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Residential sector booming in India
August 21, 2007
Mumbai, the capital of Maharashtra, is the financial and economic nerev centre of the country. The Reserve Bank of India, the two most active stock exchanges in the country, National Stock Exchange and Bombay Stock Exchange, Securities and Exchange Board of India and numerous financial service providers have their headquarters in Mumbai.
Here go a few salient features of the city's residential market at present:
Hightened activity in terms of demand, supply and values.
Almost 80 per cent of the real estate development underway currently in Mumbai is in the residential sector.
Many international players, in joint venture with the local developers, have now ventured into the real estate market of Mumbai.
2006 saw an increase in the high value residential transactions in Mumbai. High demand and lack of supply has put a constant pressure on the SOuth Mumbai residential prices.
The golden triangle of Malabar Hill, Breach Candy and Carmichael Road in south Mumbai continue to rule as the most expensive residential locations in the country with certain residential property transactions going as high as Rs 45,000/square foot.
An estimated supply of 82.31 million square foot of Grade-A residential space is expected to come up in Greater Mumbai, Thane, Kalyan and navi Mumbai by 2009-2010.
Be it in the heart of the city or the peripheral locations, people across all income groups have shown a preference to take apartments with varied amenities. The growing trend in all newly constructed buildings is to cater to the luxury needs of the new age buyers.
Source: 
Like the Gateway of India, skyscrapers of this type have become landmarks of Mumbai.
Also read: Warren Buffett's secrets of success
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