Luxury real estate has a great marketability in prime metro cities,
including Mumbai, Chennai and Delhi. This article talks about the luxury homes
segment in one of the most expensive cities across the globe, Mumbai. Read on
to know more about the same…
Real estate in India continues to remain the most preferred investment
option due to the high returns associated with it. The emerging market for
luxury apartments in the country is due to an increase in the demand for modern
living in all the parts of the country. Mumbai, known for its lifestyle and
culture, is the hot destination for premier apartments. Moreover, such
apartments are considered as the reflection of social status for the rich
class.
Luxury Home Demand in India
The market segment for luxury homes witnessed the launch of around INR
10,000 crore worth in of such houses across the country 2012. According to the sources, approximately 5000
luxury and ultra-luxury houses, above INR 5 crore in Mumbai and INR 3 crore in
other cities were launched in the major metropolitan cities in India, where
absorption rate exceeded the supply rate. Several premium apartments being
introduced in cities like Chennai, Gurgaon and Bangalore at a price of above
INR 3 crore to INR 4 crore are becoming the major attraction for wealthy and
high-end customers.
According to the Executive Managing Director of Cushman & Wakefield,
South Asia, the sale of luxury homes in big cities like Mumbai, Pune,
Bangalore, Chennai and Gurgaon is recording an all-time high with around 6-23%
yearly price rise in the segment. Mumbai luxury realty market alone sold over
789 units against the new launch of 652 units.
Mumbai- The Prime Location for Luxury Apartments
Mumbai, which is the 16th costliest city for luxury homes across the globe,
also registered sales that exceeded the supply for the segment. In this
segment, to take advantage of the increasing demand, several developers are
coming up to offer the best luxury and ultra-luxury apartments. Many realty
players are cashing in on the rising trend for premium flats like luxury
boutique homes and row houses.
Popular location in Mumbai like Bandra, Chembur, Navi Mumbai, and Juhu are
the hot destinations for such premium apartments. Bandra is a hot spot for
property buyers as it is home to several celebrities, including cricketers and
actors. As per the ‘Wealth Report 2013’, the prime properties in Mumbai are
available in Southern parts of the city such as Cuffe Parade, Malabar Hills,
and Colaba. Those who wish to buy a house in a location that is not much
crowded and yet well connected to the heart of the city, buying a residential
property in Navi Mumbai is an ideal option. Navi Mumbai property is the next
big realty hotspot in Mumbai city.
Mumbai Real Estate- A Major Attraction for Developers
The luxury and ultra-luxury housing project segment in Mumbai is all set to
witness the presence of reputed global realty developers. Trump Organization, a
US-based realty player is looking to mark its presence in Mumbai and Delhi/NCR
after Pune.
So, Mumbai real estate gives all the reasons to super rich (including
entrepreneurs, CEOs, and wealthy NRIs) to rejoice with attractive and
well-designed luxury apartments in its high-profile locations.
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