Mumbai Real Estate Market ready for one more Bang

The newly announced SEZ at the Jawaharlal Nehru Port Trust in  Mumbai has been the talk of the town. The foundation stone of this project was laid down by the Prime Minister Narendra Modi which is estimated to cost around Rs.4, 000 crores. With this disclosure, the prices of the real estate Mumbai will surely get appreciation.

According to Mr. Arvind Goel who is the president of the Maharashtra Chamber of Housing  Industry , this Government owned SEZ will surely be a key player in the enhancing the property in  Mumbai.

Let us find out how it is going to affect the different segments of the real estate industry in  Mumbai

The Amount of appreciation in Price- At present average flats in  Mumbai which is of 2BHK size costs around 70-80 Lakhs and after this advertisement the rise in the price of the properties is  expected to be in a range of  20-30%. As per the Maharashtra Chamber of Housing Industry, there will be growth in the demand for the commercial spaces as well. There are approximately 250 ancillary industries which are directly or indirectly related to the real estate industry. These industries are also predicated on see a new phase of growth.

When will be this new SEZ operational? - The SEZ project’s completion date is proposed three years from here. As around 277 hectares of land is bought and possessed by the Government, the fear of project being delayed is eliminated. The plan for the development of the allied infrastructure is already proposed which includes the widening of the road to 6-8 lanes.

Mumbai’s growth story- There are apprehensions that if Mumbai will witness the growth or not? According to Mr. Goel, who has full confidence says that that Mumbai will also experience the same growth that Pune has seen. He further says that in coming five years Mumbai’s property market will surely see a new phase.

Mumbai is all set to give a tough completion to other major cities of the western region. As predicated if the service industry grows here then there will lot of Multinational companies which will be providing employment to many young professional. So, there will be huge demand for properties across all sections like residential, commercial and offices spaces. All we can hope is that this new SEZ project turns out to be profitable for Mumbai.