Changing Lifestyles and Skyline of Mumbai


Changing Lifestyles and Skyline of Mumbai

Mumbai – The Financial Capital of India has been the centre of attraction and a trend setter for fashion, food, lifestyle and of course Housing in today’s date. The dominance of the Big Builders present in Mumbai attracts a lot of NRI and Corporate Buyers along with the HNI’s wanting to invest or buy home in Mumbai. The home buying is no longer just buying a mere apartment but it has to have some character, features and some amenities to draw them towards it. The epicenter of the housing industry which is in the news more than any where in the country, the city of Mumbai, Builders with vision and its young population is taking the city to a next dimension.

The conservative Indian is no longer looking to be confined to his 40 year old apartment block. The new generation wants to get out of the old blocks and move into a newer apartment blocks/buildings with modern amenities like Swimming Pool, Health Club, Spa, Gardens, Recreation Areas etc. The idea is, when you back home it should feel like you are back in a 5 Star Environment. Apart from this a lot of builders have begun making small self contained townships. These townships have a small mall, common gardens, schools, hospitals, highstreet shopping and basic amenities which are required to be self contained.

The growing housing demand and need for High End Apartments from Executives, NRI’s, HNI’s who are maximum in their mid Twenties and Thirties working for Financial Institutions, Banks, IT, Software and BPO Companies is encouraging the Builders to create top end premium properties which become Landmarks in their own locations over a period of time.

Builders in Mumbai are not shirking behind this concept from any where. Several Projects begininning from a distant Kharghar, Thane, Mulund, Ghatkopar, Andheri West, Sewri, Byculla, Goregaon East, Kandivali East, Goregaon West, Powai offer these kind of modern building complexes with amenities. These complexes are usually high rises with a few towers with 2 or 3 level podium parking space, gardens, swimming pools, health club with modern equipment, steam, sauna, massage rooms, indoor sports, tennis courts, badminton courts, enough secured areas for kids to wander about without fear of speeding cars or any other security hazard since the level 3 or 4 where these amenities are is far away from any intruders.

These building blocks with modern amenities are not cheap and they have a good 3 to 4 years time for them to be completely ready with state of the art and latest fittings inside as well. By Year 2008 – 2010, Mumbai will see at least 50 such modern buildings spread out across in Thane, Navi Mumbai and Mumbai itself with modern amenities. The average prices of these blocks is at least 15 to 20% higher than an average single storeyed small building and the monthly outgoings are also steep comparatively. The monthly outgoings can be anywhere from Rs.4/- to 6/- Per sq.ft as per current estimates and taxes. A compensating factor towards your higher outflow is that you are using amenities like swimming pool, gym, steam and sauna, besides the tennis and squash courts right below your apartment without the need to travel. These amenities not just only rejuvinates you after a hard day work but brings in the family bonding with kids etc as well.

Today’s buyer is not looking to compromise for his new home, it may be a distant away but how does it matter with Information Technology at its helm with GPRS, Data Cards, 512 Kbps Cable Connectivity on Laptops. This is an important factor in the decision making today and a very reason for so many projects coming in suburbs with all these amenities and many more innovative ideas.

Mumbai as a city is literally seeing the 4th generation and this generation is conscious of the fact as to what does property buying mean. He has seen that the assets his forefathers or grandfathers purchased are responsible for his high net worth today and with the new generation investing with deep thought processes these investments will always be propserous.

These high end apartments with features are always inviting good lease rental values. Most of the corporate executives and expatriates prefer to have these amenities and hence a demand is always there.

So go ahead and book one of these New Swank apartment blocks and with Mumbai’s infrastructure poised to change by Year 2010 you will have little trouble going too and fro from your elite residence.