Mumbai real estate
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Mumbai real estate
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The Bombay port has come a long way in minting the
greens. It flourished when the Raj existed and there is no stopping to
it now either. Although it has been renamed, fought over and terrorized
nothing seems to reclaim the city and the chaos still continues. As this
city never sleeps more and more people from all over India have been
migrating into it making their dreams come true. No doubt the property
rates are on the rise. In South Mumbai the rates were around 56,850 per
sq. mt. By the end of 2006 they are expected to rise by 10% and above
for this fiscal year. The other destinations that will see a major rise in price will between Goregaon and Kandivali and Chembur to Thane. However due to the robust buzzing in the city, rent prices are sure to be on the rise. Although there are drastic hikes in price ranges for residential property commercial property will not experience such a hike. MMRDA has seen the best of prices coming their way for A-grade office outlets. Same has been the situation at Lower Parel, which has seen the rise of cost per square feet for office area. Besides Andheri East and Nariman Point too enjoy escalating prices but at a slower rate. In 2005 the bids of the National Textile Mills (NTC) has brought in a kaleidoscopic change in attitude towards property. It began with Jupiter Mills that went off for around Rs. 4,300 per sq ft. But the sale of Kohinoor mills at a staggering Rs 15,000 per sq ft rocked the Mumbai real estate property values. But researchers predict that this can affect the market negatively too. Yet everyone believes that the best is yet to come and Mumbai real estate will still flaunt its high-flying rates. ~ Data 2006. :: Authored by M. Hemdev.
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