How Mumbai's Real Estate Market Is Getting A Boost?

by Dynamix Group Writer

 

Mumbai is witnessing numerous changes across its timeline of infrastructure initiatives. The management and connectivity form the core of the process. With more buyers entering the real estate arena, there has been a positive impact on Mumbai’s real estate market.  Moreover, the smart city ecosystem is garnering a lot of attention and innovative features becoming the talk of the town. Market experts such as Vinod Goenka, director of DB realty envisage that the local market will be constructively impacted by the redevelopment schemes. The areas of Bandra, Dharavi, and Worli are particularly set to observe new opportunities being created for residents to take advantage of.  The much-needed redevelopment in these areas is being facilitated through the following:

 Upliftment Initiatives:

Asia’s biggest slum- Dharavi is all set to be revamped with SPV( special purpose vehicle). The private players have an 80 percent stake in SPV while the government contributes 20 percent. The plan is to divide the slum into 12 parts which will be revamped by the government completely. This is going to directly impact the lives of people staying in the area. The thriving residential hub is also offering employment opportunities. The completion of the project will have new buyers flocking the area. Such key redevelopment initiatives will serve an important backdrop for the growth of real estate in Mumbai. 

Opening up of Commercial Space:

Development is also being initiated in the BDD chawls across Worli, Naigaon, Lower Parel and Sewri. The 92-acre land is the new hotspot for commercial development across with Worli and Lowri Parel being the key sites. Therefore, more room has been allowed for corporate projects to thrive in the area. The zone is also attracting investments aimed at sustainable housing projects. Commercial development in Worli will benefit the residents as well as the outsiders. News and interviews of prominent experts such as Vinod Goenka of DB realty serve as important knowledge tools.

Greater Access to Land:

Bandra government colony redevelopment has led to the auctioning of the land which is adjusted post the initiative. Therefore, developers now have extra space to carry on development projects, thus letting the buyer purchase housing at key locations.

Developers are also benefitted from designing properties in the area and so are the investors who are compelled to make key purchases. All in all, it’s a win-win situation for the real estate market in Mumbai which is witnessing growth.

 

 

 

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Created on May 13th 2020 01:54. Viewed 247 times.

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