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Real Estate Haven

Despite rising prices, and mixed perceptions, the island city continues to be the much sought-after property investment option, says PANKAJ THUAIN

What is the most lucrative investment option today? Did we hear Real Estate! Well, then you are in the famous zone, and Mumbai still tops the list of many as one of the most favourable investment options. You say it's expensive and exceeds the budget of most home buyers - not true. As the positives of owning a property in Mumbai outsmart the negatives hands down.

Real Estate The reasons are endless - Mumbai is the economic capital, so migrations will never stop - which means better rental income than any other town. With the number of redevelopments happening, you can't even imagine the appreciation the property has fetched for its current owners. Multiple employment options only fuel the infrastructure further, and as a result demand for homes goes up with each passing day or shall we say each passing moment. There is no dearth of reasons to opt for Mumbai as an investment haven, and the builders and consumers both agree. One that tops the list is safety of your money. If there's one place where you can safely assume that your exit with the property will be a rewarding one, it has to be Mumbai.

Milan Kothary, MD of GVA Intercapitalis seconds the view and says, “Mumbai is a stable market - it may not be a big market, but your capital is the safest here. You own an asset here, and you are assured of a buyer whenever you decide to sell it off. Someone will be always willing to pick up your product.” He further goes on to stress on the importance of the city as an ideal investment destination and feels, "Mumbai has the X factor, probably not the best quality of life. This is one place where business and pleasure co exist in perfect harmony. So your capital is always safe." Even the consumers agree with this fact, as many migrations to Mumbai, happening today are not just stimulated by means of earning, but also by the need for sound investment. Prem Advani¸ an IT consultant recently shifted to Mumbai from Hyderabad and bought a place at Chembur. He has no regrets about his move and about his migration to Mumbai he says,Mumbai Real Estate “It's been a pleasure since I moved to this part of the country. Mumbai is a rocking realty destination, and the best I can get for my money, if I am looking for a good investment. There is no chance of losing even a single penny. And Chembur to me was within my budget, and the place promises to fetch me good returns for my home in the near future, even if I plan to sell it.” He further says, “The big plus is that Mumbai is a haven for job seekers. So I will never have the insecurity of losing my job and not finding another one to keep my investment running.” Builders and consumers agree that Mumbai guarantees huge returns on real estate - that too over a small span of time. There is less space, and more population - so property prices have no choice, just like the structures themselves - but to go upwards. And with Mumbai spreading its wings on all the sides - extending its boundaries - there will always be an affordable house to buy for the not so rich or lavish. So guaranteed returns is the success mantra for Mumbai real estate

Sunil Datwani, President of Lok Housing says, "The Mumbai Metropolitan City - Mumbai, Thane Kalyan creek, Navi Mumbai and even up to Virar is a gold mine. There are so many factors contributing to the success of this city - fresh properties cropping up, new areas opening up, the Navi Mumbai airport, metro rail and flyovers being planned across the city. The extended suburbs are catching attention rapidly, and also promising good returns on investment. But the most important thing that the developers of Mumbai are exploiting the latest and best trend and technology to offer quality real estate to its consumers."

With a multinational automobile major starting a manufacturing unit in Hoskote, a number of small industries manufacturing auto spare parts, spark plugs, suspensions, and leaf springs came up in the vicinity. Manufacture of earthmoving equipment too is a major industry here.

In fact, the 2011 edition of The Wealth Report, launched on April 6, 2011 by Knight Frank, a real estate consultant and Citi Private Bank, shows that prime property remains incredibly important to the world's wealthiest people. The report states that 40 percent of the world's most exclusive residential property markets increased in value during 2010. The study states that Mumbai will continue to rise in importance and demand for housing at a very rapid pace.

Hence we can say that too many factors are contributing to growth of this much sought after city as one of the most potential investment target. This will continue pushing the real estate market business to further heights.

QUICK BYTES
THERE IS LESS SPACE, AND MORE POPULATION ALWAYS - SO PROPERTY PRICES IN MUMBAI HAVE NO CHOICE, BUT TO GO UPWARDS
THERE'S ONE PLACE WHERE YOU CAN SAFELY ASSUME THAT YOUR EXIT WITH THE PROPERTY WILL BE A REWARDING ONE, IT HAS TO BE MUMBAI


Source: : April 16, 2011, TNN