Mumbai is financial capital of India. It is also
the richest city in west and central Asia. The very status of the city
attracted various real estate investors over the years. Majority of the
investment is made in small real estate projects with aim to capitalize on them in
future.
The real estate sector in Mumbai witnessed a major boom with the rise of IT
industry with several multinational companies coming to the city attracting
lakhs of IT professionals from across the country. This created a considerable
size of customers for real estate in Mumbai as the neo rich people went on rampage to invest in real estate which was mainly demand driven. With the boom in early 2000, real estate companies launched major projects since it was highly
lucrative. The real estate rates in Mumbai went shooting through sky from 2000 to 2006 taking it out of reach of the common man. However, the real estate prices in Mumbai came down crashing by half in 2008 due to global melt down.
The
year 2009 saw an all time low investments in real estate in Mumbai; still the decrease was not as low as
compared to other cities in the world. There was gradual but steady increase in real estate prices in Mumbai post 2010.
No comments:
Post a Comment