Mumbai Property Woes

Properties in Mumbai have simply no takers owing to the high prices prevalent in the city. Mumbai real estate now attract only the affluent. Mumbai real estate is always strife with the news of sale of property that runs into hundreds of crores. Otherwise one always hears about slump in Mumbai real estate and how the properties in Mumbai are not able to attract any investors.

Mumbai is the financial hub of India, it also the entertainment capital of India. Thousands of people come to the shores of Mumbai to fulfill their dreams. Over the years more and more people are coming to Mumbai to fulfil their dreams. As there are not enough employment opportunities in small cities many people prefer to migrate to Tier-1 cities. This phenomenon has added immense pressure on the real estate Mumbai and on the infrastructural facilities of the city.

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Although Mumbai accommodates all very often people find it difficult to find affordable Mumbai properties. Earlier people used to invest in suburban localities such as Powai, Kandivali, Borivali but now these localities too are out of reach. Real estate Mumbai has facing a land crunch since a very long time but now the problem is becoming a big headache for Mumbaikars as well as the local authorities. Development of satellite cities such as Mumbai Thane and Navi Mumbai too has failed to address the problem. It seems that there is absolutely no locality where one can look for affordable Mumbai properties.

Although Mumbai houses scores of people, real estate Mumbai was unable to scale up its infrastructure as a result people spend a majority of their time in traffic jams. The situation worsened if the Monsoon came along as the traffic jams became unending as the traffic came to a standstill. Over a period of time India's financial capital has become as a city that never sleeps. Although Mumbai has tried to tackle to situation by developing facilities such as double decker flyover and starting the Phase one of Mumbai Metro in an attempt to reduce traffic congestion but still all this seems to little too late.

Mumbaikars see traveling as a big headache and so people are willing to pay a extra to take a property near office which helps them to cut down on their traveling time. Upto now properties in Mumbai which located near local stations were high in demand but now localities near Metro starion as command a premium on property prices.