Mumbai has always been the leading light in the indicative real estate prices of Indian property. With the further establishment of the retail market, there has been an increasing demand for retail real estate in Mumbai. This has created a feasible market for mall space and other retail stores and showrooms. At present, the real estate financiers are chiefly HNIs, but institutional money is expected to be coming into this sector in the coming years.
The positive point for this city is the cheap telecommunications costs and ample manpower. Like all other major cities in the country, most of the office related real estate in Mumbai are absorbed by the information technology industry. If media reports are to be believed, a US-based financial giant is understood to have signed a deal for a property at Worli for a price much above the current rates.
According to state government sources, there is a scarcity of commercial real estate in Mumbai though the housing segment is on the increase. in spite of a crumbling infrastructure, crater-filled roads, the bomb blasts and the declining quality of public services Mumbai’s property prices have ascended almost to hundred percent, in the past couple of years the real estate experts observed. It is likely that like Mumbai every major city will start building new commercial sectors to attract investment.
The Trendsetter
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