India’s Mumbai Property

Property investment market is a hot proposition that is showing no signs of cooling.  As the economic boom continues, and more international corporations make their presence felt in India, employment booms and tourism increases; the attraction of the nation for property investors is likely to increase.

Property in Mumbai has come to the attention of the overseas investor, and India’s real estate story is flourishing daily as it builds its property profile with an increasing influx of foreign funds.
The Indian Property Market is currently on fire as India’s middle classes steadily grow and so too does their wealth. Young professionals have begun moving away from Mumbai proper as property prices soar, they are now looking for cheaper contemporary residential property in the Mumbai city outskirts, properties that matches their upmarket lifestyle demands, and this is the target market for investors in this superior Mira Road project.

An important residential locality in Mumbai’s Thane district, located in downtown south Mumbai, Mira Road has become a principal city commuter hub with its proximity to Mumbai centre and the business districts of south Mumbai.
Mira Road is a main stop on the busy ‘Western Line’ part of the Mumbai Suburban Railway which carries 6.1 million commuters on a daily basis and constitutes more than half of the total daily passenger capacity. Just 45 minutes from Churchgate, one of Mumbai city’s busiest stations where today city dwellers alight in their millions commuting to offices from their homes in Mumbai suburbs.

Merrill Lynch forecasts that the Indian realty sector will grow from US$ 12 billion in 2005 to US$ 90 billion by 2015 and to date more than 35 high-dollar foreign funds including Carlyle, Blackstone and Morgan Stanley have entered India’s property market. Investment in India real estate is reaching astronomical levels with at least 20 more prominent global funds adding India property investment to their portfolio which is estimated to amount to see some US$ 10 billion of foreign direct investment (FDI) being injected into India’s real estate sector. Investors are all hoping to tap into India’s spiralling property appreciation which currently stands between 25-40% per annum for the past two years. 

 Many developments are aimed real estate speculators looking for lucrative long-term investment sits in the shadow of a fast growing metropolis. A property investment in Mumbai in the long-run is comparable to investing in London property; it’s hard to go wrong. Inspired by similar zones established in China, just this week the Indian government has given final approval for 24 Special Economic Zones (SEZs) to be created in the country. Tax-free enclaves are seen as a way to promote trade will help provide employment and secure large amounts of foreign investment. World class companies, including Reliance Industries and Wipro, have been given the go-ahead for their plans among others including a scheme to be located in the Delhi-Mumbai corridor which will require the acquisition of large tracts of building land needed for the projects