Ongoing Residential Projects in Mumbai Luring Buyers

According to real estate reports, sales are plummeting in India’s housing market. But this has not stopped developers from introducing new projects in Mumbai as well as Pune. Several ongoing residential projects in these cities are luring buyers to make an investment.

In Mumbai, there has been a significant increase in construction work in ultra-luxury and affordable segments. Sale has gone up for flats below 50 Lacs INR. Even in areas like Mumbai’s metropolitan region and Greater Mumbai, average property rates have increased.

Companies are coming up with new property formats for capitalising on the change in environment caused by proposed real estate laws and changed economic scenario. Not only developers are offering quality properties but buyers are also demanding luxury homes, equipped with modern amenities. In order to lure buyers, developers are building stylish high-rise apartments with world-class facilities.

High-rise buildings have become quite popular among developers as they are constructing such buildings to differentiate their projects from the others. Not just in Mumbai but skyscrapers have also started making a mark on Pune’s skyline. The governing body of the Pune Municipal Corporation in 2011 gave the green signal to increase maximum permissible height of high-rise buildings in Pune to 100 metres from 36 metres.

Many buyers are looking for premium properties in Mumbai and luxury flats in Pune. To cater to this rising demand from wealthy buyers, developers have started building iconic premium properties. High-rise buildings are not only the need of the hour but they also offer stunning views of the city due to which many buyers prefer buying a flat on the top floor of skyscrapers. There are various other advantages associated with living in a high-rise structure. Apart from views, the exclusivity attached to the project also lures buyers. In a city like Mumbai, staying on the top floor of a high-rise building ensures zero noise pollution and clean air.

Such buildings have an iconic status that cannot be replicated easily by other developers. There is a status attached to such constructions which is difficult to find in other project. Many developers are trying to attract buyers by offering world class amenities in such buildings such as a swimming pool and gymnasium. Since such flats have a controlled entrance, security is also ensured.

In last few months, various residential projects priced between 6 Crore INR to 20 Crore INR have been announced by real estate companies in Mumbai. Things have changed to a great extent after Narendra Modi came into power. Foreign investors are getting the stability they were looking for in the Indian economy. The stability factor has helped Foreign Institutional Investors (FIIs) to start investing in the Indian realty sector for attractive returns.

NRIs have also increased their investment in luxury homes in cities like Mumbai, Pune and New Delhi. Many foreign property development companies are also entering the realty market. They are collaborating with Indian property developers to lure home buyers with stylish, super-luxury flats and penthouses.