At a juncture when both capital and rental values of residential property in Mumbai are touching skies, Mumbai Metropolitan Region Development Authority’s (MMRDA’s) announcement for building five lakh low-cost houses brings in a ray of hope for those dreaming for their own house in the fairyland.

Residential rentals in Mumbai have been escalating for the past several years due to limited availability and soaring demand, and most of the tenants wished if they could buy a house and replace the rental payments with loan installment. However, this wish was hardly fulfilled with the kind of price range Mumbai properties have been carrying.

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Located at the west coast of India, and gifted with a deep natural dock, Mumbai was formally popular as Bombay. It has the privilege of being the largest metropolitan city of India and one of the most populous in the world. It is one of few cities that never sleep for the men and material are perpetually in the transit.

Mumbai is the city of dreams for it beholds in its lap a plethora of opportunities and immense possibilities. It is a city which one loves in spite of its constant hustle and bustle. Its effervescence is in itself a reason for its flourish. People who have once tasted its vibrancy invariably thrive in its liveliness. Although Mumbai is city of a never ending struggle for life, yet people who arrive here once rarely go back.

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Efficient and low-cost telecommunication infrastructure and ample skilled manpower are the key positives for Mumbai to be an ideal IT destination of India. Setting up of new IT/ITES Parks further boosts the property values in Mumbai.

When it comes to property trends in India, Mumbai leads from the front. The real estate values in Mumbai also influence investments in the commercial sector, particularly IT/ITES.

Nevertheless, the residential real estate too has derived benefit from the growth of IT industry in Mumbai. Many big real estate developers are coming up with townships to cater to the soaring demand driven by the IT professionals serving in the city.

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