities, resulting in a strong demand for real estate space in both residential and commercial sectors. Investments are flowing in to the city from all directions, with major industry players and investors turning to it. Some of the fast growing areas in Mumbai include Goregaon, Kharghar, Thane, Dahisar, Malad, Powai, Andheri, Kandivali, Mahalaxmi, Worli, etc. Property rates in these areas range from Rs.3650-Rs.55000 per sq. feet, with expected appreciation of 15-20% per annum.

As Mumbai moves ahead with the vision to be the 'Shanghai of India', the government is trying to convert the human resources, the connectivity and the advantage of its strategic location to become the financial capital of Asia.

Mumbai is one of the five cities included in the centrally sponsored Mega City Scheme launched by the Government of India in the Eighth Five Year Plan. The Scheme aims to prepare the local governments to use institutional finance and eventually market instruments like municipal bonds for the capital investment requirements. In order to induce the local bodies, of the total outlay, the Government of India and the State Government are expected to provide 25% each as grant and the remaining 50% is to be raised from financial institutions.
There are plans to prepare traffic dispersal model for efficient mobility and connectivity.
To develop major North-South road links in suburbs including a Mass Rapid Transit Connectivity.
To strengthen / augment the East-West Connectivity in the suburbs.
To provide efficient / fast pubic transport corridors and provide adequate bus terminals / bus depots and to create facilities for passengers.
To facilitate safe and convenient movement for pedestrians (Subways / FOBs / Footpaths) including Station Area Traffic Improvement Schemes (SATIS).
To provide high capacity uninterrupted road connection to both the Airports and to remove level crossings in Mumbai.
The master plan of proposed schemes under Maharashtra Urban Infrastructure Project (MUIP) for Eastern Suburbs, Western Suburbs and Island City including improvements / provision of DP Roads, Elevated Roads, Flyovers, ROBs, Vehicular Subways, Pedestrian Subways, Station Area Improvement Schemes (SATIS), high capacity bus corridors etc.
The hospitality industry in Mumbai, including Navi Mumbai is expected to see 19 new hotels, serviced apartments and mixed-use developments with approximately 4,950 rooms in assorted categories over the next five years. These developments are in tune to the increase in investments and business operations in the city.
The proposed development of Bandra-Worli Sea Link will significantly reduce the travel time between Bandra and central Mumbai.
The New Delhi-based Intercontinental Consultants and Technocrats Pvt. Ltd, a consulting firm specializing in infrastructure development, will develop two flyover projects - first, on Main Link Road at Malad-Marve Road intersection in Mumbai under the Mumbai Urban Infrastructure Project. The link road is expected to ease the heavy traffic on S.V. Road in the western suburbs. And second, for a 1.259-km long flyover on Dr B.R. Ambedkar Road from Lal Baug to Sir J.J. Road.
The Asia Society is to open an India Centre in Mumbai. The Asia Society has done commendable work in fostering understanding and cooperation between the USA and Asia in the field of culture, arts, economics and business; and this new association will improve business and investments within the US and India.

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