Mumbai, the city of dreams, has always been an attractive place for real estate investors as a property investment in Mumbai is guaranteed to be a profitable venture. But for most of the investors, the property price in Mumbai is too high as compared to the other Metros and the reason behind this is lack of proper space within the city. Inadequate supply of land for construction is the key reason behind the soaring property price of Mumbai, the commercial capital of India.
Real Estate Eating Mills Land in Mumbai
But with the advent of the apex court order of opening up mill lands in central Mumbai for real estate development, the soaring property prices are likely to stabilize in the next few months. With this positive development, the continuous increase in real estate price will come to a halt. The expansion of the real estate market will attract more customers and investors.
Some real estate sources have indicated that the opening up of the mill lands might not have an immediate impact on the residential prices in central and prominent parts of Mumbai as most of the apartments of these areas had been sold out when the projects were under construction. But within a period of few years, the prices are going to reduce for the better.
The prominent mills which are going to be developed for real estate perspective are: Bombay Dyeing's Spring Mills at Naigaum, Apollo Mills at Saat Rasta, Mumbai Textiles, Jupiter, Kohinoor and Elphinstone. With the availability of these lands for real estate development purpose, the commercial real estate mumbai and rental real estate property price values of Mumbai are expected to come down by 10 to12% in the next couple of months.
Real Estate Market Flood
The mill land stock will start flooding the market in the next two to three years and with an increase in supply, the property prices are bound to stabilize in the nearby area of the mills but elsewhere in the city, there will be no overall impact as far as prices are concerned.
According to reports, the current prices for commercial and residential spaces in and around Central Mumbai are between Rs 10,000 and 12,000 per sq. ft and Rs 8,000 and Rs 12,000 per sq. ft respectively. So, if you want to buy a property in Mumbai then an investment in the mill land property in going to be extremely lucrative.
Article Source: http://www.bharatbhasha.com
Article Url: http://www.bharatbhasha.com/real-estate.php/41936
Article Added on Friday, April 28, 2006
|Real Estate >> Top 50 Articles on Real Estate|
|Category - >|