Does Mumbai Need a Makeover?

Over the past few years just about everyone is talking about the real estate market in Mumbai. It has seen tremendous growth and development. High rise buildings, malls galore and developement in just about every corner of Mumbai where there is space for it. Prices have risen, no doubt due to the fact that there is hardly any land available, and whatever is there, seems to be up for grabs. With the increase in prices, customer expectations have also risen. People are ready to, ‘pay through their nose’, but definitely expect plenty more than just a apartments or offices in return. Ambience, amenities, quality – these are a few of the many things that people are looking for, while investing in property.

But in the midst of all this great real estate growth and development, one thing clearly stands out – a definite lack of planning and infrastructure. As D. Subbarao, Union Finance Secretary, rightly puts it, “ONLY good infrastructure stands in the way of Mumbai being a world-class city”.

Plans are well on its way, to make Mumbai, the Shanghai of India. Is that possible? Well, there is no doubt that Mumbai is Hot Property, but Shanghai….it sure has a long way to go…! Taking into account the traffic, pollution, over-population..does not look very likely in the near future.

But let’s not be so pessimistic, it’s the end of the year and the new year looks full of promise. So, as another year ends, we hope that the new year brings for Mumbai, the begining of a much needed makeover!! And with that, wonder what the booming Mumbai property market look like? Let’s wait and see, shall we