Mumbai, Maharashtra, India
Regardless of the dwindling economy, Mumbai witnesses a spike in the demand for luxury real estate, and developers are preparing to cater to the demand.
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Raheja Vivarea
Living lavishly in a posh Mumbai borough, with multitude of modern amenities and in proximity of all prime places; a buyer’s first choice of residence would be luxury real estate in South Mumbai.
The financial capital of the country was always the prime choice of residence with potential buyers preferring to invest in the city’s coveted neighborhood. However, despite huge unsold inventory and the overall slowdown in India’s real estate sector, property prices continue to rise. The cost of an apartment in Mumbai is estimated to increase, according to property consultant JLL. It rose 3.3% in 2015 and 6% in 2016.
With the real estate regulations effectively making homeownership more expensive in the city, the stakes of buying the right home in the right neighborhood are relatively higher now. So what should a savvy prospective buyer do?
Consulting with real estate insiders, and asking them about the hot deals, and how should buyers look for their dream home in the city of dreams, here’s what they had to say, “Where luxury real estate projects were witnessing a downfall in the past few years, the launch of new projects and absorption in the market for Central Suburb and South Mumbai remains unaffected. Even though they represent just 3% of Mumbai’s unsold inventory volume, these areas contribute a massive 29% to the city’s real estate value. Moreover, with strongly growing commercial activity, the demand for luxury residential segment had started to pick up in the past and developers are preparing to cater to the demand,” said a trusted insider at a major real estate firm in India.
Further glancing through luxury real estate project in Mumbai, a real estate magnate K Raheja Corp, with Raheja Vivarea, aim to offer a range of 3 BHK, 4 BHK, and duplex residences that are spacious and all-inclusive. Raheja Vivarea, K Raheja Corp’s flagship luxury residential offering, has recently launched its fifth and final pentacle tower, which lives up to the brand’s promise of delivering unparalleled luxury.
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