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Mumbai is well-known across the world as a very densely populated city. However, it has some of the finest public transportation options such as local trains, buses, auto rickshaws and taxis.
Residential Properties in Mumbai
Today, this is one city that can be seen brimming with all types of residential properties. These properties include lavish bungalows as well as affordable apartments. Most available properties shelter both the poor and rich. People belonging to small towns, cities and even villages live in this city to fulfil their dreams. Availability of cheap and affordable property has made a daily wage earner to find his dream home without much fuss.
Residential properties can easily be located in areas such as Nariman Point, Marine Drive, Malad, Ghatkopar, Malabar Hill, Andheri, Worli, Borivali, Lokhandwala, Versova, to name a few. In the existing property market, real estate prices have witnessed a new phenomenon where prices are escalating each passing day. Many find offering their property to developers or builders for redevelopment is a viable option. Even developers are seen looking for properties where additional flats can be erected to be sold for a tidy profit. More and more developers are taking an active part because it amounts to a ‘win-win’ situation for them.
Property dealers feel this large demand is due to the fact that there has been a massive advancement in suburban regions of the city. For instance, Navi Mumbai is one such place that promises to offer affordable options. One of the reasons why people prefer to choose these areas can be attributed to the excellent infrastructural facilities it offers. These infrastructural facilities can be found in both North Western and Eastern suburbs where demand for properties has doubled in recent years. Giving a helping hand to meet this immense pressure is Central and South Mumbai where there has been a rapid growth in last few years.
There are basically two main aspects that need appropriate attention with regards to a Developer/Resident arrangement. These two aspects are technical angle and commercial angle. Most developers provide cash or an additional area or simply a mix of both whenever he decides to build a new structure on an individual’s land. There are some developers who are also known to provide alternative accommodation or re-pay rentals to these individuals during the interim period when construction work is in progress.
Role of Mumbai Metropolitan Region Development Authority or MMRDA has played a crucial role in providing low-cost houses. When it comes to rentals, the picture is more shocking. For instance, till few months ago, a 2 BHK apartment unit in Cuffe Parade ( South Mumbai) was leased out at a price of Rs. 45,000 to Rs. 80, 000. Currently the same will cost you Rs. 1.25 lakh a month.
Soaring demand and limited availability have made residential properties an expensive proposition to buy. Nevertheless, availability of cheap loan facilities has meant people can now buy their dream home by taking advantage of paying Equated Monthly Instalment.
Since this city is a renowned business center, an arena for luxurious lifestyle and home to Bollywood stars, it commands a high cost of living. Realizing preference of people to settle here, Government has decided to coordinate with real estate dealers so that it can introduce residential apartments on comparatively cheaper rates. Buying or taking rental would not take toll on an individual’s pocket. Government has decided to build five lakh affordable housing units so that it can bring respite to the interested buyers. These residential units will be provided to people belonging to middle and lower-income groups. The project for bringing these units into reality will come up in next five years. This will ultimately bring down the cost of housing in this city.
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