Maharashtra Housing and Area Development Authority (MHADA) is soon inviting a proposals for joint ventures (JV's) from private players to generate affordable housing in the city. Most of the suburbs of Mumbai like Ghatkopar, Vikhroli, Kanjur Marg, Bhandup, Mahim and Matunga have old and new style buildings. Typically for the middle class localities, these areas were home to old style buildings until developers saw an opportunity here. As today developers are rolling out integrated townships and the best of amenities in these areas.
The developers transforming the living experience in these areas and inside the complex, everything from greenery to sports to security is taken care of. Now a days the new buildings are enhanced with lifestyle amenities and value-added features inside the apartment are by private developers. Today real estate sector is currently in a state of flux and clear-cut government policies, plus a strong customer focus will go a long way towards unlocking its potential.
At present state the private investments in Mumbai realty has started when sector 17 in Vashi was thrown open for private developers. The journey for upcoming builders in Mumbai has began then. While builders struggled to create the impression of an investor friendly city, buyers wanted their woes solved, both parties benefited mutually. The symbiotic relationship reflects in the rising number of buyers who are investing in Mumbai property or holding on their existing ones in the hope of a brighter future and the ever-increasing demand for land by builders who wish to touch the sky, quite literally.
As of now Mumbai Pune Expressway is emerging as an upcoming real estate growth corridor. It is India's first six-lane concrete High-speed expressway covering over 93 km of area connecting Mumbai with Pune. The expressway starts at Kalamboli (near Panvel) and ends at Dehu Road (near Pune) reducing the traveling time between the two cities to approximately two hours. Presence of scenic beauty, lakeside views, pollution-free environment and natural surroundings is catching the attention of developers, investors and the expressway is witnessing new residential projects as well. Both Mumbai and Pune are among the busiest cities and are facing space constraint owing to more demand than supply. The cities are expanding to accommodate more housing projects and this has resulted in emergence of Mumbai-Pune expressway as a new growth corridor.
Today developers recognize that it is important to offer the customer a 'brand'; staying in a 'branded' home makes a buyer feel special, they point out. When developers provide luxurious amenities, partnering with International architects to design their residential projects, it certainly has an impact on the product. Consumers also benefit as they are assured about quality and exclusivity. Property in Mumbai has indeed proven to be a pot of gold for both developers and buyers in.
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