Why Property Rates in South Mumbai are Higher?

Why Property Rates in South Mumbai Are Higher

South Mumbai price trends are on the higher side. The area has seen a good rise in property rates with the passing years and has achieved much fame in the real estate industry.

Mumbai, the business financial capital of India, has been a perfect symbol of globalisation, and the city has been a dream catcher for millions of individuals.

The city’s culture is addicted to its glamour amalgamation of Heritage structures with new age infrastructure, the much talked about ‘workaholic’ lifestyle, and the belonging it offers to all who even stroll at the Hub of the culture – South Mumbai.

But why are property rates in South Mumbai higher?

Top Reasons for High Property Rates in Mumbai

Strategic location

South Bombay is a typically used term, but the degree of this district is not commonly predetermined. Some famous places in South Mumbai are

  • Colaba, Malabar Hill
  • Nariman Point
  • Marine Lines
  • Haji Ali Dargah
  • kala Ghoda
  • Rajabai Clock Tower
  • Tardeo

The southernmost precinct of the city of Mumbai includes the city’s central business localities. It is the most affluent urban precinct in India and home to most of the city’s elite.

Nariman Point was built on land reclaimed in the 1940s. It is Bombay’s downtown, where the offices of India’s top corporate houses are positioned. South Mumbai Real Estate has always seen great progress over the many years.

Most industrialists have their bungalows here. The official residences of Maharashtra’s chief minister and Governor are also situated in Colaba.

The other famed location is Colaba, which used to be an island until it was related to Bombay by a causeway. This area contains a naval base.

South Mumbai apartments near the sea face are always in significant desire. Most of the city’s famous landmarks and the iconic Gateway of India, the Taj Mahal Hotel, are situated here.

Churchgate is one of the crowded areas of Mumbai, people from different parts of the city travel here either for higher education, site seeing or pubbing.

Flanked by the sea on three sides, Mumbai is the only city in India that witnesses three-way growth. Starting from the south, the development pattern moves towards the city’s northern parts. The city’s commerce also flourishes with exports via sea route.

Financial Hub

Mumbai, the financial and commercial capital of India, offers vast career opportunities. The headquarters of many MNCs are situated here.

The city is home to its highest number of billionaires and multi-millionaires. The entire glamour industry operates from here, and Filmcity is also here. As sales form a vital part of all organisations, there is always a great demand for experienced marketing professionals with excellent communication and pitching skills across different sectors.

If you go by the hiring trends of Mumbai companies and the types of sales they offer, you will find that there are different skill sets and personality traits that one needs to have to excel in a field of his choice.

Why is South Mumbai a Financial Hub?

Some major sectors that attract sales professionals to Mumbai at this point include finance, FMCG, engineering types of equipment, capital equipment etc. As a result, there has been a paradigm shift in the job market trends because Mumbai was traditionally the first choice of people in professions such as engineering, healthcare, information technology and asset management.

There has also been growing demand for people with sales backgrounds to handle business process outsourcing companies’ inbound and outbound processes. South Mumbai witnessed several people from different cities explore better job prospects. The opportunities in Mumbai are flourishing with thousands of jobs in advertising, admin, banking, BPO sector or any other.

Headquarters of several financial institutions, giant corporate firms, companies, and even foreign establishments are situated here. Many national and multinational banks offer loan schemes and financial investment options for investors who want to invest in real estate in Mumbai.

Ever increasing demand

Mumbai is a magnet for immigrants from all over the country because of rapid urbanisation and high employment opportunities. The population has increased by 983% since 1911, according to the 2011 census. Now Non-resident Indians (NRIs) also want to buy property here.

There is a huge demand from NRI investors because they find that property prices in a country like India will always stay the same.

Lots of workers, professionals and students come to Mumbai every year, scaling up housing needs considerably. The per-capita income in Mumbai is also double as of the entire nation. Hence, developers and landlords increase property prices/rates due to continual migration and soaring housing demand.

According to several survey reports, people in Mumbai must spend at least 53% of their overall income to cover home loan EMIs. The reports also show that property registrations in Mumbai increased by 70% in 2021 as compared to 2020, with more than 1.10 lakh units officially registered! It was 40-45% higher than the figures in 2019. The expansion of metro railway lines and the Coastal road project are other reasons behind skyrocketing prices in the City of Dreams.

Bollywood

The presence of Bollywood in the city certainly makes South Mumbai a hot spot for property investors. This sector’s market in the city is always on the rise as many B-town celebs invest their money in high-end residential and commercial properties.

Mumbai, the glamour capital of India, is also the ‘most preferred zone of investment’ for investors from across the country and globally.

Outstanding infrastructure

Several malls, fine dining restaurants, hotels, sports, entertainment and leisure are situated in south Mumbai. The city’s top real estate developers built luxurious apartments here. These residential properties offer comfort and security, which is unparallel.

Most of the reputed and prestigious institutions of different sectors of the country are established here, like:

  • St Mary’s ICSE,
  • St Xaviers College,
  • Govt. Law College,
  • Breach Candy Hospital,
  • Jaslok Hospital,
  • Willingdon Sports Club

South Mumbai has two UNESCO World Heritage Sites, namely Chhatrapati Shivaji Maharaj Terminus and The Victorian & Art Deco Ensemble. Builders provide world-class facilities, style, and d├ęcor as the international standard.

The social infrastructure and booming commercial focal point make South Mumbai an investor’s paradise. You can also choose the best location to see the panoramic views of the Arabian Sea right from your home.

You can also enjoy beautiful nightlife with some of the best restaurants, bars, cafes and hotels available in different cities. The city has top hospitals offering high-quality medical and health care 24X7 to locals and international patients.

The city has all the best facilities a family can ask for, education, healthcare and spirituality. Mumbai has some of the most prestigious schools in the country.

Many multi-speciality hospitals can be found here, which cater to any disease and illness. For those looking for a connection to God, there are places of worship for every religion, which shows how accepting Mumbai is. The city has innumerable temples, mosques, churches, and gurudwaras.

Great connectivity

South Mumbai is surrounded by sea from three ends, has excellent transport connectivity and offers an ideal environment for the growth of business and trade.

You can travel by sea, land or air; South Mumbai is well connected to the rest of the city. You can find some of the city’s best schools, hospitals, colleges, gardens, parks, recreational activities, etc., here. By buying a property here, you can unlock countless opportunities for yourself.

It has an excellent network of roads and flyovers, a suburban train network, and a Metro to reach one place from another within a short period. Mumbai has intercity highways which can take you from one corner of the city to another. According to some surveys, the city also has the country’s one of the world’s best rail networks, which connects all points of the city.

The reason for being the most preferred city for business is its accessibility and connectivity.

It is well connected to all the major cities, airports and destinations of the world; commerce can take place from both seas and air routes. Hence if you invest in property, you get good value in time. All you people need to do is look for the right property and its usability in the present and future aspects, match your budget and invest in it.

Infinite Recreation

For those looking for something to do on the weekend, Mumbai will never disappoint. From world-class malls offering the best international brands, multiplexes and food courts to amusement parks which will give your kids non-stop fun and enjoyment; everything is available

If you are looking for a place to dine out, Mumbai has several eateries that cater to every palate and taste, from elite, upscale gourmet places to famous chain fast food joints.

The Commercial Hub

Property in south Mumbai can be divided into two broad categories commercial and residential. Where ever you go, one can see a new mall or new official premises being built up or new residential projects coming up; one can deduct how rapidly the construction industry is growing and how fanatically property marketing is changing its colours.

It is purely a commercial hub where every day, a new business launches; thus, it promises to grow well even in future as industries will either expand or new companies will keep coming. Therefore, if you own a house, office space or any land, you reap good benefits.

High Return on Investment

People are always looking to get good investments in their hard-earned money. Investing in south Mumbai properties makes a good return.

If you compare the growth rate of the property market in the last decade, you will be surprised to see that it has been growing exponentially high. As this is a centre of the Indian business arena, it is the preferred destination for setting up a business for national and international companies. People find this area a perfect location to invest.

Potential to Grow

South Mumbai has been growing very fast and carries huge potential to grow even at a higher rate. It makes us clear that if you invest in property in Mumbai, You will get beneficial returns. The city is famous for its commercial establishments, the entertainment centre of counter i.e. Bollywood, and scope for work; people come here from pan India to earn a living, set up a business and become famous. This city has something for everybody.

Nice Coastal Climate

The City of Mumbai is situated by the great Arabian sea, famous for its beaches and many places around the city.

It carries a nice coastal climate, and you can enjoy sun, sea and sand in this city, so people across the globe love to visit it, and this is another major reason why south Mumbai properties are highly sought after. If you invest in property here, it will certainly give you good returns.

Conclusion

Being one of the most expensive property sites in the world, South Mumbai has become a paradise for real estate investors, so the property rates in South Mumbai are higher.

Everyone wants to grab a single piece of pie here. The demand for NRI property investments has increased due to excellent connectivity and the ever-increasing corporate presence. Value for property has increased drastically in recent years. There has been a rise in rental growth as south Mumbai has emerged as the most preferred residential and commercial real estate market.

FAQs

Is South Mumbai costly?

Yes, Property prices in South Mumbai are the highest in India and among the highest in the world.

Why are property rates high in South Mumbai?

Various important factors make south Mumbai so popular. Some famous tourist spots like the Gateway of India, the Asiatic library, and the Kala Ghoda festival are here, so it is considered the costliest part.

What factors increase property prices in south Mumbai?

Factors like demand being more than supply and the buzzing social lifestyle, heavy inward migration, presence of numerous business centres and Central Business Districts make property prices in South Mumbai high.

What is South Mumbai known for?

South Mumbai is especially famous for the home to two UNESCO World Heritage Sites: Chhatrapati Shivaji Maharaj Terminus and the city’s distinctive ensemble of Victorian and Art Deco buildings.