Mumbai tops the list and remains the most expensive real estate market in India. To buy a property in Mumbai is a dream and will remain a dream for many. The real estate market has seen many ups and downs in the recent past but Mumbai real estate market has never seen a fall. According to Anuj Puri from JLL, Mumbai real estate prices are on the up due to certain factors and hence buying and renting is very expensive in Mumbai.
The Geographical factor plays an important role in the growth of Mumbai. Mumbai is surrounded by water on three sides and hence growth is unidirectional, from south to north. Mumbai sees only vertical growth. Developers and builders started moving to the suburbs of Mumbai and now the suburbs are also densely populated. Shortage of available land is another handicap, no land parcels are easily available, and so what you find are small homes. Skyscrapers form the skyline of Mumbai. [Read more…]