Regardless of the dwindling economy, Mumbai is witnessing a spike in the demand for luxury real estate, and developers are preparing to cater to it.
Living lavishly in a posh Mumbai borough, with a multitude of modern amenities and in proximity of all prime places; a buyer's first choice of residence would be luxury real estate in South Mumbai.
The financial capital of the country was always the prime choice of residence with potential buyers preferring to invest in the city's coveted neighborhood. However, despite huge unsold inventory and the overall slowdown in India's real estate sector, property prices continue to rise.
The cost of an apartment in Mumbai is estimated to increase, according to property consultant JLL. It rose 3.3 per cent in 2015 and 6 per cent in 2016.
With the real estate regulations effectively making homeownership more expensive in the city, the stakes of buying the right home in the right neighbourhood are relatively higher now. So what should a savvy prospective buyer do?
"Where luxury real estate projects were witnessing a downfall in the past few years, the launch of new projects and absorption in the market for Central Suburb and South Mumbai remains unaffected," said a trusted real estate insider at a major real estate firm in India, while being asked about the hot deals, and how should buyers look for their dream home in the city of dreams.
"Even though they represent just 3 per cent of Mumbai's unsold inventory volume, these areas contribute a massive 29 per cent to the city's real estate value. Moreover, with strongly growing commercial activity, the demand for luxury residential segment had started to pick up in the past and developers are preparing to cater to the demand," added the insider.
Further glancing through luxury real estate project in Mumbai, a real estate magnate K Raheja Corp, with Raheja Vivarea, aim to offer a range of 3 BHK, 4 BHK, and duplex residences that are spacious and all-inclusive.
Raheja Vivarea, K Raheja Corp's flagship luxury residential offering, has recently launched its fifth and final pentacle tower, which lives up to the brand's promise of delivering unparalleled luxury.
The demand has been witnessed from HNIs and foreign investors as well.
"The fact that a lot of the most recent demand in south-central Mumbai comes from well-heeled end-users rather than speculative investors, the developers are now looking for a change of game plan. Projects should now focus on catering buyer's need for luxury options with high-end amenities such as designer interiors and concierge services," said Anarock Chairman, Anuj Puri.
Upcoming luxury real estate projects in South Mumbai do seem to promise a much-needed break from the hustle-bustle of the Mumbai city, with apartments inspired by some of the best urban parks around the world, bringing comfort and extravagance for buyers-suited needs.
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( With inputs from ANI )