There is no doubt that there is high demand of Residential properties in Mumbai and along with the demand comes the price associated. As Mumbai is developing and becoming a bigger city, the there is increase in demand for residential properties. There are many reasons why most of the people residing in Mumbai find it better to own a flat. There are many residential complexes in Mumbai available in different areas with the price range varying according to the locality and luxury. The flats in Mumbai are expensive as compared to other metropolitan cities in India.

Owning property is better than rent

It is no secret that rental properties in Mumbai suburbs are extremely expensive and depending on locality, the price ranges. In suburban locality, the residential projects in Mumbai are sold generally priced above 1Cr. However, despite the sky high price there is high demand of flats and residential space as the rent every month is very high. Most people prefer using that money in paying EMI of the house loan rather than giving it away as rent. Instead of paying the money without owning the place, most people prefer to pay a little more and purchase the property.

Business aspect

Most of the people prefer purchasing second hand flats with business perspective. Most of the house owner after purchasing the property put the apartment on rent for steady income every month. A lot of people take 1bhk flat on rent in Mumbai which makes it easy for people to pursue their business. The business aspect and long term profit related to purchase of residential property makes the demand of property high.

ROI in future

It is true that purchasing a property in Mumbai is not easy and matter of joke because a lot of initial investment in needed. Despite the investment and money needed for purchasing the flat, lot of people manage to buy properties. Currently, Mumbai is the most favourable destination for investment and by purchasing a residential property in posh locality there is guaranteed good return for investment. The property price and valuation only increases with time making it a great investment for future.

World class infrastructure

With Mumbai flooding with real estate development, there is lot of competition between developers. The premium residential houses for sale are developed with high end infrastructure and equipped with all amenities and luxury. The demand for property in Mumbai is increasing day by day due to world class architecture, amenities, facilities and competitive rates. The suburbs and high rise building in posh locality have properties which are expensive but many upcoming residential in developing areas are available at affordable price. To beat the competition, many residential projects have introduced affordable housing scheme.

Conclusion

Mumbai is one of the most attractive destinations for investment and with industrialisation, it is expected to grow exponentially and become highly developed in coming years. There are different types of residential properties available and one can choose the area depending on the budget and convenience.

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