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Mumbai Real Estate Witnesses New Trends
Mumbai Real Estate market has always been a trendsetter. The city was the first to witness the rise of skyscrapers and the arrival of condominium culture. Now, the city is undergoing redevelopment and restructuring. Asia’s biggest slum and Mumbai’s biggest mess, Dharavi, is up for redevelopment. Big Real Estate Developers and constructors have pitched in for the projects. Indian real estate players like DLF, Akruti, Parasvnath are among the bidders. Along with them, some international players have also expressed their interests to re-build the area.
Another major trend is emerging in the city. Ageing industrial properties are being remodeled as commercial or retail property. Many industrial houses are selling off their ageing warehouses to property developers. Property developers are more than happy with this move. It gets them huge, spacious land banks at reasonable prices while the industrial houses get to encash on their ageing properties.
Another interesting trend is the remodeling of commercial spaces to retail spaces. The property values for commercial spaces are touching skies and developers are finding it difficult to sell their commercial/office property. Hence, many of them are positioning their property as retail space in a hope to find more takers.
Mumbai Property market is a case in point. This market needs to be studied carefully as most the property trends arise from this market.
