Mumbai is the capital city of the Indian state of Maharashtra. It is the most populous city in India, most populous metropolitan area in India, and the eighth most populous city in the world, with an estimated city population of 18.4 million and metropolitan area population of 20.7 million as of 2011. Along with the urban areas, including the cities of Navi Mumbai, Thane, Bhiwandi, Kalyan, it is one of the most populous urban regions in the world. Mumbai lies on the west coast of India and has a deep natural harbour. In 2009, Mumbai was named an alpha world city. It is also the wealthiest city in India, and has the highest GDP of any city in South, West or Central Asia. Mumbai has the highest number of billionaires and millionaires than any other city in India.
In the recent years, areas like Lower Parel, Vashi, Badlapur, Dombivili, Kanjurmarg, Virar, Ghodbunder Road in Thane, Andheri West and East, Bandra, Borivali, Powai and Goregaon have seen the values of their propertiesappreciate. Areas which have benefited from the competition of transit infrastructure projects such as the Versova-Andheri-Ghatkopar corridor of the city’s first metro and the Chembur-Wadala corridor of the city first monorail have registered significant value appreciation too.
Not just that, central suburbs, which include areas like Chembur, Wadala, Kurla, Ghatkopar, Vikhroli and Bhandup, have seen launches nearly double in the last one year due to the recently completed Eastern Freeway and the Santacruz-Chembur Link Road. It has become so much easier for people to commute to various parts of Mumbai. Since the initiation of the Mumbai Metro, there has been a major increase in the demand for flats in Ghatkopar. The Mumbai Metro has become a boon for many Mumbaikars who travel daily to the Western side of Mumbai.
Recent news show that the Government plans to start the second phase for the Mumbai Metro. This phase will start from Charkop to Mulund and will be even more convenient for all commuters. Due to this many builders have started building a huge number of luxury properties in Mumbai. The real estate scenario based on these facts seems to be in a very good state as of now. Every day we see thousands of new people flooding into the city searching for new flats in Mumbai and all these people prefer to buy a flat that is in close proximity to a school, station and market area.
Based on these facts, the future for Mumbai looks to be very promising considering the amount of development that is taking place in the city.